Company Profiles

OppLoans Overview and Alternatives

Date Modified: Jan 13, 2023
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OppLoans is an online lending platform that offers personal loans geared toward consumers with limited or poor credit histories. The company was founded in 2009 and is based in Chicago, Illinois.

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OppLoans provides payday loans, installment loans, and debt consolidation loans. Installment loans are available in Alabama, Georgia, Nevada, and Wisconsin. However, OppLoans has lending partners who offer other financial services in Alaska, Arizona, Arkansas, California, Delaware, Florida, Hawaii, Idaho, Indiana, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, and Wyoming.

The company aims to provide credit to consumers with damaged credit, help build credit scores, and educate consumers on financial literacy

Products and Services

OppLoans has different loan options to choose from. Browse the products and services on their website to learn more.


Payday loans

Short-term cash advances that are repaid within two weeks.

Installment loans

Larger-sum advances that are repaid in equal monthly payments.


Debt consolidation

Combines smaller, high-interest debts into a larger-sum debt with better terms.

Financial literacy courses

Topics include credit usage, debt & loans, budgeting & saving, and spending.

Rates and Fees

Many factors influence your APR and interest rates, including credit score, income, state, and type of loan. OppLoans offers loans between $500 and $4,000 with terms ranging from six to 18 months. APR ranges between 59% and 160%. However, OppLoans does not charge origination or prepayment fees.

How to Request a Loan With OppLoans

OppLoans offers an easy and quick online request form. Their portal is simple and safe to use.

Step 1. Submit a loan request online

Complete the online loan request form to view your terms and rates. 

Step 2. Verify income

Input your banking and financial information to verify your eligibility. 

Step 3. Review agreement

If approved, carefully read and review your loan agreement to make sure you understand the terms, repayment schedule, and fees.

Step 4. Submit

After you submit your signed loan agreement, you may receive the funds in as little as one business day.

Pros and Cons of OppLoans

All lenders have their advantages and disadvantages. To determine if a loan from OppLoans is the right fit for you, consider the pros and cons.



Geared toward consumers with poor or limited credit

High APRs in some cases

Minimal additional fees

Limited loan terms and amounts

Credit bureau reporting for credit building

Minimum $1,500 monthly gross income

No minimum credit score requirement

Not available in all states


What Is OppLoans?

OppLoans is an online lending platform that offers payday loans, installment loans, and debt consolidation to consumers with damaged or limited credit. They offer loans between $500 and $4,000. In addition to providing financial products, OppLoans also aims to help educate and improve financial literacy.

What Is the Minimum Credit Score That Opploans Will Consider?

OppLoans does not have a minimum credit score requirement for their loan products. This is because the company is focused on providing credit to consumers with damaged scores. (Additionally, they may help improve credit scores by reporting to the major credit bureaus.) Instead, OppLoans considers other factors, such as income and financial history, when determining eligibility and rates.

Can I Have a Payday Advance and Installment Loan at the Same Time?

No, you are only allowed to possess one active loan at a time.

What if I Miss a Payment?

Although you should try your best to avoid a missed payment, unforeseen circumstances may still cause you to. As a result, you may be charged additional fees due to your inability to repay the loan.

Additionally, your credit score might be negatively affected. Although OppLoans reports to the credit bureaus to help boost your credit, this may end up hurting you in the long run if you fail to pay.

If you know that you will be unable to make a payment come to the due date, contact your lender as soon as possible to discuss your options. You may be able to receive an extension to help you avoid additional fees and negative marks on your credit score.

Is OppLoans Safe?

Yes, OppLoans offers a safe and secure online loan request platform. The company has multiple positive reviews on consumer rating websites.

Additionally, they have a high average consumer rating on BBB.

How Much Does OppLoans Charge for Interest?

OppLoans rates range between 59% and 160%. However, the interest charge depends on personal eligibility factors, such as credit score, income, state, and the type of loan you are requesting for.

According to the company, the average OppLoans consumer:

  • has a credit score of 550
  • has an annual income under $45,000
  • requests a $1,400 installment loan
  • receives 156% APR and a nine-month repayment term 

The monthly payments for this loan would be $259 with a total interest of $943. The total amount due would be $2,335.

However, keep in mind that the APR, loan request amount and term may differ depending on your eligibility and state.

What About Other Fees?

OppLoans does not require prepayment or origination fees. However, they may charge other fees, such as administration fees, depending on the state. Therefore, it is best to contact the lender to clarify and carefully review your loan agreement to determine what types of additional fees are included.

Can I Get an OppLoans Loan if I am Not Employed?

OppLoans does not clarify whether unemployed consumers can obtain a loan. Since the company has more flexibility regarding credit scores, they may consider income more heavily. They do require a minimum gross income of $1,500.

However, it is best to contact the company to clarify whether you may still be eligible as unemployed consumers. 

How Many Times Can You Take Out a Loan?

You can request loans from OppLoans as many times as you like. However, you cannot have more than one loan at a time. Therefore, make sure your loan is paid off before requesting another one.

Alternatives to OppLoans

Although OppLoans offers many advantages, they may not provide exactly what you are looking for. Don’t fret, as there are other lenders who may be able to address your specific needs. 


If you need a larger sum: Avant

If you are looking for flexible financing: RISE Credit

If you want more services: Check Into Cash


Avant offers several options that OppLoans doesn’t, including APR limits and higher loan amounts. Although Avant charges interest on its payday loans, the APR ranges between 9.95% to 35.99%.

Additionally, Avant provides consumers the option to pay via credit card.

Avant also provides higher-sum loans, ranging up to $35,000. Of course, qualifying for a larger loan depends on your eligibility and qualifications, and not all consumers may be eligible. 

Avant is available in Alabama, Alaska, Arizona, Arkansas, California, Connecticut, Delaware, District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, and Washington. 

RISE Credit

If you’re looking for a lender who offers more flexible financing options, RISE Credit can be an alternative to OppLoans. RISE Credit allows you to choose a payment schedule that works for you.

If you happen to change your mind regarding the loan, RISE Credit provides a five-day risk-free guarantee. You can return the principal amount of the loan within five business days if you no longer wish to request the loan. 

Unfortunately, they don’t offer loan options for consumers in Colorado, Connecticut, District of Columbia, Iowa, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Dakota, Vermont, Virginia, and West Virginia.

Check Into Cash

OppLoans offers a limited number of financial products and services. Therefore, Check Into Cash can be a great alternative if you are looking for a wider range of options. Check Into Cash offers title loans, lines of credit, check cashing, and money orders. 

Additionally, if you prefer to complete your loan request in-store, Check Into Cash has over 650 stores in Alabama, Alaska, California, Delaware, Florida, Hawaii, Idaho, Illinois, Indiana, Kansas, Louisiana, Mississippi, Missouri, Nevada, Oklahoma, Oregon, Tennessee, Texas, Utah, Washington, Wisconsin, and Wyoming. 

Bottom Line

If you have damaged or limited credit, OppLoans can be a great lender to turn to when you are looking for financing options. They aim to provide educational and financial services that cater to consumers with poor credit who are looking to improve their standing. However, compared to other lenders, OppLoans has limited products and services. Additionally, they have higher APR rates and low loan amounts. Therefore, consider your situation alongside OppLoans’ advantages and disadvantages before requesting a loan. 

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Ana-Maria Sanders, author at OpenLoans
Lead Writer
Ana-Maria Sanders is a highly-regarded writer with over a decade of expertise in the personal finance sphere, specializing in loans and credit cards.
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