OppLoans Personal Loans Review

OppLoans, a Chicago-based online lender, offers personal loans to people with bad credit as an alternative to costly payday loans. OppLoans does not check a borrower’s credit score with major credit bureaus. Instead, OppLoans examines alternative data and the borrower’s employment details.

Approved applicants can borrow anywhere from $500 to $4,000. These loans are expensive and have short repayment terms. OppLoans, along with its partners FinWise Bank (First Electronic Bank) are listed on the National Consumer Law Center’s High-Cost Rent-a-Bank loan Watch List. The NCLC states that rent-a-bank schemes, which predatory lenders use in order to circumvent state interest rate limits, are a questionable practice.

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How to Get a Personal Loan

Personal loans are a popular option to quickly borrow money when you have the need. Experian reports that there were 42.7 millions personal loan accounts open in the U.S., with an average balance $16,458. This type of loan offers a lot of flexibility but it is important to understand how they work before you take one out.

Personal loans allow you to borrow money in one lump sum and then repay it over time. Usually, this is between one and five years. These loans are either secured or unsecure. Unsecured loans do not require collateral. Secured loans offer lower interest rates but you risk losing your collateral if payments are not on time.

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It is a smart idea to compare rates before you apply. Compare rates from several lenders to get rate quotes. Compare interest rates, monthly payments, loan amounts, fees, terms, loan amounts and loan terms to find out what they are. The terms of your loan will depend on your credit score and income. Make sure to get the best deal and that you can afford the monthly payments. It is important to pay your loan on time. You can risk additional interest and fees as well as damaging your credit score if you make late payments.

Alternatives to Personal Loans

Although personal loans are a great way to pay for large expenses, they are not the only option. Personal loans can be used in lieu of personal loans.

Home equity loans, home equity lines of credit (HELOC), and cash-out refinances are all options. These options allow homeowners to borrow money with their home equity as collateral. You may be eligible for lower rates with these loans than you would with an unsecured personal loan. Each option has its pros and cons that you need to be aware of.

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A balance transfer credit card. A balance transfer credit card is a good choice if you are looking to consolidate multiple debts. They typically offer a 0% introductory APR for a period of time, usually between 15 and 18 months. It is important to verify the fees before you apply for a balance transfer credit cards. You could lose any savings you make by using the balance transfer credit card. Plan to repay the card by the end of the promotional period. Otherwise, interest will accrue on any balance remaining.

Personal savings. Consider saving for the future if you don’t have the cash right away. Because you don’t have to pay interest or fees, paying cash is more affordable than borrowing money.

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Credit counseling. Credit counseling. Although they won’t lend you money, they can offer advice and direct you to resources that will help you get your finances in order. If you need assistance managing your finances or getting out of debt, many non-profit organizations offer free or very low-cost credit counseling services.

OppLoans: The pros and cons


  • You may receive your loan funds in the next business day
  • There is no credit check for applicants
  • Available in 36 states
  • TransUnion, Experian and Equifax receive reports on payments


  • Extremely high APRs, from 59% to 199%
  • Low loan amounts
  • Repayment terms are short
  • Borrowers cannot apply by phone or in person.
  • It is not available in CO, CT and DC, IL. IA. MD, MA, NH. NJ. NY. NC. PA. SD, VT.

OppFi, the parent company of OppFi has been sued by District of Columbia Attorney General over predatory lending practices

  • States that we service: 
    • AL, GA, NE, WI, AK, AZ, AR, CA, DE, FL, ID, IN, KS, KY, LA, MI, MN, MS, MO, MT, NE,, ND, OH, OK, OR, RI, SC, TN, TX, UT, VA, WA, WY, NC
  • States that we DO NOT service: CO, CT, IL, IA, ME, MD, MA, NM, NJ, NH, NY, PA, SD, VT, DC, WV, HI
  • Interest Rates:
    • 59% – 160%
  • Terms:
    • 9 to 18 months
  • Minimum monthly Income Required:
    • $1500
  • Minimum Age:
    • 18 
  • Qualified Loan Amounts:
    • $500 to $4,000
    • In Georgia we offer loan amounts of $3,001 to $5,000
    • In Alabama we offer loan amounts of $2,000 to $4,000
  • We DO NOT offer lines of credit at all.