4.5
6.1
Overall Score
OppLoans, a product of OppFi, is a lending platform specifically designed to meet the needs of individuals with poor or limited credit history. Traditional lenders often exclude borrowers with low credit scores, leaving many without access to necessary funds during times of financial need. OppLoans bridges this gap by offering personal loans to underserved consumers, focusing on providing a responsible borrowing option. With flexible loan amounts and personalized terms, OppLoans seeks to help individuals manage unexpected expenses without turning to payday loans or other high-interest alternatives.
One of the key advantages of OppLoans is its commitment to transparency and simplicity. The application process is straightforward, with quick approvals and no hidden fees. Borrowers can easily apply online, receive a decision within a short time frame, and, if approved, get access to funds as soon as the next business day. Additionally, OppLoans offers flexible repayment terms that allow borrowers to choose a plan that suits their financial situation, making it easier for them to manage payments without overwhelming debt.
In contrast to payday loans, which often trap borrowers in a cycle of debt due to their short repayment terms and exorbitant interest rates, OppLoans is designed to be a more sustainable solution. The platform offers installment loans with lower interest rates, making repayment more manageable. Moreover, OppLoans reports to all three major credit bureaus, allowing borrowers the opportunity to build or improve their credit scores as they successfully repay their loans. Through this focus on responsible lending, OppLoans by OppFi provides a lifeline for individuals in need of financial assistance while promoting long-term financial health.
With OppLoans, customers will find friendly, courteous, pleasant representatives who are more than willing to help.
Customers rave about the ease of working with OppLoans customer service; the overwhelming sentiment is that the company makes the entire application and approval process smooth and easy, and the representatives make customers feel comfortable and valued.
There's also a common feeling that the company's staff members know the industry well and can answer just about any question. If they don't know the answer, they're happy to find someone who does.
Many personal loan lenders don't even offer human-based customer service, preferring to be strictly online lenders, with no human contact. With OppLoans, you can email help@opploans.com or call 800-990-9130, 7 days a week Monday-Friday, 7 a.m.–10 p.m. and Saturday and Sunday between 9 a.m.–4 p.m. Central Time for assistance.
Potential OppLoans customers can apply online in a matter of minutes and receive approval in a reasonable amount of time. If approved, you may receive funds in your account as soon as the same business day via checking account. This is a much faster process than you might see with other lenders.
That being said this service is subject to credit approval and verification. Actual approved loan amount and terms are dependent on standard underwriting guidelines and credit policies. Funds may be deposited for delivery to your bank via ACH as soon as the same business day if verification is completed and final approval occurs before 12:00 PM CT on a business day. If approval occurs after 12:00 PM CT on a business day or on a non-business day, funds may be delivered as soon as the next business day. Availability of the funds is dependent on how quickly your bank processes the transaction.
The annual percentage rate (APR) of OppLoans products is 160 percent, compared to personal loan lenders that generally offer interest rates over 300 percent.
While OppLoans' rate range is low compared to personal loan options, in comparison to other bad credit personal loan companies, OppLoans' rates are very high. In most cases, competing lenders offers rates ranging from 19 to 36 percent, which is high in comparison to other personal loan lenders, but allows them to loan money to low-credit borrowers.
Compared to other personal loan lenders, OppLoans loan term of 9 to 18 months is high. While loan terms vary by lender, most other companies offer much shorter loan terms, requiring borrowers to repay their loan by their next paycheck.
A shorter loan term can save you more money on interest overall, but a longer loan term means that you will be in debt for a longer period of time and you will usually have a lower monthly payment.
OppLoans specializes in fast, simple loans without a hard credit check. It uses an alternative credit reporting agency to assess applicants' credit factors. This means that your credit report won't be affected by your application. You can get a loan offer without consequence to your credit.
In addition, borrowing with this lender can help you build or rebuild your credit. OppLoans does report to the three major credit bureaus (Experian, Equifax, or TransUnion) as you repay your loan. So, on-time payments can help improve your credit score.
On the flip side, please remember that if you fail to meet the repayment terms of your installment loan, it may affect your FICO score negatively.
Additionally, there are no prepayment penalties — meaning that if you can pay off your loan early without consequence, such as being charged a fee.
To promote long-term financial wellness, the OppLoans offers free educational resources through a section of its website called OppU. These include interactive courses on a variety of topics including:
It's commendable when loan companies recognize that users in need of a short-term loan may have bad credit now, but with more education, can take charge of their financial future.
OppLoans offers refinancing to eligible current borrowers. If you are eligible, there will be a 'Refinance Now' button available on your online account.
The majority of OppLoans reviews are positive, with 83 percent of customers awarding the company 5 stars. The positive reviews frequently highlight OppLoans' customer service, which is often described as reliable, fast, and professional. Many reviews make mention of specific OppLoans representatives, suggesting that the loan process is personalized.
Many reviews do mention high interest rates, but this it is common in the short-term loan industry that you will get a much higher interest rate than you might with long-term installment loan companies. That being said, OppLoans' rates may be high, but they are low in comparison to other short-term lenders.
OppLoans is also quick to respond to reviews left on BestCompany.com, demonstrating that they care about their customers and are always looking to improve their services to meet the needs of borrowers.
OppLoans offers loans from $500 to $4,000. The maximum amount offered is considerably low compared to competing short-term/bad credit lenders. Many other lenders offer up to $10,000.
OppLoans doesn't offer its loan products or services in the following states:
If you reside in any of these states you will need to look into other personal loan lender options.
If you have bad credit an OppLoans loan could be a good option for you. Although the company has much higher interest rates than competing lenders in the industry, this allows it to lend to borrowers with less-than-perfect credit. The maximum loan term is short in comparison to other lenders, allowing you to pay off your loan fast, but it is likely that you will have larger monthly payments than you might otherwise with another lender.
Opploans customer reviews are overwhelmingly positive, highlighting great customer service that is professional, personal, and quick to resolved customer concerns. In addition, customers often make mention of how fast and efficient the OppLoans loan process is, often providing borrowers with funds within one business day or application and approval.
It is important to note that OppLoans is not available in all states.
If you have borrowed from this company, please tell us about your experience by leaving an OppLoans review.
Filter by:
Sort by:
Victoria Hodges ,
3 years ago
Reply from OppLoans
Feb. 8th, 2021
Shannon Shanaye Virginia Beach, VA
3 years ago
Reply from OppLoans
Feb. 8th, 2021
Lady Jei Grand Junction, CO
3 years ago
Reply from OppLoans
Jan. 11th, 2021
Julie C Snoqualmie, WA
3 years ago
Reply from OppLoans
Jan. 11th, 2021
ROBERT HANNAN Roscommon, MI
4 years ago
Reply from OppLoans
Oct. 8th, 2020
James D Waukegan, IL
4 years ago
Reply from OppLoans
Jul. 29th, 2020
Zora W Boca Raton, FL
4 years ago
Reply from OppLoans
Aug. 20th, 2020
Alicia Pearland, TX
5 years ago
Reply from OppLoans
Aug. 21st, 2020
David Baker Ellicott City, MD
3 years ago
Ramona MacMurtrie Bisbee, AZ
3 years ago
Anthony Martin Richmond, VA
3 years ago
Jesus259 Chandler, AZ
3 years ago
Reply from OppLoans
Feb. 10th, 2021
Prenee Moore Oakland, CA
4 years ago
Reply from OppLoans
Jul. 29th, 2020
Tamiah Underwood Detroit, MI
4 years ago
Reply from OppLoans
Jul. 29th, 2020
Dennis Herrick Phoenix, AZ
4 years ago
Reply from OppLoans
Jul. 29th, 2020
L Santana Chantilly, VA
4 years ago
Reply from OppLoans
Aug. 4th, 2020
Joanne Welch Salem, OR
4 years ago
Reply from OppLoans
Aug. 20th, 2020
Joseph Lockport, IL
4 years ago
Reply from OppLoans
Aug. 20th, 2020
Tonya Stannert Mount Vernon, WA
5 years ago
Reply from OppLoans
Aug. 21st, 2020
AD A Clinton Township, MI
5 years ago
Reply from OppLoans
Aug. 21st, 2020
Larene Sully Salem, OR
5 years ago
Reply from OppLoans
Nov. 3rd, 2020
Rick s Las Vegas, NV
5 years ago
Reply from OppLoans
Nov. 3rd, 2020
Eduardo Fort Lauderdale, FL
5 years ago
Reply from OppLoans
Nov. 3rd, 2020
Happy San Antonio, TX
5 years ago
Reply from OppLoans
Nov. 3rd, 2020
Jennifer Richardson Lisbon, ME
5 years ago
Richard Keller Bangor, MI
5 years ago
Shamarilyn D York Houston, TX
6 years ago
Sandra Graves Leesburg, VA
6 years ago
Angelita Ellis Chicago, IL
7 years ago
Linda Robinson
7 years ago
Yudelka Salcedo Fairburn, GA
1 year ago
Review Source
Awesome Customer Service San Francisco, CA
2 years ago
Kiya Aisha Detroit, MI
2 years ago
Review Source
Phimy h Prattville, AL
3 years ago
Marianne Griego Albuquerque, NM
3 years ago
Tee Las Vegas, NV
3 years ago
Babi Ballard Colonial Heights, VA
3 years ago
Janice Krispinsky Springfield, MO
3 years ago
Wendy Draskovic Scottsdale, AZ
3 years ago
Reply from OppLoans
Feb. 10th, 2021
djackson Elmhurst, IL
3 years ago
Reply from OppLoans
Feb. 8th, 2021
Sylnikka Minneapolis, MN
3 years ago
Reply from OppLoans
Feb. 8th, 2021
Jesse Cox Owens Cross Roads, AL
3 years ago
Reply from OppLoans
Jan. 11th, 2021
Joanna Iwata Marina, CA
3 years ago
Reply from OppLoans
Jan. 11th, 2021
Michael Oleksak Miami, FL
4 years ago
Reply from OppLoans
Jul. 29th, 2020
S. Fontana, CA
4 years ago
Reply from OppLoans
Jul. 29th, 2020
Todd Smith Los Angeles, CA
4 years ago
Reply from OppLoans
Jul. 29th, 2020
Darrell Dabney Washington, DC
4 years ago
Reply from OppLoans
Jul. 29th, 2020
Jovani Chavez ,
4 years ago
Reply from OppLoans
Jul. 29th, 2020
Bobby Simpson , GA
4 years ago
Reply from OppLoans
Jul. 29th, 2020
LilyMunster63 Saint Paul, MN
4 years ago
Reply from OppLoans
Jul. 29th, 2020
We're on a mission to empower consumers to make the best decisions and connect confidently with companies that deserve their business.
© 2024 BestCompany.com LLC - All rights reserved Privacy Policy | Terms | Do Not Sell My Personal Information