OppLoans are offered by Opportunity Financial, a Chicago-based lending company that specializes in offering unsecured personal loans to consumers. Founded in 2009, OppLoans, also known as Opportunity Financial, is well-respected by customers and the lending industry alike. The company has an experienced leadership team and strives to make the lending process as simple as possible for its borrowers.
This lender specializes in unsecured loans for people with poor credit. Loan amounts range from $1,000 to $4,000. Your state of residence determines whether you are eligible for OppLoans lines of credit or installment loans. The brand's loan products are billed as a lower-cost alternative to predatory payday loans.
Whether you borrow through an installment loan or a line of credit, regular or monthly payments are required; however, with OppLoans, you can borrow more — up to $4,000, with a lower interest rate, for a longer period of time. Loans applied for through the company's online platform will be originated through FinWise Bank or Opportunity Financial, LLC, depending on your state of residence. Even if FinWise funds your loan, you will still be serviced through opploans.com.
Borrower application requirements include:
Keep reading for pros and cons, plus OppLoans reviews from real customers.
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 their stuff and can answer just about any question. If they don't know the answer, they're happy to find someone who does.
Many payday lenders don’t even offer human-based customer service, preferring to be strictly online lenders, with no human contact. With OppLoans, you can email [email protected] 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.
Applying for an installment loan online doesn't have to be a pain, nor does it have to take weeks and weeks to complete the application process and receive your loan money. With OppLoans, it definitely won't be this way. Potential customers can apply online in a matter of minutes and receive approval in a reasonable amount of time. Funds can be transferred by the next business day to your checking account or sent in the mail via check.
OppLoans specializes in fast, simple loans without a hard credit check with the traditional credit bureaus. 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 the 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 pay off the loan early, it can only help you. There are no fees or added interest.
While OppLoans lending rates are still high, they are some of the best in the short-term and payday lending industries. If you have a good credit score and you need cash, you can get a traditional loan, apply for credit cards, or access other traditional forms of credit by meeting lenders' minimum credit requirements for standard long-term loans. If you are unscorable, have a bad credit score, are rebuilding your credit, and aren't a member of a credit union with a PAL product or service opportunity, you may have to look for alternative loans. That's when high-interest loan options come into play. The annual percentage rate (APR) of OppLoans products is between 59–199%, while payday lenders average over 400%. So, the cost to borrow bad credit loans is high, but its higher with most other competitors.
In addition to lower interest rates, this financial institution offers much longer repayment terms than traditional payday loans carry. Typically, payday loans, also known as a cash advance, payday advance, and short-term loans; these loans are meant to be repaid by your next payday. Borrowers have to pay back their loan quickly. With installment loans, payment terms can last up to 3 years, for a lower-stress, more manageable repayment process.
To promote long-term financial wellness, the lending platform offers free educational resources through a section of its website called OppU. These include interactive courses on a variety of topics including money management, budgeting, saving, understanding credit and credit history, debit and credit card basics, and debt reduction.
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 the financial future.
OppLoans personal installment loans offer refinancing to eligible current borrowers. If you are eligible, there will be a 'Refinance Now' button available on your online account.
With more than 100 reviews from borrowers, this online lender has an average of 4.4 out of 5 stars. This helps OppLoans stand out, compared to many other short-term lenders.
While this is a great alternative to predatory lenders, customers who are in the market for other financial services like home loans, home equity loans, car loans, student loans, debt consolidation loans, or any other type of loan besides a personal loan will have to keep looking, because OppLoans only offers personal loans.
OppLoans doesn't offer loans in all 50 states. The lender's service area is limited to the following states:
So, if you don't live in those states, OppLoans can't approve you for a loan.
My customer services repo Viri was very kind and knowledgeable and she made me feel very comfortable
The representative was great. Explained everything and was very patient with me. Definitely first classs. Great job Viri!!!
I applied for a loan on 12/16/19 for a auto repair job... I get asked for increasing documentation each day until Wednesday 12/18/19. I was under the impression it took 24hrs, but on the phone was told it could take up to 72hrs... Ok, I thought, 5 day's to get a loan... Friday 12/20/19 I get a email to contact them, I get asked to sign the contract and ill receive a call about some crap called a bank call verification, after already having other amounts of creepy personal information... I get no call Friday so I call Saturday, and they say they only do bank calls on the week day... I call today 12/23/19 to let them know when the bank closes and I've been waiting a week to get this done. 6pm now, the bank is closed, it will now be 12/24/19 Christmas Eve and I'm still waiting to be approved by some crap called a bank call.... The rates are good, but if your life depended on this loan, opploans would probably let you die. Only apply if you can wait through their goofy process
To whom it may concern: I spoke to a representative named Maria S. I can't say enough, or find the words to describe how much she went out of her way to go above, and beyond to help me Joanne Welch complete my loan! Please consider her for an advancement to a higher position, or consider her for a pay increase! You are very fortunate to have her as a Team member with your company! Sincerely, Joanne Welch
I don't think its right they say approved fast. I applied on Dec 4th. Called back on 5th to see what they needed to expedite the decision. Needed License copy which i had already uploaded. So she said she has it and Said I should hear back in about 2 hours and looked good should be receiving funds by dec 6th. thats today. Logged on again this morning dec 6 and there is a whole other contract to sign and no one even told me. Good thing I looked. Now the contract says Dec 9th. It will be close to a week just to get an answer on yes or no and I have sent everything needed as soon as I was asked within minutes.
Great experience with opps there customer service agents were friendly and knowledgeable
my first time experience with this loan company was an amazing experience. they are so helpful and easy to understand. anyone who looking to start out this is a good place to start with.
I am so impressed with customer service I received today I was speaking to Mia who was able to engage me in trying to help me resolve issue of late payment and avoiding further reports to my credit Her knowledge of issue was astoning She is professional Quick to point in a pleasant nice way She encouraged me to come up with plan to resolve matter to the best of my ability She was fluent in her spews he and language It was a pleasure to communicate with her Other customer service representitve were slow to react and not confident in what they were asking Very impressed with high quality customer service
Tiphany A Tobias
Karen C. was amazing! She answered all my questions and helped me get the required information in so that my refinance could get approved! The overall process was easy as well! But Karen was just the icing on the cake!
Amado helped me on a situation that I was wondering & couldn't get done!! Great customer service!!
Recently I refinanced my loan with opploans. The customer service representative Amado was the best person I have dealt with from their team yet. I have been a user of opploans for years now and refinanced a few times. This time talking with Amado was different. He answered all my questions, was very personable and got me on my way to finalizing my loan. Before when i refinanced i felt like just another person calling. This time i could tell that the representative (Amado) actually cared that all my concerns were met.
Amado was a tremendous help! He was friendly, knowledgeable and patient - answering all of my questions regarding my application. He is an asset to your company!
Amado was very patient and provided a great service also very helpful.
Easy, fast process with friendly customer service. Good repayment options.
I called opploans because I was having problems uploading the files they needed. Customer service is excellent and handled my problem efficiently and courtesy was top notch!
The customer service rep I talked to Amado was very friendly and very helpful. He talked me through all the steps I needed to do and was very patient. I would Highly Recommend OppLoans for your financial needs they are very professional and very fair.
Amado was very informed and patient... he guided me through the entire process whereas I was becoming frustrated with the unloading procedure. Well Done Amado... you are definitely a credit to your company.
Shirley A Iwan
Working with opploans has been very easy. If any of my friends I'm looking to get a loan, I refer them to opploans. The customer service has always been excellence. The repayment arrangements are very good & very doable as far as the cost. I am very pleased with this company.
I had a great experience with DeAndrea who went above and beyond to hear my problem, investigate and find the solution as well. I hope everyone can provide the same experience she provided to me!
I had missed a payment because I had overspent on preparing for Hurricane Dorian, when I spoke with Lemia B, she informed me of the program in place for this situation, when she explained my option and what will take place, I was able to relax.
Great experience with OppLoans at this time. Helped me out with a great loan, provided great customer service when I had questions about my loan. Great service and a thank you to Shalonda for helping me. Will recommend OppLoans to family and friends!
Lisa Renee Morgan
If theres any problem that you have with payments.. Very easy to work with and Customer Service is easy to talk to with any problems that arises..
I applied for a loan and the amount I was approved for was great however after crunching some numbers it would make a slight financial struggle on the biweekly payments. I called in to cancel my loan however Shalonda gave me another option to take a lesser loan by asking me what would be a more comfortable payment plan for me. She as kind and attentive and I really appreciate her giving me this option that I didn't know was available. She was great to work with and represents this company in a great way. Thank you for the pleasant experience and the better outcome for me.
The ONLY reason I've given Opp Loans a 5 star rating is due to Justin in the payment department. I have been a loyal customer for over 5 years and have never experienced such professionalism. Unfortunately, I had to deal with 3 rude (2 in the payment department and 1 in the loan department) representative regarding an incorrect payment due date, prior to speaking with Justin. By the time, I'd reached Justin I was Irate and had lost all faith within the company because I spent over an hour on the phone being lied to and transferred back and forth between departments. Not only was Justin patient with me by allowing me to vent, he also continued to apologize for his coworkers actions. Justin went above and beyond by asking me to give him a chance to fix someone else's mistake and hopefully regaining the companies trust. 72 hours later, Justin had kept his promise by following through and rectifying the mistake. I don't know if Justin is team lead or supervisor but he should definitely be allowed to re-train the bad apples within the company.
Opp Loans a very fast & efficient. They genuinely care about their customers. The representatives are knowledgeable & help you with any problems you may have. I love this company will recommend them to everyone!
GREG was the best customer rep I have delt with. He was patient, knowledgable and was very easy to communicate with. He handled all my questions with excellance.
i applied for a loan from this company they paid off the credit card did not put the money in my account, Then they told me to go purchase a gift card put the money on the card and send it to them, I see the amount posted but but when I called my bank they said that believe it could be a scam, Have anyone had opps do this to them, Because I see everyone talking about Bank accounts but I see no one with credit card info please advised if there is such
Liza was phenomenal! She was prompt, courteous and professional! I’m happy that she answered my call!!
The process was simple, but like a lot of others I was denied after being told I was pre approved through Credit Sesame. I own 3 homes on the East Coast, paid for and several new and vintage vehicles paid for but not having any credit debt doesn’t help. So was a waste of my time thinking I was trying to build credit.
Connor from payment was amazing I felt assured and he was very informative on the process of my loan and very knowledgeable in regards to credit reporting, and put a peace of mind to my situation.. please acknowledge his excellence with my review
I am very pleased with this company. I ran into a problem and I've been in constant contact with them explaining my problem. They have given me several options with repayment and payment terms. I will gladly do business with this company over any of the other companies I've had to deal with. Their payment are by far much better than others. Thank you OppLoans
Opploans is a scam. They are a predatory lender who do absolutely nothing to help anyone ever. For example-I borrowed 1200 I paid 5 payments of 106 totaling 530. I called in to these so called amazing customer service reps and asked for an extension. They were more than happy to absolutely not help me at all not even a tiny bit. Then they had the audacity to tell me the balance of my account 1180 left to pay. Now I'm no math wiz but am a genius and you don't have to be even partly intelligent to understand that thia does not add up. I contacted 1 of my relatives about opploans who informed me they could not comment on an open federal investigation. Long story short now this so called great company who violated our original contract by the way which was 13 bi-weekly payments of 106 which would total 1320- has hit my credit report. The only solace I have is that maybe just maybe I will actually be able to buy the house I have been trying to find a LEGAL way to buy in 7 years. Beware of this predatory, enemy of us working folks.
Lisa was Awesome on the phone! She was very helpful and customer driven! This is my fist time with them and what a great experience! Thanks Lisa!
Very professional fast courteous service.
Had alot of questions but Jordan P was able to help me through it all quickly and professionally...Thank you so much for the help Jordan!!!
I love OPP Loans. They made my life so much easier and convenient. Conner helped me and was amazing!! Thank you Opp Loans!!!!
I called to refinance my loan and the gentleman I spoke with name John was fantastic.. He was professional, friendly and patient. I was a busy body on this day and he remained patient and very helpful . I was very happy when we ended the phone call. Thank you John. I would definitely recommend this company to a friend.
Too much interest and the loan is deigned to help them and not the person is need. Calculate the amount of interest paid over the crumbs they provided and it's sickening. I was a former customer but NEVER again.........
Marc was/is FABULOUS! I has never been my intention to not repay OppLoans but I am living in my car until my hell hole divorce is done. I wanted to pay but I couldn't pay the full amount yet. Thanks to Marc at least I can save losing my credit score a little bit. Plus Marc sent me offers to use while down on my luck! I won't give up! Thank you Marc you really saved my life again!
Jordan was very helpful and I always have a pleasant experience with Opp loans. Very appreciative.
I have used opploans two or three other times this time my internet went down to the middle of the process I called them and customer service JP answer the phone help me out to verify all the information that I sent in and it was all there very courteous very knowledgeable made me feel like they really wanted my business will definitely tell all my friends and family wonderful wonderful company
Customer service(specifically “Morgan” ) was EXCEPTIONAL. Had a payroll frequency change that had me stressed out. Morgan helped we navigate thru the change and quickly put my mind at easy. Not only did I get a needed loan for them. I also received exceptional customer service when this bump in the road occurred. Thanks Morgan. You Rock( and Roll).
Selina was a great customer service agent. I actually got her twice and she offered to stay on the line while I logged into my account to sign contract. She was helpful and assured me she had taken care of my issue. If she didn’t share helpful information, i probably would still be waiting for a response. She made she I knew how to expedite my loan. Thank you
The entire process was easy until, however, I decided to pay the loan off before the first payment was due. I payed the loan off and received an email confirmation congratulating me on paying it off. To my surprise the first payment was still taken out of my account. I call customer service and the explanation given was the payoff has to clear first. I completely understood that. What I didn't understand is that once the payment clears they will issue a refund of the payment within 5 to 7 business days. So at this point they have now borrowed my money and will take their time giving it back with no interest. For this reason alone I will never consider OppLoans again. If you can give me a loan within 24 hours I believe you should refund money that is not yours within 24 hours as well!
Great loan service, payments are affordable. Ive been using them for 2 years. If you need a person to help you through the application I recommend Johny R he was really helpful, patient, friendly and the best associate Ive ever spoken with.
Very helpful and understanding with my situation!
Maelynn R Martin
First of all, they sent me a letter saying I was "pre approved" for a loan. In most cases, when you get pre-approval you receive approval after applying. I've never applied before so I'm not sure how they got my information and mailing address. I checked out the website, where they advertise incredibly "low interest rates" with comparisons to other options. I went ahead and applied due to my pre-approved status. It broke down what they could offer me, which was a $1000. After interest I wouldve been paying them back over $1600. So much for low rates. But I've been working on my credit and it has been improving but I'm still continuing to work on it, so I decided to agree and sign the document. Then after showing me what I was approved for, and having me sign and date the document, it says it they'll be in touch to let me know if I was truly approved. I'm not sure why I was present with the amount they "approved" me for and a legal document agreeing to the terms and conditions of the loan if they still had to decide further. They state you will be notified in the next 24 hours of their decision. So I waited and waited and didnt here anything so I called the company. I told the customer service rep that I was checking up on my application. After taking my info he proceeded to tell me that my application ended up being denied and I should have received an email explaining. I explained to him that I did NOT receive any email from them. I also asked him why they would send me a pre-approval letter just to turn around and deny me. He said, and I quote, "those letters are really just part of our marketing." They send out fake pre-approval letters, to get you to apply. This company is a total joke. Do not fall victim and waste your time.
I had 2 loans back to back with this company and paid them both off early more than 3 months ago. Yet they still show on my Credit Report as open loans. I've talked to Reps at their main # many times and was promised Opp Loans / Finwise would get the information updated on Experian and Transunion Credit Reports but nothing has changed as of June 30, 2019. Credit Karma claims they have tried to get info updated but no luck there either. If you borrow from this company be sure to follow up to confirm information is accurate on your Reports.
I borrowed $1300 from this tacky Company. Refi’d 3 times; never more than initial $1300. With each Refi my credit score dropped 10 points because opp loans reports it as a “closed account” not as a Refi!! Which is a negative when they report it to the Credit Reporting Agencies. My advice, NEVER REFINANCE with these people!! I called them to get those entries removed but Opp Loans refused. Best advice; DON’T DO BUSINESS with Opo Loans, they’re sketchy.
159% APR is all I’m going to say. You borrow $1000 you refinance a few times you end up paying back $5000 easy