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.
Customer Review: Bobby Simpson from Georgia
"OppLoans has been a great company to deal with. I have never had any negative correspondence with any of the customer service personnel and they have been a blessing to me financially. There when you need them. Great rates, definitely a great company to get a loan from."
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:
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.
They did approve me right away. There texts and emails can be a little on the spam side. But Mike was a fantastic representative! He helped me with all of my issues!
Daisy, a manager at OP loan, was very informative and attentive
OppLoans customer service is the best I have ever experienced. That’s not hyperbole. They are polite, explain everything in clear concise detail and seem to always have an idea or answer no mater what question or issue you have. There are not many companies in this industry I would recommend. But I strongly recommend OppLoan.
I was laid off due to the COVID19, I spoke with the company representative, a few minutes ago, I forget name God bless her, but she really really helped me with my payments, and setting up an option for me to make my payments and not cause my credit to be affected. Thank you so much.
I can not say enough how awesome you have been working with me during COVID and my hardships. I am so appreciated for everything and ease my stress as I work my way out of my situation. GOD BLESS AND THANK YOU!!!
Justin provided excellent customer service. Thank you!
This company is a complete joke! I took out a loan in August 2019 for $1300. My loan is to be paid off in May with a total of $972.80 in interest (which is insane). With everything going on right now after receiving the stimulus check I called today to pay off the rest of my loan which should have been $284. They tell me I owe $443.23 now. Apparently I missed a payment at the end of September that nobody notified me of until now. The manager I spoke with said they sent out 1 email no phone call, letter, or anything! While they had me on hold for a long time I looked up my bank statements. I have made every payment on time except for that one week because my account got hacked and my money stolen so the bank froze everything until it was corrected 3 days later. They are charging me $159.13 in fees for 1 missed payment that I knew nothing about until today! Buyers beware this company is a fraud and will take your hard earned money unfairly with no hesitation! DO NOT GET A LOAN THROUGH THIS COMPANY!!!!
Spoke with Jordan today and god I love her and this company. They truly look out for their people and in the times like now, its needed.
During these extreme hard times with the pandemic. One of your aspiring customers service representatives Mr Jose O was a blessing. This employee deserves to be accommodated and compensated for his loyalty, and dedication to your agency.
Today,4/21/2020 ,felt like the perfect time to leave a review. I've been a customer of OppLoans for the last couple of years.I had reservations about applying for a loan,but my need for financial assistance pushed my decision to move forward....and I'm glad that I did.The customer service,the fair interest rate,and the integrity of the company and its employees has far exceeded what I had anticipated.Now I see why their rating and reviews are so high.I needed to speak to them recently,by phone,and that's why I wanted to leave a review.The rep,Shana,was outstanding.Her positive persona and extremely compassionate,helpful nature needed to be recognized.She was so patient and helpful....and this was at 9:00pm on a Friday evening.Yep,they were still open to help!Great employee and another good experience with this company.I would definitely recommend-
Great costumer service ! Professionalism at its best.
Karen C could not have been more professional and enjoyable.. I like that OppLoans is a credit reporting agency and my credit score has improved since I’ve been doing business with this company...
I received great customer service today when I had to make the phone call about waiving my payments temporarily due to coronavirus and being temporarily on a layoff until further notice. Thanks so much!!!!
The people at opploans are very nice and very helpful and they answered all my questions to where I can understand God bless you all and stay safe at this time
Due to the current COVID19 situation my hours have been cut and was unable to make my regular payment on time. I called OPPLOANS and they were able to accommodate deferment with no problems. This truly helps me out during this difficult time. Service agent was informative and helpful. Thanks!
I like that whenever I call, I get to talk to a real person and not a recording. Every issue that I have ever had has been resolved with courtesy and compassion.
I definitely appreciate Opps Loan coming thru when I didn’t think I could get a loan, they are always there willing to help if u need to miss a payment they have options to help. Also, every time I called the reps are professional they listen and they help. The only down fall is no hardship increase during a crisis unless u get notified for refinancing pre-approval. But OPPSLOAN GET 5 STARS FROM ME AND MY HOUSEHOLD ALWAYS!!!!!!!!
The service I received on the phone today was the best customer service ever!
Great customer service!! Easy to work with!!
Best customer service and easy to apply for.
OppLoans has been a great company to deal with. I have never had any negative correspondence with any of the customer service personnel and they have been a blessing to me financially. There when you need them. Great rates, definitely a great company to get a loan from.
I've had wonderful experiences with Opp Loans. The process is easy, the people are great to deal with. During these trying times with the Corona Virus layoffs they are willing to help their customers with payment options. Would highly recommend this company
I recently, last five months or so, was approved for a small loan. During this time I have been able to refinance and as of today, March 23, I was able to get my loan payback extended due to job issues. Everyone I talked to shows empathy and understanding. They have been so lovely to work with. Great company..people oriented.
Your business gets a bad rap - that's not fair. I screwed up my credit - not you. Thank you for being there when I needed you and making the process simple and non-judgmental. I had to re-fi several times and that also was easy. You are expensive but that comes with the territory - again, I got myself here as everyone who needs your service has. Keep up the good work - your client service people are the best! Dennis Herrick
OppLoans is always easy to work with. I had my approval for my loan the same day!! Customer service has always been very helpful and friendly.
though many may agree that these loans are higher interest but when a company like opploans grants me a loan when I needed it most with no hassle and to top it off in difficult times like this they helped me alleviate the stress by moving up my payment and waving the interest, paying the higher interest is certainly worth it. The customer service Connor was amazing very comforting and understanding would I recommend them, would I use them again definitely yes! thank you for being there for me.
I spoke to a representative named Connor today who went above and beyond for me. He was incredibly kind and helpful. I think his exemplary customer service should be commended. Thank you Connor!!!
Opp Loan was the first loan I ever took out in my life and I truly regret it, Im happy I got my taxes back in time to pay it off quickly because the interest is CRAZY. I would pay the interest off and my minimum payment and then 2 weeks later I have another 40 dollars of interest plus my 99 dollar payment. RIDICULOUS. And my credit isn't bad either so I feel for those with a bad credit score. I do not recommend App Loan. Go to a credit builder loan if you can.
The application was quick and painless. Alexis was the representative I spoke with. She was professional, kind, knowledgeable, and very helpful! She made the process very smooth. Very pleased. I woyld highly recommend!
Excellent service! Very fast and very understandable! Thank you!
Excellent Customer service, honest and fair!! Could not have asked for a better experience then OppLoans!! I called customer service and spoke with Marcela, WHAT A WONDERFUL, person she is and so friendly and kind!!! Can't ask for a better place if you should need a short term 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!