OppLoans are offered by Opportunity Financial, a Chicago-based lending company that specializes in offering unsecured personal loans to consumers.
Founded in 2012, OppLoans 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 $500 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 99–199%, while payday lenders average over 300%. So, the cost to borrow bad credit loans is high, but it's 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 three 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.
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.
Monique was very helpful and friendly. She stayed on the phone to help me get through the process and quick helping me with any trouble I was having.
Monique was very helpful and quite pleasant to work with!
Bad customer service, incompetent and inconsistent. The first loan of $2k few months ago was fast, easy and smooth. I did it online. I paid off that loan few days ago and decided to reapply because I had an emergency. I did it again online and they only approved $1500 initially. Since I had a little problem with my direct deposit from my job and I explained to the customer service to no avail. I sent my other latest paycheck from my other job that has a direct deposit. She also required me to submit my income for 2018. And take note, my two latest paychecks from my two jobs have a total earnings of around $3100 in two weeks of working! She also mentioned that I have the option to wait on the 25th for my other job's direct deposit but still they denied my application. It was actually a lie and very unprofessional. I am working in hospitality industry for so many years and these guys need more training about customer service. I dont normally write reviews online but the management should know what is going on. They cannot get any business from me anymore
I was a little afraid of OppLoans but Monique put me at ease and even called me to let me know everything was okay. She was great.
I appreciated Monique Patients with me even on the phone she sounded like she had a smile on her face👍
Monique took the time to process my application and within 1 hour, she had already followed up with a phone call to inform me that I was approved. Great job!
Alister H Daniels
Very friendly and fast! Monqie was helping through the whole process and answered evry question i had!
Quick and easy to apply very clear on what you need and they need , got approved in less than 24 hours I’m so happy Jacinthia referred me !she provided Great customer service and very knowledgeable.
Karen was very professional and knowledgeable. Thanks so much Karen for helping me.
Karen was amazing and very knowledgeable. I was nervous about the process but Karen made the process not only easy but fun . I recommend Opp Loans to everyone and will be referring my family and friends. Thanks again Karen! :)
Monique was friendly, courteous and professional. I've used the refinance option on more than one occasion and it's been a great help
Anna was extremely helpful and clear with answering my questions and was able to lower my financed amount to my request to accommodate me. I was pleased by the surprisingly quick and easy application process. Thanks Anna / Opp.
Very good and easy way to fill out for your request.
I had an account that I had two more notes to pay. They sent emails to refinance and I was trying. I did the same process for four consecutive days. I would get the same message and even had my account showing the new notes, finance charges and everything that goes along with it. I never received the money. Four days kater, I was still waiting because every day I had to sign. I had to sign even though I spoke to someone twice and they made sure every thing was done. I received emails telling me thank you. It was ridiculous.
Thanks to Amy this process ended better than it started. She was patient and she knew what she was doing and that made it easy for me to complete this process. Thanks Amy
The application process was very easy and staff very polite and more than helpful in assisting with the application process.
This is a very reliable company and has excellent customer service skills. Faith is one of their customer service agents and is very professional and has top notch Customer skills. Actually all of their people I have talked to are great! Paying them back is easy. I highly recommend OppLoans to everyone.
Shana was the best, she was very professional and willing to assist and answer all my questions. Opp Loans have excellent finance charges and rates. My experience was hassle free, funds were credited to my account the next day. Thank you Shana for your excellent customer service and making this experience comfortable for me:)
Jacynthia was very pleasant and answered all my questions. Her positive upbeat attitude made the process a breeze. Thank you!
Dan was excellent! He was able to answer all of my questions, and not only that he was able to help me with my application due to an issue with my bank account. Thank you Dan for being so friendly and willing to help me!!!
The customer service representative I spoke with was very helpful and fixed my mistake right away.
Great customer service. Almost no waiting time to speak to very helpful people. Application and approval went very smooth. I am a new customer and very pleased with their service.
My agent is Daniel. He and everyone else I spoke to was friendly, helpful, fast and informative. I highly recommend Opp loans
Tiffany was very helpful and patient while walking me through my forms! She was also very informative!!!
very fast and very friendly would recommend
Shamarilyn D York
My experience with Opp Loans has been really good. And today I needed to see if I could get a possible increase to assist with paying a few things. I was approved for an increase which will help and the customer service provided by Karen was great! She exceeded my expectations by calling back to make sure I was able to log on since I was having difficulty at first.
Kenny was a great help! Fast, efficient and helpful. Was easy to understand the process! Thank you
quick and short great customer service people giving assistance to help make everything go smoothly thanks so much for MsTara for being so helpful to make sure I had everything in order to make everything was correct
GREAT CUSTOMER SERVICE AND FAST RESPONSE. WOULD HIGHLY RECOMMEND THEM.
From application process to funding, someone was always in contact with me. I would DEFINITELY recommend these guys!!! EXCELLENT CUSTOMER SERVICE !!!
TOTALLY AWESOME!!! OppLoans was a life saver with helping me catch up the rent. The monthly payment is less than half what I'm having to pay CashNet USA bi-weekly! I wish I'd know about OppLoans sooner, I don't even want to think about how much money they could've saved me over the past year! The customer service reps were great and I love the fact that, after you make your menu selection, you get a real live person! Keep it up!!!
Quick Loan approval process and great customer service.
cassandra y hurd
I want to thank opploan for taking the time to approve me with out having a problem and they also refinanced my loan.
George B Crawford
Customer service group is excellent. The loan application was simple, direct and promptly completed. Email, text and phone contacts were well above expectations. Need a loan ? Bruised credit? Great credit and a quick response turn-around needed? Get online and find these folks !
I had a very positive experience on all three borrowing occasions! Really appreciate the friendly Chicago customer service center (I think the gentlemen's name was Dan -- many thanks for the processing assistance!!!!)
Opploan took away the anxiety of getting emergency funds. Everything was handled with professionalism and within 24 hours. I recommend this business to meet any urgent need.
Alex was extremely helpful in assisting me with your processes. He exceeded my expectations!
very professional and knowledgeable about how process is done!!!
The lady who took my information was excellent in helping me. The loan was placed into my bank even before I thought. Though I know that the interest rate is high, I support capitalism as opposed to socialism.
Greg, Was a Great help today and Very Professional Thank You !
Alexander was professional, efficient and kind during the process.
Tara answers all my question and she made me feel very comfortable.
Received a loan that was done very quick and very easy. Excellent customer service from Dan.
Joe M Barrientos
My rep "Antonio" was patient and wonderful! I wasn't even concerned on the process of approval towards the end of the conversation due to his professional attitude and pleasent smile u can hear over the phone. Great Job
Alex was very professional and courteous.
Not really happy with the payback amount or bi-weekly high payments, but if your needing the money I'd recommend them, and the costumer service was hands down great
Lance - was a great help this morning. I appreciate his assistance!
I spoke with Shellie and she was fantastic and very professional!
Char was very helpful and professional. I appreciate the service!
Lance was very helpful and called me back with my approval.