OppLoans Installment Loans Review

Launched in 2012, OppLoans is an online consumer lending platform that provides credit to consumers who can’t get loans from traditional banks. OppLoans doesn’t do credit checks and offers short term loans for small amounts. The company markets itself as a cheaper option to payday loans, and assists borrowers in covering unexpected expenses such as car repairs.

Bad Credit Best for
3 /5
$ $500 /
Min. Amount
Visit Site
Table of Contents

    Why get an Installment Loan from OppLoans? 

    OppLoans cornered a market that targets desperate individuals looking for credit. There are a few reasons why OppLoans has been so successful.

    • Fast approval times, so borrowers are not left wondering for long periods if the loan will be approved.
    • No credit checks are done for the approval of the loan. 
    • Eligible clients may be able to refinance their current loans. If their account is in good standing, borrowers may apply for a larger loan or extend their loan term.
    • The company reports payments to Experian, Equifax, and TransUnion for most clients.

    What does OppLoans offer?

    OppLoans is a flexible loan provider specializing in small loans for people who can’t get credit the traditional way. It offers bad credit personal loans, no credit check loans, cash advance, payday loans, and installment loans. 

    Clients with bad financial histories can still get a small loan as long as they have a permanent income. Early payments are accepted, and if you find yourself going through hardships, OppLoans is open to discussing new terms to assist you in meeting your obligations.

    Eligibility Criteria

    OppLoans is one of the few places that doesn’t check your credit score from one of the three major credit bureaus. It bases its decision on the borrower’s ability to repay the loan by the level of income. You need to live in one of the states that it operates in, and be at least 18 years old to apply.

    Furthermore, applicants must have a regular source of income, either by being employed or from state benefits such as Social Security. Your income needs to be going into your checking or savings account via direct deposit. 

    OppLoans Pros and Cons


    • Quick approval, with funds being available within 1-2 days.
    • Clients can change their payment date.
    • Refinancing available for eligible customers.


    • Very high rates.
    • The maximum repayment term in some states is capped at 12 months.

    How to apply for an OppLoans Installment Loan?

    OppLoans offers personal loans through an online application process. To start the application, you need to fill out the online application form and create an account login. Once you’ve filled in your details, you’ll be connected to your bank through secure channels to verify your income. 

    The agreement is then electronically prepared, and you can view it online. Once you’ve accepted it, it goes for the final approval. The decision turnaround time at OppLoans is quick. Depending on when you are approved, the money could be in your account as soon as the next day.

    Rates, Terms, and Fees

    The rates and fees are listed on the site but they vary on an individual basis. The rates also differ per state. To view the rates for your area, scroll to the bottom of the OppLoans website and click on the “Rates & Terms” link. 

    For the state of New Mexico, the current APR is at 160%. The loan amounts on offer are between $500-$4,000, with repayment terms of 9-18 Months. In the fee disclosure, it states that there are no extra fees charged for this state. 

    Bottom line

    OppLoans is suitable for smaller installments loans, but if you’re looking for something more substantial such as home loans or business financing loans, then SoFi is a reliable provider to use. 

    OppLoans is great for short term financial fixes, however, it’s not ideal for more significant amounts. For loans for purposes such as debt consolidated or large home improvement projects, you should consider approaching companies like Prosper, that specialize in this.