OppLoans Review

OppLoans is a unique online lending platform that specializes in serving middle-income consumers facing challenges related to their credit scores. The company offers fixed-rate alternatives to the types of predatory, high-interest loans normally available to consumers who match the OppLoans profile. As of June 2020, OppLoans has helped more than 500,000 customers find loans that suit their borrowing needs.

What Types of Financing Does OppLoans Offer?

OppLoans specializes in loans for borrowers in middle income brackets who need relatively small amounts of cash. The company essentially functions like a better alternative to a payday lender, as its personal loans range in size from $500 to $4,000. Borrowers can receive their loan proceeds in a lump sum.

Consumers commonly turn to OppLoans when they need money for:

The annual percentage rate (APR) charged on your loan will vary, depending on prevailing conditions in the financial markets. However, in general, OppLoans’ APRs tend to be on the higher side of the range. There are a few reasons for this: the company works primarily with credit-challenged borrowers, and its repayment periods tend to be short. As of April 2021, the following terms typically apply:

OppLoans Eligibility Requirements

One of the most appealing aspects of OppLoans is that it offers loans to people who would not, generally, be able to access credit. This can be a critical step in the process of rebuilding a low credit score, as demonstrating responsible use of borrowed funds is one of the fastest and most effective ways to improve your rating.

As such, the company extends eligibility for its loans to a wide range of potential customers. To apply for a loan, OppLoans generally requires the following:

Additionally, the following terms and conditions apply: (requirements vary by state)

The OppLoans Application and Approval Process

To get a loan from OppLoans, eligible would-be borrowers go through an easy four-step process:

  1. Fill out an easy online application.
  2. Verify your income by providing bank account details for OppLoans to review.
  3. Look over the loan agreement you will receive, approve its terms and conditions, and return an endorsed copy to OppLoans.
  4. Wait for your decision. OppLoans seeks to approve as many applicants on the same day though additional verification may be required.

In some cases, OppLoans will ask you to provide additional documents and/or information. If this applies to you, OppLoans will notify you after you have submitted your online application and specify the documents and information you are requested to provide.

How OppLoans Puts Customers First

OppLoans prides itself on its customer-centric business model. The company aims to offset its relatively high interest rates by providing a very positive customer service experience. Here are some of the company’s most noteworthy borrower-friendly features:

Financial education resources are also available through the site free of charge.

Pros and Cons of OppLoans

On the positive side:

On the down side:

The Verdict

OppLoans’ website prominently promotes its strong customer satisfaction metrics: As of April 2021 the company has an A+ rating from the Better Business Bureau (BBB) and its Google rating is 4.9 out of 5. Over on Trustpilot, OppLoans has a 4.8 out of 5 score from over 1500 user-submitted reviews, with 85% of respondents giving the company a perfect 5 out of 5. Ratings on third-party websites may periodically change; please check the third-party websites for up-to-date reviews and ratings.

Our take: OppLoans provides an appealing alternative to middle-income borrowers with existing credit challenges, giving them access to funds they would not otherwise have been able to secure. This can help boost flagging credit scores and help transition the customer back into a position where he or she can qualify for lower-interest loans. If you meet the eligibility requirements and can’t get approved for a loan elsewhere, OppLoans is a worthwhile and safer alternative to payday lenders.