OppLoans Installment Loan Review 2020

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Opportunity Financial, better known as OppLoans, was established in 2009 and is based out of Chicago. They are an online personal loan provider that specializes in being the alternative to payday loans. OppLoans focuses on giving borrowers the opportunity to move up the credit ladder. They compete with payday loans as the lender of last resort for those with poor credit. They specialize in providing personalized loan services by helping borrowers with poor credit avoid predatory lending.

OppLoans Loan Specification

Here are the basic specifications & requirements of OppLoans Installment Loan :

FeatureOppLoans Installment Loan
Loan Amount Range$500 -$5,000
Interest Rate Range59%- 199%
Term9 to 24 months
Origination fee0%-3% Varies by state
Late payment feeUp to $15 Varies by state
Returned payment:Up to $30 Varies by state
Prepayment feeNone
Administration fee$75 only in CA
Minimum credit scoreNone
Minimum monthly incomeAs low as $1,500, Varies by state
FundingTypically 1 day

OppLoans Loan Pros & Cons

As we know, each lender has its own pros & cons – here are the relevant things we found for potential borrowers:


  • No credit inquiry – OppLoans does not pull from the major credit bureaus and therefore an application will not affect your credit.​
  • No prepayment fees –OppLoans does not have a fee for paying your loan off early.
  • No minimum credit score –OppLoans does not have a minimum credit score requirement because they work with borrowers who have poor or limited credit
  • Quick turnaround times –OppLoans has an easy application process and many loans are funded within 24 hours.
  • Flexible payments – OppLoans offers many different payment plans other than just once a month for their borrowers. You can also change your due date online.
  • Build credit –OppLoans may not check any of the three major credit bureaus but they do report to them, so if you have a good payment history with them they will report that to the credit bureaus. This will help you rebuild your credit. Many payday loans do not report on time payments to credit bureaus.​
  • Terms – OppLoans has an advantage over title loans, bank overdrafts, and payday loans in that they offer their borrowers terms which can extend the repayment over months.
  • Customer focus with great reviews –OppLoans is very customer-friendly and has great reviews from their borrowers. They focus on helping borrowers get back on their feet, financially. You can see reviews here at the Better Business Bureau or at Lending Tree.​


  • Very High rates – If you have good to excellent credit history and strong cash flows, you can find better rates elsewhere. The lowest rate with OppLoans is 59.00%. This is one of the highest rates out there for a personal loan.
  • Fees - OppLoans may deduct a one - time origination fee amount directly from your loan funds depending on which state you’re in. They also have late fees, and in California, a one time $75 administration fee. These fees should be considered in the pricing of your loan when you apply.
  • Active duty service members cannot apply –Active duty service members and their dependents cannot apply with OppLoans because the Military Lending Act prohibits lenders from charging rates over 36%. The minimum rate for an OppLoans personal loan is 59%.
  • ChexSystems – If you’ve had issues in the past with constantly overdrafting your bank accounts, you may be put in the ChexSystem which makes it hard for customers to open up a checking account. If you are in ChexSystems you will not qualify with OppLoans.
  • Direct deposit – To be approved with OppLoans you need to have direct deposit from your employer. If your employer doesn’t do this, you won’t be able to qualify with OppLoans
  • Not available in all states -OppLoans is not available in all states. Please check their website for availability.

What Can an OppLoans Personal Loan Be Used For?

OppLoans provides very little information about what their loans can be used for or what their restrictions are. Opploans should be used as a lender of last resort. With such a high-interest rate, OppLoans should be used sparingly; for example, in cases of emergency or if you happen to have terrible credit and cannot get financing through other institutions. OppLoans does list what their loans can be used for auto repair, family needs, rent, medical expenses, to pay off other loans, or for a major purchase.

OppLoans Application Process

The OppLoans application process is quick and easy. The application process takes place all online. You begin by clicking, “apply now.” The first page is a simple form to be filled out with basic information about yourself including name, address, phone number, social security number, and date of birth. You also create an account. Then on the second page you will fill out some financial information such as your employer, monthly expenses, and the frequency in which you get paid. You will then provide the amount you would like to borrow and banking information. OppLoans will then give you some disclosures and submit for your loan. You may need to provide additional documentation verifying information on the application. Many loans are approved and funded within 24 hours.

One thing that OppLoans does differently than most personal loan providers is that they do not actually check your credit report from the big three credit bureaus. They check your report from a company called Clarity Services. They are owned by Experian but they use different data. Clarity Services uses this data to help lending institutions with high-risk borrowers. OppLoans will never check your credit report with the big three credit bureaus so your FICO score will not be affected when applying with them. OppLoans will also do a scan on your bank account to determine your cash flow.

OppLoans does have some basic requirements. The borrower needs to be employed for at least 3 months and not self employed. They need to have a minimum of $1,500 of monthly gross income, but this varies by state. The borrower needs to have a bank account with 90 days of history. And paychecks must be directly deposited into your checking or savings account.

OppLoans Loan is Best for..

OppLoans is best for borrowers with poor or little credit. They are a good alternative to payday loans, title loans, or constantly having overdraft fees. They may be a good fit for you if you have trouble getting financing through traditional methods. 

If you have ok to excellent credit you should look at other personal loan providers. They will have better rates and fees. OppLoans can be used to get out of a financial jam or if you need money quickly.

OppLoans has great customer service and works with poor credit borrowers, helping them up the credit ladder so they can apply for better and more reasonable interest rate loans in the future.