Our experts answer readers' personal loan questions and write unbiased product reviews (here's how we assess personal loans). In some cases, we receive a commission from our partners; however, our opinions are our own.
Who Is OppLoans Best For?
OppLoans is best for borrowers with bad credit who are looking for a loan of no more than $4,000.
See Insider's picks for the best personal loans for bad credit >>
You might consider OppLoans a last-resort personal loan lender, as it does not have a minimum credit score requirement. Because of that, it's interest rates are significantly higher than most competitors. However, OppLoans APRs are lower than what you'd get on a payday loan.
OppLoans Features
- APR range:
OppLoans Personal Loan - Regular APR - Loan amounts:
OppLoans Personal Loan - Loan Amount Range - Terms: 9 months to 18 months
- Recommended credit score: No minimum credit score required
- Funding time: As soon as the next business day after approval
OppLoans Pros and Cons
How to Apply For an OppLoans Personal Loan
1. Fill out the OppLoans online application. Start by providing OppLoans with personal information including your name, email address, date of birth, mailing address, and Social Security number.
2. Verify your income. You'll need to have a checking or savings account and receive paychecks to it by direct deposit. During the application process, you'll provide your account information, which OppLoans will use to verify your income.
3. Review loan offer. If you're approved, OppLoans will offer a loan with an amount, interest rate, and term aligned with your qualifications. Be sure to understand exactly how much you're paying for the loan, including the interest, and make sure you can afford to make the payments before accepting.
4. Sign off on the loan and receive your money. OppLoans says you may receive money in your account as soon as the same business day you are approved, or the next day.
OppLoans Frequently Asked Questions
Is OppLoans legit?
OppLoans is a legitimate lender that offers personal loans in 35 states.
What credit score is needed for a loan from OppLoans?
OppLoans does not have a minimum credit score requirement for its personal loans.
How long does it take for OppLoans to process my loan?
OppLoans says you could receive loan funds in your account as soon as the same day you're approved, or the next day.
Does OppLoans do a hard pull on your credit?
OppLoans says it may use credit information from Clarity Services and Experian as part of the application process, but neither will appear as a hard credit inquiry on your credit report or affect your FICO score.
Compare OppLoans
OppLoans vs. LendingClub Personal Loans
OppLoans won't charge you any fees, but this comes at the cost of a significantly higher APR than with LendingClub. With OppLoans, you're looking at an APR of
With LendingClub, you'll pay an origination fee between 1% and 6% of your total loan amount, and this fee will be baked into your overall loan APR. The company may also penalize you if your payment is more than 15 days past due.
You'll likely get your funds faster with OppLoans than with LendingClub. OppLoans will usually send you your funds within one business day of approval, while LendingClub can take between two to four business days. OppLoans has a maximum loan term of 24 months, while LendingClub has a minimum loan term of 36 months. If you're looking to spread out your costs over a shorter period, LendingClub might be a better choice for you.
LendingClub Personal Loan Review
OppLoans vs. Avant
Avant charges an administration fee of up to 4.75%, which is taken out of your loan proceeds when it's funded. You'll also pay a fee if you miss a scheduled payment or if a scheduled payment is returned unpaid. With OppLoans, you won't pay any fees. Avan'ts APR range is
Both Avant and OppLoans will typically fund personal loans one business day of approval. OppLoans has a maximum term length of 24 months, which is Avant's minimum term length. Both lenders are likely to get your loan proceeds to you within one business day of approval.
See our picks for the best debt consolidation loans ยป
Why You Should Trust Us: How We Rated OppLoans
We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths and loan amounts (15% of rating)
- Funding speed (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category's weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan's terms, so they have less of an impact on the overall rating.
See our full ratings methodology for personal loans for more details.