OppLoans 2026 Personal Loan Review
OppLoans is an option if you have bad credit and low income. But with rates in the triple digits, it should be a last resort.
3.0
- Have bad credit or limited income.
- Want to borrow $5,000 or less.
- Need the money fast.
- Can’t repay the loan quickly.
- Want to apply with another person.
- Haven’t explored more affordable borrowing options first.
What to know about OppLoans personal loans
OppLoans personal loans are small, short-term loans offered by Opportunity Financial, or OppFi. OppLoans doesn’t require good credit to qualify for its loan, but it charges exceptionally high interest in return.
Before applying, look into cheaper borrowing alternatives, like a family loan, small-dollar bank loan or a paycheck advance. You can also pre-qualify with other bad-credit lenders, which won’t hurt your credit score, and you may find a lower rate.
I don’t recommend OppLoans unless your only other option is a payday loan. Unlike a payday lender, OppLoans reports your loan payments to the three major credit bureaus, which helps build your credit score if you pay on time.
You also have months to repay the OppLoans loan, depending on the term you choose. With payday loans, you typically have to repay the loan in two weeks or get hit with fees if you don’t.
There are no fees with OppLoans. If you miss a payment, you won’t pay a late fee on top of already-high interest. You also won’t be charged an origination fee, which is common with online lenders. Finally, OppLoans does fund your loan fast, often within a day.
COMPARE: Best personal loan lenders
What we do like about OppLoans
- Fast approval and funding: OppLoans says it can make approval decisions within minutes. It can also fund a loan the same day you apply if your application is approved by 12 p.m. CT on a business day. If you’re approved after the cutoff time, the lender can still fund your loan as quickly as the next business day.
- Low income requirement: OppLoans requires you to have an annual gross income of $18,000 (or $1,500 monthly) — much lower than the median U.S. household income and lower than some other lenders. The lender says this income can come from employment or other sources such as Social Security, disability, child support or alimony.
- Options to choose and change your payment date: You can choose your initial payment due date when you apply for an OppLoans loan. You can also change that monthly due date during the repayment process. This flexibility is especially helpful if you change jobs and get paid on a different schedule.
Why OppLoans may not be right for you
- Rates exceed 36%: Installment loans from OppLoans have annual percentage rates up to 195%. An affordable loan’s APR should be no higher than 36%. Triple-digit interest rates make a loan very difficult to repay on time, since interest costs can make up more than half of what you borrowed. For example, if you borrow $2,000 at 160% APR with a nine-month repayment term, you’ll repay a total of $1,551 in interest.
- No rate discount: OppLoans does not provide an opportunity to get a lower APR. Several other personal loan lenders offer rate discounts, such as a 0.25 percentage point reduction for enrolling in automatic payments. This helps you save money on interest.
- No co-signed, joint or secured loan options: This lender doesn’t allow you to add a co-signer, co-applicant or collateral to the loan application. These options are especially important when considering a high-interest loan. Adding someone with a stronger credit score or higher income — or pledging a valuable asset as collateral — can help you qualify for a lower rate. See our picks for the best joint and co-signed loans.
How much does an OppLoans loan cost?
The total cost of your OppLoans loan depends on the amount borrowed, annual percentage rate and length of the term. Here is an example of how different rates affect the costs of a $2,000 loan with a 18-month term, with APRs within the lender's typical range.
APR | 99%. | 190%. |
Monthly payment | $217. | $341. |
Total interest cost | $1,908. | $4,135. |
Total loan cost | $3,908. | $6,135. |
» MORE: Use our personal loan calculator to estimate your costs
Do you qualify for an OppLoans personal loan?
You can likely qualify for an OppLoans personal loan because there’s no minimum credit score requirement. The lender says its personal loans primarily serve borrowers with fair credit or bad credit (689 score or lower).
Unlike other lenders, applying with OppLoans won’t hurt your credit score. The lender conducts a soft credit check with Experian and a hard credit check with Clarity, an alternative credit bureau. Neither of these pulls affect your FICO credit score.
OppLoans does not offer loans to residents of Colorado, Connecticut, Georgia, Iowa, Maine, Maryland, New York, South Dakota, Vermont, West Virginia and Washington, D.C.
OppLoans’ borrowing requirements
- Minimum credit score: None.
- Minimum annual income: $18,000.
- Maximum debt-to-income ratio: None.
- Minimum credit history: None.
- Must be 18 years or older.
- Must be a U.S. citizen and provide a Social Security number.
- Must have a valid email address.
- Must have a valid U.S. bank account and receive salary or wages via direct deposit.
- Must be employed on a W2 basis (not self-employed) for at least 30 days with your current employer.
Profile of an average OppLoans borrower
For an idea of where you would fit in among other borrowers and what to expect, we asked OppLoans about its average borrower. Here’s what the lender told us.
- Average loan amount: Under $5,000.
- Most common loan term: 1 year.
- Most common loan purposes: Emergency expense.
- Average borrower’s credit score: 629 or lower.
- Average annual income: $25,000 to $49,999.
» MORE: How to get a personal loan
Frequently asked questions
Q: What can I use an OppLoans loan for?
A: You can use an OppLoans personal loan for many reasons, including debt consolidation, home improvement projects, medical and dental expenses, emergency expenses, moving expenses and some education costs. You can’t use this loan to fund higher education or college tuition, business expenses, investing, gambling or illegal activities.
Q: Is there a fee for paying off the loan early?
A: No, OppLoans doesn’t charge a prepayment fee. That means you can pay off your loan early or make additional payments with no penalty. Either option saves you money on interest, so it’s a good idea if you can afford it.
Q: What happens if I can’t repay an OppLoans loan?
A: OppLoans offers a few hardship options. If you lost your job or got hit with an unexpected expense, OppLoans can temporarily modify or reduce your payments. You can also push an upcoming payment due date back or change your payment schedule. If you can’t repay the loan at all, you can work with OppLoans to settle the debt.
How does OppLoans compare?
 |  |  |  |
|---|---|---|---|
Est. APRFrom 6.99% to 35.49% | Est. APRFrom 6.53% to 35.99% | Est. APRFrom 7.24% to 24.89% | Est. APRFrom 7.74% to 35.99% |
Loan amountFrom $5,000 to $100,000 | Loan amountFrom $1,000 to $75,000 | Loan amountFrom $5,000 to $100,000 | Loan amountFrom $1,000 to $50,000 |
Min. credit scoreNaN | Min. credit score600 | Min. credit score660 | Min. credit score600 |
How we rated this lender
NerdWallet’s editorial team rates lenders using a rubric with five weighted categories and 29 subcategories. Here are the factors we prioritized, plus why this lender received each score.
OppLoans come with extremely high interest rates, and there’s no opportunity for a rate discount to help lower costs.
Our Method: We review lenders’ rates and fees, plus any opportunities for rate discounts.
Borrowers can reach an OppLoans customer service representative seven days a week. They also have access to multiple hardship options and payment date flexibility.
Our Method: We look at factors such as customer service availability, monthly payment flexibility and whether the lender reports on-time payments to major credit bureaus.
This lender doesn’t offer joint, co-signed or secured loan options. It also has limited loan amounts and repayment terms compared to other lenders.
Our Method: We assess loan amount and term ranges and whether lenders offer multiple loan types or direct payment to creditors on debt consolidation loans.
OppLoans only conducts a soft credit check. Top-rated lenders conduct a soft and hard credit check. Its loans are available in most states.
Our Method: We consider how widely available and accessible the loans are and how lenders review applicants’ credit.
OppLoans can approve and fund loans on the same day. The lender’s website also clearly displays its loan terms.
Our Method: We evaluate loan approval and funding times and the lender’s transparency throughout the application process.
Read more about our ratings methodologies for personal loans.
