OppLoans Personal Loans Review

OppLoans, otherwise known as Opportunity Financial or Opportunity Loans, is a personal short-term lender that’s been in business since 2009. Headquartered in Chicago, Illinois, OppLoans offers fast funding on smaller loan amounts with little or no credit required. OppLoans can be a good choice for anyone in need of quick funds. However, the company’s high interest rates mean that most people should consider other financing options before choosing to take a loan. 

Short-term lending providers aren’t always the best option for those looking to build credit. However, it can be a useful source of fast cash when in a pinch. At one point or another, most people experience some form of financial stress. In these situations, some people may not have the most ideal credit scores when applying for credit cards and loans, making it even more challenging to climb out of a financial crisis.


  • No credit checks required.
  • Same-day funding available
  • Quick and easy application process


  • Extremely high APR rates
  • Shorter repayment terms
  • Smaller loan amounts available

OppLoans by the numbers

  • APR range: 99.99% to 199.99% 
  • Loan amount: $500 to $4,000
  • Repayment terms: Up to 36 months
  • Minimum credit score: Not specified
  • Minimum gross income: Not specified


  • Origination fee: 1% of the total loan amount
  • Late payment fee: Varies by state


  • Applicants must have a bank account at least 90 days old to apply
  • Income must be received through direct deposit

Who should consider OppLoans’ personal loans?

No credit check loans, like those offered through OppLoans, can be a great short-term solution for accessing funds when other banking institutions are not willing to extend credit. OppLoans is also a great solution if someone needs cash fast, as most borrowers can have access to their funds within the next business day. More than just a fast-cash lender, though, OppLoans also helps borrowers build or repair their credit ratings over time by reporting all loan payments made to the credit bureaus. If you’re in need of a small loan for emergencies or to fund a small to medium-sized purchase, with the intent of paying it back in a short amount of time, OppLoans is the right choice for you.

Who should avoid OppLoans’ personal loans?

Unfortunately, when it comes to no credit check loans, many times there are more cons associated with them than pros. The bottom line is, no credit check loans are extremely expensive, and it can be hard to justify the APR rates associated with borrowing funds. Individuals with less than ideal credit may be tempted to get quick access to funds without worrying about credit checks, but this can create a vicious cycle of debt.

Before you decide to take an OppLoans loan, you really should explore as many other financial options as you can. A short-term payday loan can cost 300% to 400% of its value. If you have a decent credit profile or access to other forms of financing through your banking institution, then OppLoans may not be the right option. OppLoans also limits its loans to $4,000, so customers in need of larger financing options will find these loans restricting and not worth the time.

How to apply for an OppLoans personal loan

The great thing about OppLoans is that its application process is quick and easy. Here’s the process you’ll need to follow in order to apply for a personal loan.

  1. Navigate to OppLoans’ online loan application section of its website.
  2. Fill out your necessary personal information, including name, address, employment information, Social Security number, monthly income and banking information.
  3. Provide additional documentation when prompted, including Social Security information, alimony payments and recent paystubs.
  4. After submitting the necessary information, you’ll be emailed shortly after to let you know if you’ve been approved for a loan.
  5. Review the loan terms carefully. Once you accept the terms, your funds will be available in your bank account within one to two business days. 

Alternatives to OppLoans


While OppLoans may seem like a great solution for getting quick access to cash, it’s not a great solution if you need more than $4,000 in funds. Avant is another personal loan lender that offers a broader range of loan amounts and term lengths, and don’t require high credit scores. Borrowers can get approved for loans up to $35,000 with loan terms of two to five years. Although Avant’s APR percentages are slightly higher than most, ranging from 9.95% to 35.99%, the company may send loan funds to your bank account in as little as one business day.


For borrowers willing to pay origination and late fees in exchange for lower APR percentages and higher loan amounts, FreedomPlus is another good choice for personal loans. While FreedomPlus does require specific credit standards to be met for higher loan amounts, most applicants can be approved for loans as high as $40,000 with a reasonably low credit score of at least 620. Another great benefit to FreedomPlus is that the company allows co-applicants when applying for a loan, making it much easier for borrowers with no credit to get approved with the help of relatives or friends. Although FreedomPlus does charge a variable origination fee up to 5% of the total loan amount, its APR percentages are a bit lower than other personal lenders, ranging from 5.99% to 29.99%.

OneMain Financial

For individuals with poor credit that need access to more funds than OppLoans will provide, OneMain Financial can be a good choice. The rates offered by OneMain Financial are much lower than what you will find from most payday loans and no credit check loan providers, ranging from 18.00% to 35.99% Borrowers can be approved for loans up to $20,000 with range terms from two to five years. OneMain Financial is relatively flexible when approving loans for applicants with lower than usual credit, often approving borrowers with credit scores of 620 or even lower. However, if you have less than adequate credit, you may need to meet additional loan requirements as well as use provide collateral like a personal vehicle. 

Josh Nadeau

Contributing Writer

Josh Nadeau is a seasoned sales operations and financial services writer with years of experience working in manufacturing, software, Fintech, and managed services. He uses his first-hand industry knowledge and technical expertise to help businesses and consumers alike make better financial decisions now and in the future.