I get emails and Reddit DMs about OppLoans from time to time. Usually, it’s someone who’s been turned down by traditional banks, maxed out their credit cards, or facing an emergency expense they can’t ignore. The pattern is always similar: they need money fast, their credit score is under 600, and they’re scared of getting trapped in a payday loan cycle.
OppLoans is an online lender that specifically targets people in this exact situation. They offer unsecured installment loans, which means you don’t need collateral and you pay the loan back over time instead of all at once. The company has been around since 2012 and has funded over $2 billion in loans, so they’re legitimate and established in the subprime lending space.
Here’s the reality: if you have good credit, you shouldn’t be looking at OppLoans. You can get a personal loan from Upstart, Upgrade, or even your local credit union with APRs under 36%. But if those doors are closed to you and you’re weighing your options, OppLoans offers something that payday loans don’t: actual time to pay it back without rolling over debt every two weeks.
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OppLoans Rates, Fees, and Terms (2026 Update)
Let me break down exactly what you’re getting into with OppLoans. I’ve updated these numbers for 2026 based on their current offerings:
Loan Amount: You can borrow between $500 and $5,000. The exact amount depends on your income, state of residence, and their underwriting decision. Most first time borrowers I’ve heard from get approved for somewhere between $1,000 and $3,000.
APR Range: This is where it gets expensive. OppLoans charges between 160% and 195% APR. To put that in perspective, if you borrow $2,000 at 180% APR for 12 months, you’ll pay back about $3,800 total. That’s $1,800 in interest. I’m not going to sugarcoat it because that’s a lot of money. But compare that to a payday loan at 400% APR or overdraft fees that can cost you $35 every few days, and suddenly the math changes.
Repayment Terms: You get 9, 12, or 18 months to pay back the loan. This is actually one of the better features because it gives you breathing room. You can choose weekly, biweekly, or monthly payments depending on how you get paid. I always recommend matching your payment schedule to your payday so you’re never scrambling.
Fees: Here’s the good news. OppLoans charges zero origination fees, zero prepayment penalties, and zero late fees. If you can pay off the loan early, you’ll save on interest and they won’t penalize you for it. That’s rare in this space and actually shows they’re not trying to trap you in debt.
Funding Speed: If you apply and get approved before noon Central Time on a business day, you can typically get your money the same day. Otherwise, it’s usually the next business day. I’ve had readers tell me they had cash in their account within hours of approval.
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Who Should Actually Use OppLoans?
I’m going to be straight with you because I’d rather you make the right call than click my affiliate link and regret it later. OppLoans makes sense in very specific situations, and you need to know if yours is one of them.
You should consider OppLoans if you’re dealing with an urgent financial situation where the cost of not having money is higher than the cost of a high interest loan. I’m talking about things like your car breaking down and you need it to get to work, a medical bill that’s about to go to collections and tank your credit further, or a utility shutoff that could affect your living situation. These are scenarios where the immediate need outweighs the long term cost.
You should also consider OppLoans if the alternative you’re looking at is a payday loan. I’ve reviewed dozens of payday lenders, and the average APR is somewhere between 300% and 400%. OppLoans is expensive, but it’s cheaper than that. More importantly, you get months to pay it back instead of weeks, which makes it much less likely you’ll end up in a rollover cycle where you’re just paying interest forever.
Another situation where OppLoans can work is if you have no other credit options and you need to build or rebuild your credit history. OppLoans reports to all three credit bureaus, so if you make on time payments, you’re actually improving your credit score. I’ve had readers use OppLoans as a stepping stone to eventually qualify for better loan products six to twelve months later.
Now let me tell you when you should NOT use OppLoans. If you’re considering this loan for non essential purchases, vacations, shopping, or anything that’s not urgent, don’t do it. The interest is too high to justify discretionary spending. If you have family or friends who can lend you money, swallow your pride and ask them first. If you can wait a few weeks and save up the money, do that instead. If you have any available credit on a credit card, even at a high APR, use that first because it’s almost certainly cheaper than 160% to 195%.
How OppLoans Compares to Your Other Options
When readers ask me about OppLoans, they’re usually weighing it against a few other options. Let me walk you through how it stacks up against the most common alternatives so you can make an informed decision.
OppLoans vs Payday Loans: This is where OppLoans actually shines. Your typical payday loan charges between 300% and 400% APR and requires full repayment in two to four weeks. If you can’t pay it back (and most people can’t), you’re stuck rolling it over and paying fees on top of fees. OppLoans gives you 9 to 18 months to repay at a lower APR. It’s still expensive, but you’re not trapped in the same debt cycle. If you’re choosing between these two, OppLoans is the better call every time.
OppLoans vs Credit Cards: If you have available credit on a credit card, use that instead. Even a high interest credit card at 25% to 30% APR is dramatically cheaper than OppLoans at 160% to 195%. The only time OppLoans makes sense here is if you’ve already maxed out your cards and literally have no other option. Otherwise, put it on the card and pay it off as aggressively as you can.
OppLoans vs Traditional Personal Loans: Companies like Upstart, Upgrade, and even some credit unions will lend to people with fair to poor credit. Upstart, for example, considers factors beyond your credit score and can approve people with scores as low as 300. Their APRs typically range from 8% to 36%, which is significantly cheaper than OppLoans. Before you commit to OppLoans, I’d strongly recommend applying to at least two or three traditional personal loan companies first. You might be surprised what you qualify for.
OppLoans vs Cash Advance Apps: Apps like Dave, Earnin, and Brigit let you access your paycheck early for little to no fee. If you need $500 or less and you can pay it back within a week or two, these apps are almost always a better option than OppLoans. The catch is they have low limits, so if you need $2,000 or $3,000, they won’t cut it.
OppLoans vs Overdraft or Late Fees: Here’s where the math gets interesting. If you’re choosing between taking an OppLoans loan or letting your checking account overdraft multiple times, OppLoans might actually be cheaper. Banks charge around $35 per overdraft, and if you’re hitting that multiple times while waiting for payday, you could easily rack up $200 to $300 in fees. Same thing with late fees on bills. If you’re about to miss a mortgage payment, car payment, or medical bill, the late fees and credit damage can exceed what you’d pay in interest on an OppLoans loan.
I maintain a comprehensive list of the best bad credit loans on My Millennial Guide, and I update it regularly. I’d recommend checking out at least three to five options before making a decision. The more applications you submit (within a short window so they only count as one credit inquiry), the better chance you have of finding the best rate and terms for your situation.
See if you qualify for OppLoans (takes about 5 minutes)
The Application Process: What to Expect
I’ve walked dozens of readers through the OppLoans application process over email and Reddit, so I know exactly what you’re going to experience. The whole thing takes about five to ten minutes if you have your information ready.
First, you’ll fill out a short online form with basic information like your name, address, date of birth, Social Security number, and employment details. OppLoans needs to verify your identity and income, so have a recent pay stub or bank statement handy. They’ll also ask for your bank account information so they can deposit funds if you’re approved.
OppLoans does a soft credit pull initially, which means checking your rate won’t hurt your credit score. This is important because you can see what you qualify for without any damage to your credit. If you decide to move forward and accept the loan, they’ll do a hard inquiry at that point, which will show up on your credit report.
The decision usually comes back within minutes. If you’re approved, you’ll see your loan amount, APR, and repayment terms. Read everything carefully. Make sure you understand exactly how much you’re borrowing, how much you’ll pay back in total, and when your payments are due. If anything looks different from what you expected, ask questions before you sign.
Once you accept the loan agreement, OppLoans processes the funds. If you’re approved before noon Central Time on a business day, you can typically get same day funding. Otherwise, expect the money to hit your account the next business day. I’ve had readers report receiving funds within three to four hours of approval.
One thing I appreciate about OppLoans is their customer service. If you run into issues or have questions, their support team is available from 7am to 10pm Central Time on weekdays and limited hours on weekends. That’s better than a lot of lenders in this space who basically disappear after you sign the loan.
Paying Back Your OppLoans Loan: Tips from Someone Who’s Seen It All
Getting the money is the easy part. Paying it back is where things get real, and I want to make sure you set yourself up for success from day one.
The most important thing you can do is set up automatic payments. OppLoans will withdraw your payment directly from your bank account on your scheduled due date. Match this date to when you get paid so you’re never caught short. If you get paid biweekly, set up biweekly payments. If you get paid monthly, do monthly payments. The goal is to make the payment happen before you have a chance to spend that money on something else.
If you get any extra money during your repayment period like a tax refund, bonus, or side hustle income, throw it at this loan. Remember, OppLoans doesn’t charge prepayment penalties, so every extra dollar you pay goes directly toward reducing your principal and saving you interest. Even an extra $50 or $100 here and there can shave months off your loan and hundreds of dollars in interest.
Here’s something most people don’t think about: OppLoans reports your payment history to all three credit bureaus. That means every on time payment helps rebuild your credit score. I’ve had readers start with credit scores in the low 500s and improve to the mid 600s over the course of their OppLoans repayment just by being consistent with payments. That puts you in a much better position to refinance or get a better loan down the road.
If you’re struggling to make a payment, call OppLoans immediately. Don’t ignore it and hope it goes away. They have payment flexibility options and might be able to adjust your due date or work out a solution. The worst thing you can do is ghost them because that’s when things spiral. Communication is key.
Real Talk: The Pros and Cons Based on Actual User Experiences
I’ve collected feedback from hundreds of readers who’ve used OppLoans over the years. Let me give you the unfiltered version of what people actually experience, both good and bad.
On the positive side, people consistently appreciate how fast the process is. When you’re in an emergency situation, waiting weeks for a bank loan isn’t realistic. OppLoans delivers money in hours or days, which can be the difference between keeping your lights on or not. The application is genuinely simple, and you don’t need perfect credit or collateral. I’ve heard from people with credit scores under 500 who got approved when every bank had turned them down.
The zero fee structure is another big plus. A lot of subprime lenders nickel and dime you with origination fees, late fees, and prepayment penalties. OppLoans doesn’t do any of that. If you’re late, you won’t get hit with a $30 fee on top of everything else. If you pay off early, you save money instead of getting penalized. These are small things that make a meaningful difference when you’re already stretched thin financially.
People also mention the customer service positively. It’s not always perfect, but you can actually reach a real person who speaks English and tries to help. That sounds basic, but it’s better than many competitors in this space who outsource everything and make it impossible to get answers.
Now for the negatives, and this is where I need to be completely honest with you. The APR is brutal. There’s no way around it. Even at the low end of 160%, you’re paying back significantly more than you borrowed. Multiple readers have told me they felt shocked when they saw how much interest added up over the life of the loan. This is not cheap money, and you need to go into it with your eyes wide open about what it’s going to cost.
The loan limits are also restrictive. The maximum you can borrow is $5,000, and most first time borrowers get approved for much less. If you need $10,000 or $15,000, OppLoans can’t help you. You’re limited to what they offer, which might not be enough to solve your financial problem.
OppLoans is also not available in all states. If you live in Colorado, Connecticut, the District of Columbia, Georgia, Iowa, Maryland, Massachusetts, New York, South Dakota, Vermont, West Virginia, or Wisconsin, you can’t use OppLoans. That rules out a lot of people right off the bat.
Finally, some readers have reported that OppLoans can be aggressive with collections if you miss payments. While they don’t charge late fees, they will call and email you persistently. If you default on the loan, they can send it to collections or pursue legal action, which will further damage your credit. The stakes are real, so you need to be confident you can make the payments before you borrow.
Frequently Asked Questions About OppLoans
Does OppLoans run a credit check?
Yes, but they start with a soft credit pull that doesn’t affect your credit score. This lets you see what rate and terms you qualify for without any risk. If you accept the loan offer, they’ll then do a hard credit inquiry which will show up on your credit report and might lower your score by a few points temporarily.
What credit score do I need for OppLoans?
OppLoans doesn’t publish a minimum credit score requirement, and I’ve seen readers with scores ranging from the low 500s to mid 600s get approved. They focus more on your income and ability to repay than your credit history. If you have a regular source of income and can prove it, you have a shot at approval even with bad credit.
How long does it take to get money from OppLoans?
If you’re approved before noon Central Time on a business day, you can typically get funds the same day. If you’re approved after noon or on a weekend, expect the money to arrive the next business day. Most readers I’ve heard from report receiving funds within 24 hours of approval.
Can I pay off my OppLoans loan early?
Yes, and you should if you can. OppLoans doesn’t charge any prepayment penalties, so if you pay off your loan early, you’ll save money on interest. Every extra payment goes directly toward your principal balance. This is one of the better features OppLoans offers.
What happens if I miss a payment on my OppLoans loan?
OppLoans doesn’t charge late fees, which is good, but your credit will still be damaged if you’re more than 30 days late. They’ll also start calling and emailing you to collect the payment. If you continue to miss payments, they can send your account to collections or pursue legal action. If you’re having trouble making a payment, call them immediately to discuss options.
Is OppLoans legitimate and safe?
Yes, OppLoans is a legitimate company that’s been operating since 2012. They use 256 bit encryption to protect your personal information, and they’re licensed to lend in the states where they operate. They’re not a scam. However, legitimate doesn’t mean affordable. The APR is still very high, so make sure you can handle the payments before you borrow.
Does OppLoans report to credit bureaus?
Yes, OppLoans reports your payment history to Experian, Equifax, and TransUnion. This means on time payments will help improve your credit score over time, but late or missed payments will hurt it. Use this loan as an opportunity to build positive credit history if you can.
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My Final Verdict on OppLoans
After years of reviewing lending companies and helping thousands of readers navigate financial emergencies, here’s my honest take on OppLoans: it’s an expensive but sometimes necessary option for people who have exhausted better alternatives.
The APR is high. There’s no sugarcoating that. At 160% to 195%, you’re paying a premium for access to credit when traditional lenders won’t approve you. But if you’re facing a genuine emergency and the cost of not having money is higher than the cost of borrowing, OppLoans offers a more manageable solution than payday loans, title loans, or pawn shops.
What I like about OppLoans is that they give you time to repay the loan without trapping you in a rollover cycle. The zero fee structure means you’re not getting nickel and dimed on top of the already high interest. The fast funding can be a lifesaver when you’re in a time sensitive situation. And the credit reporting gives you a chance to rebuild if you make your payments on time.
What I don’t like is that the high APR means this should only be used as a last resort. If you have any other option, explore that first. Check with credit unions, ask family, try traditional personal loan companies, max out cash advance apps, anything that costs less. Only come to OppLoans when those doors are closed.
If you do use OppLoans, have a clear repayment plan before you borrow. Know exactly how much your payments will be, when they’re due, and where that money is coming from. Set up automatic payments. Pay extra whenever you can. And use this as a bridge to get back on solid financial ground, not as a permanent solution.
I’ve seen readers use OppLoans successfully to get through tough spots and come out the other side with better credit and more stable finances. I’ve also seen people struggle with the high payments and end up in worse shape. The difference is planning, discipline, and honestly assessing whether you can afford the loan before you take it.
If you’re still on the fence, my advice is to apply and see what you’re approved for. The initial credit check is soft and won’t hurt your score, so you’ll know what rate and terms you qualify for without committing to anything. Compare that against your other options, run the numbers, and make the decision that makes the most sense for your specific situation.
Check your rate with OppLoans or explore other bad credit loan options on My Millennial Guide.