OppLoans Review 2024 – No Credit Check Required
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OppLoans offers a solid product that provides an opportunity to a group of people who might otherwise not be able to access loans. But it comes at a price!
6/10
Cost
6/10
Features
8/10
Ease of use
9/10
Services
7/10
When you run out of money before the end of the month, or your credit card is maxed out but your car needs a $400 repair, an installment loan may be just the thing you need to get you through.
OppLoans offers loans for various situations, with its most notable feature being that no credit check is needed. This means that if you have bad credit, you have a good chance of being approved for a loan. By making on-time payments and paying them off on schedule, you may see an improvement in your credit score because OppLoans typically reports payment history to the credit bureaus.
But is a bad credit loan right for you? Read our review of OppLoans to learn more to make a well-informed decision.
Jump To
What are OppLoans?
OppLoans offers loans ranging from $500 to $4,000 via a quick and easy application process with no credit score requirement or checks required. They are a financial technology (fintech) company that works with lending partners to fund small loans. This not only gives people access to money without the hurdles from traditional lenders but also allows borrowers to build their credit through the successful repayment of their loans.
To date, OppLoans has helped more than 900,000 people by offering short to medium-term loans and various educational resources via OppU, the educational side of their business, which provides free courses in budgeting, saving, and credit. They have a vast number of articles on personal finance topics. They even give a quarterly $2,000 OppU Achievers Scholarship to high school seniors or anyone currently enrolled in a two or four-year college or university.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
How does OppLoans work?
OppLoans appears to be easy to apply for, with customer reviews saying the online application takes between 30 and 60 minutes to complete.
Criteria to apply for an OppLoan
- You need internet access because the only way to apply for a loan is on their website. You can’t apply by mail or phone.
- You need to receive your paychecks via direct deposit.
- Your bank account needs to have been open for at least 40 days.
- You need to be employed with a monthly gross income of at least $1,500.
- You need to reside in a state where OppLoans or its lending partners operate.
- You must be 18 (or 19 in Alabama and Nebraska).
Things to prepare before applying for an OppLoan
Before you sit down to start your application, and to make it go faster, be sure to have the following information and documents ready:
Personal information
- Name
- Address
- Phone number
- Date of birth
- Social Security number
Income details
- Type of income
- Method of payment
- Frequency of payment
- Monthly income
Bank account information
- Account type
- Account number and routing number
- Age of account
Once you have all of the information at hand, it’s time to begin your loan application. Always double-check your information. A typo or transposed number could cause your application to be delayed or even denied.
Additionally, read the fine print to ensure you understand the terms. It’s all too easy (and common) to skim through the nitty-gritty details but don't. It’s essential to understand the terms to which you’re agreeing.
Before, during, or after you complete the application, you can call customer support if you have any questions.
Location | Phone number | Hours of operation |
Chicago | (800) 990-9130 | Monday to Friday: 7 am to 11:30 pm CST; Saturday and Sunday: 9 am to 5 pm CST |
Nevada | (618) 433-3475 | Monday to Friday: 7 am to 11:30 pm CST; Saturday and Sunday: 9 am to 5 pm CST |
Upon completion of your application, you’ll receive a confirmation email. Once approved, you’ll receive the loan amount, payment details, and information on when it will be funded.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
How much does OppLoans cost?
OppLoans says its interest rates vary, but the maximum APR is 180%. The interest rates vary depending on the borrower and OppLoans lending partner. When I played around with the drop-down rates and terms menu, every state I chose had an APR of 160%.
Here’s a look at the loan payments and terms for various loan amounts issued to a resident of Tennessee.
Amount of Loan | APR | Duration | Monthly payment |
$2,000 | 160% | 9 months | $394.58 |
$3,000 | 160% | 12 months | $514.60 |
$4,000 | 160% | 18 months | $595.14 |
OppLoans features
No credit check
This makes OppLoans stand out from other lenders offering installment loans. There’s a little risk but plenty of rewards if you have poor credit or no credit at all.
Apply online quickly
Based on what you need to apply for, it shouldn’t take more than 60 minutes to apply for a loan. Make sure you have all the required documents ready before you begin, and you can breeze through the application process.
Loans are generally funded within three business days.
While some loans are funded as quickly as the next business day, almost all are funded on the same day.
No prepayment penalty
Got the cash in hand to pay off your loan early? No problem! You’ll save on interest, and there’s no fee! Do note that if you pay extra on your loan (but don’t pay it off), you still need to make your next monthly payment. The extra payment amount will reduce your balance, but the due date for your next payment does not change.
No late fees
For those times when you are running a bit behind and accidentally miss a payment, there’s no need to worry. You’re advised to call customer support to let them know if this happens or if you think you will be late on a payment.
Financial literacy resources
I’m very impressed by the free content available to help people win with their money. From learning how to budget and save money to understanding credit and paying down debt, a wealth of information is available.
Who are OppLoans best for?
Two groups of people for whom an OppLoans loan could be a good option. Because the eligibility requirements do not include a minimum credit score, people with bad or no credit have access to an installment loan that they can’t get from other lenders.
- People with bad credit. Most lenders run a credit check before approving you for a loan, so if your credit is not optimal, a credit check not only disqualifies you from the loan but may also damage your credit score. With OppLoans, you don’t have to worry about either of these happening. You can get a loan if you live in a state where they offer loans and meet the requirements.
- People with no credit. Without any credit history, taking out personal loans is a challenge. Most lenders have a minimum credit score requirement. No credit is nothing to be ashamed of; everyone was there once. Maybe you just graduated and are alone for the first time. Perhaps you embraced a debt-free life and have never used credit cards. Maybe you’re new to America, and credit scores are just as foreign as pop culture.
By taking out a short-term loan, you can easily build up your credit history. Since OppLoans reports most accounts to the three credit reporting bureaus, your payment history should begin to appear on your credit reports. Be sure you can pay off the loan according to the repayment terms since missed payments can hurt your credit.
Who shouldn’t use OppLoans?
Unless you fall into the two categories mentioned above—with bad credit or no credit and no access to cash for an emergency—you should not use OppLoans. With high APR rates reaching triple-digit percentages, you are better off putting your purchase on a credit card if you have one.
Here are a few other ideas for coming up with cash when faced with an emergency or surprise expense.
- People who have a credit card. Let’s say you need new tires on your car, which will cost $500, and you only have $200 saved up for this expense. Pay $200 in cash or from your debit card, then charge the remaining $300 to your credit card. Even if it takes another month or two to pay it off, the interest rate on your credit card is in the 18% to 25% range. That’s a far smaller number than what you’d pay with an online loan. Plus, if you pay it off in a couple of months, the interest you’ll pay isn’t much.
- People who can get a loan from a family member. I’ll preface this by saying that it can be risky to mix finances with relationships. However, consider it if your sister offers to lend you $1,000 to pay your child’s hospital bill, with no interest requested. Even if she does ask for a modest amount of interest, it’s still likely to be less than a lender’s terms.
- People who need cash soon, but not for an emergency. When you know you’ll need cash, but it’s not quite an emergency, look for alternative ways to get money. Let’s say you need new glasses, which will cost $100. Try selling some clothes at a consignment shop or on Facebook. Sell unneeded hobby supplies (golf clubs, yarn, art supplies) on eBay. Offer your services cutting grass, babysitting, or doing household chores around your community to earn some cash.
Pros and cons
As with anything, there are pros and cons. Here’s how OppLoan stacks up so you can determine if applying for a loan is right for you.
Pros
- There’s no credit check. This means there’s one less criterion to meet, and even if you aren’t approved, your application won't’ count against you.
- Successful repayment may boost your credit score. OppLoans reports most accounts to the three major credit bureaus. Successful and on-time payments of an installment loan will likely boost your FICO credit score.
- Loans are funded quickly. Most OppLoans loans are funded within one to three business days.
Cons
- Not available in all states. There are 16 states, plus Washington D.C., where OppLoans is unavailable. You can check availability on the rates and terms page of their website.
- These loans come with high-interest rates. Most payday loans and online lenders charge high-interest rates, which is no exception.
- You can only apply online. I’d expect this to be a minor disadvantage for anyone reading this since you are online and can easily access the online application. I feel there’s a significant portion of the unbanked community who aren’t online and thus unable to access these loan offers.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
OppLoans vs. competitors
Here’s a look at how OppLoans compares to two competitors. Upstart is geared towards those with thin credit histories, while Universal Credit is better for those with bad credit.
Provider | APR | Amount | Loan terms | Origination fee | Minimum credit score |
OppLoans | Up to 180% | $500 to $4,000 | Up to 18 months | $0 | None |
Upstart | 7.8% to 35.99% | $1,000 to $50,000 | 3 to 5 years | 0% to 10% | None |
Universal Credit | 11.69% to 35.99% | $1,000 to $50,000 | 3 or 5 years | 5.25% to 8.99% | 560 |
Upstart
This is a good option for people with a credit history that’s on the shorter side or with little history of borrowing. To apply for an Upstart loan, there is no minimum credit score required. They offer fast funding, with most approved loans issued in a day or less.
Loan amounts range from $1,000 to $50,000, and the APR is between 7.8% and 35.99%. The loan length is three to five years, which will help build up your credit score. Regular on-time payment of an installment loan for several years, plus the diversity of this type of loan, should positively impact your long-term credit.
Unlike OppLoans, Upstart charges an origination fee that could be as high as 10% of the loan. They also charge late fees greater than 5% of the past-due amount or $15. There’s no prepayment fee, so if you’re ready to pay it off early, there’s no reason why you shouldn’t.
Universal Credit
Universal Credit is another lender worth considering for bad credit and poor credit loans. Their interest rates are considerably lower, with an APR range of 11.69% to 35.99%. Also, the term lengths are much longer, but it only gives you the choice of two-term lengths. Funding is quick, and there’s no prepayment fee. Even though the APR on your loan is lower, you will have an origination fee, and if your payment is late, you’ll have a fee of $10.
To be eligible for a loan with Universal credit, you must have a minimum credit score of 560 and two financial accounts listed on your credit history. Your credit will be checked before the lender decides whether or not to issue the loan.
With Universal Credit, you can change the payment date, if desired, to ensure your payments are on time. You can get a 0.5% APR reduction if your payments are on autopay, and other discounts may be available if the funds you receive go directly to your creditors. This could be a great way to pay off a high-interest payday loan.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
FAQs
Does OppLoans provide loans in all 50 states?
No, unfortunately, there are a number of states in which OppLoans does not service loans. It currently offers personal loans in Alabama, Alaska, Arizona, Arkansas, California, Delaware, Florida, Idaho, Indiana, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington and Wyoming. In addition, installment loans are offered in Georgia, Nevada and Wisconsin.
Will my credit score increase if I get a loan from OppLoans?
There is no guarantee that your credit score will increase if you use an installment loan with OppLoans. However, successfully paying one off may increase your credit score. They say that they report most accounts to all three credit bureaus. Being on time with all of your other financial obligations is also important. Defaulting on this loan, or any other payment, could mean a drop in your credit score.
Will OppLoans check my credit score?
No, OppLoans will not run a credit check before issuing a loan. They do have a due diligence process which includes looking at your data from Clarity Services (a partner of Experian). Other information that’s used to determine if they will issue a loan includes your employment status, income, and bank account information.
The bottom line
OppLoans offers a solid product that provides an opportunity to a group of people who might otherwise not be able to access loans. Their customer service and financial education courses and articles are top-notch. And I love that they offer a quarterly scholarship. If you or someone you know is enrolled in higher education, check it out!
That said, if you can take out a loan elsewhere for a lower amount, you should. There’s no reason to pay a significantly higher interest rate just because it’s easy to apply for and there’s no credit check.
For people who fit the target market, those with no credit or poor credit, OppLoans is worth considering if you’ve exhausted all other options for getting the cash you need.
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Writer
Charlotte Edwards is an educator-turned-freelance writer based in Beijing, China. She writes personal finance and parenting content for both digital and print publications around the world.
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