Writer: Eric Bank
Editor: Lillian Guevara-Castro
Reviewer: Ashley Fricker
Key Takeaways
OppLoans can be an expensive way to borrow. My top alternative is a loan-matching service that lets you explore your other options before committing:
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24/7 Lending Group: Best for exploring personal loan offers across a wide range of loan amounts, even with bad credit.
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MoneyMutual: Best for quickly connecting with short-term lenders when you need a smaller loan.
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OppLoans offers access to installment loans from $500 to $5,000, but APRs ranging from 129% to 195% make it an especially expensive option.
Opportunity Financial LLC operates the OppLoans platform, which connects eligible borrowers in 39 states with installment loans originated by its bank partners. Although applying does not affect your FICO credit score, OppLoans loans carry much higher APRs than most traditional personal loans.
Here’s what you should know about the company, and some other alternatives like OppLoans worth considering.
OppLoans Funds Online Loans For Subprime Credit
OppLoans offers access to installment loans ranging from $500 to $5,000, with repayment terms generally spanning nine to 18 months. APRs vary by state and may range from 129% to 195%, making these loans significantly more expensive than most traditional personal loans. Loan availability and terms depend on the borrower’s state and qualifications.
In 39 states, OppLoans manages installment loans through partnerships with financial institutions such as Capital Community Bank, FinWise Bank, and First Electronic Bank.
OppLoans can share your application with other private lenders to see if they can offer you a better interest rate. According to OppLoans, only a small percentage of consumers (less than 2%) take advantage of this option, though we can’t independently verify this claim.
The OppLoans website is a valuable educational source regarding credit, debt, saving, and spending.
Best Online Personal Loans Like OppLoans
The following loan services connect borrowers with lenders that specialize in helping consumers with all types of credit, including poor credit. Network lenders charge up to 36% on personal loans, but some can also offer you a payday loan with a potential APR of 400% or more.
- Personal loans from $500 to $35,000
- All credit types are considered and welcome
- Simple, no credit impact form
- Helping consumers since 2001
- 4.7 out of 5 Trustpilot rating with 2,000+ reviews!
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $500 to $35,000 | 5.99% – 35.99% | 60 Days to 72 Months | See representative example |
24/7 Lending Group can arrange small to large installment loans, even if you have bad credit. It receives numerous positive reviews from customers who claim the network helped them find a quick installment loan.
Once you’re prequalified for an online loan, connecting with potential lenders takes just a few minutes. You’ll be able to easily compare rates and terms, ensuring you get the best loan offer that fits your needs.
2. MoneyMutual
- Short-term loans up to $5,000
- Online marketplace of lenders
- Funds available in as few as 24 hours
- Simple online form takes less than 5 minutes
- Trusted by more than 2 million customers
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| Up to $5,000 | Varies | Varies | See representative example |
OppLoans requires applicants to have a regular source of income. MoneyMutual accepts applicants who earn just $800 per month. The company’s online loan request form takes only a few minutes to complete and can net you a loan offer of up to $5,000, deposited within 24 hours of approval.
Network lenders rapidly assess your application to determine if they can make an offer. If they decide to proceed, you’ll be redirected to the lender’s website to complete your application, review the terms, and electronically sign the agreement if you’re happy with the conditions.
3. CashUSA.com
- Loans from $500 to $10,000
- Receive a loan decision in minutes
- Get funds directly to your bank account
- Use the loan for any purpose
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $500 to $10,000 | 5.99% – 35.99% | 3 to 72 Months | See representative example |
CashUSA.com helps consumers find personal loans from $500 to as much as $10,000. Loan proceeds can help pay all sorts of bills, from medical emergencies to fancy vacations.
The company’s website clearly explains the loan process for folks with bad credit scores. It lays out the simple eligibility criteria and guides you through completing a loan application. CashUSA.com asks borrowers to have a steady monthly income of at least $1,000 after taxes.
- Loans from $250 to $35,000
- Large lender network
- Fast loan decision
- Use the loan for any purpose
- Funding as soon as one business day, if approved
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $250 to $35,000 | 5.99% – 35.99% | 3 to 72 Months | See representative example |
PersonalLoans.com gives borrowers considering OppLoans another place to search for financing through a network of lenders. It may be worth exploring if you want more flexibility in your loan amount or repayment timeline.
The service connects you with potential lenders rather than funding the loan itself, so review any offer for a payment schedule that fits your budget and a total borrowing cost you’re comfortable with.
- Small personal loans starting at $100
- Receive an approval decision in as little as 2 minutes
- Funds can be deposited into your account in one business day and used for any purpose
- No hidden fees
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $100 to $20,000 | Varies | Varies | See representative example |
SmartAdvances.com can arrange a bad credit loan as low as $100 and as large as $20,000. It vows the process is safe, secure, fast, and reliable, with no hidden fees.Â
It takes just a few minutes to fill out the simple loan request form. SmartAdvances connects you with a direct lender ready to work with you, even if your credit isn’t perfect.
- Personal loans of up to $50,000
- All credit types welcome
- Receive funds in as little as 24 hours
- Fast approval decision
- Safe and secure application
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| Up to $50,000 | As low as 6.40% | Varies | See representative example |
Loan for Personal may appeal to borrowers whose expenses exceed the smaller loan amounts available through OppLoans. Its free matching service accepts requests for larger personal loans, including financing for medical bills, home repairs, and debt consolidation.
You can receive a decision in minutes, although the amount and terms depend on the lender and your qualifications. If you’re replacing existing debt, look for an offer that lowers your borrowing costs rather than simply increasing what you owe.
- Loans from $500 to $10,000
- Get connected with a lender
- Simple form & quick funding
- Get your money as soon as the next business day, if approved
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $500 to $10,000 | 5.99% – 35.99% | 3 to 60 Months | See representative example |
True to its name, BadCreditLoans.com finds loans for consumers with poor credit. Loan amounts range from $500 to $10,000, with a repayment term of three months to three years.
As with other subprime lender networks, BadCreditLoans.com doesn’t need you to post collateral to get a speedy cash loan. Network lenders require borrowers to have a checking account and steady income.
How Does OppLoans Work?
You apply to OppLoans online. To be eligible for a loan, you must:
- Be at least 18 years old
- Own a bank checking or savings account
- Reside in one of the states where OppLoans services
- Have a regular income source from employment or benefits including Social Security or Disability; Alimony, child support, or maintenance income can also be included
- Receive income through direct deposit
Notice that OppLoans does not have a minimum credit score requirement.
If you qualify, you must submit the following information to apply for a loan:
- Name
- Email address
- Phone number
- Purpose of loan (optional)
- Date of birth
- Social Security number
- Address
- Gross monthly income before taxes
- Your primary source of employment and method of payment
- Bank routing and account numbers
- Age of bank account
- Loan amount requested
- A secure password
OppLoans’ bank partners may review credit information from Experian and Clarity Services. The inquiry appears as a soft inquiry on the applicant’s Experian report and a hard inquiry on the Clarity report, but OppLoans says applying does not affect the applicant’s FICO credit score.
Payment due dates are initially based on the borrower’s pay frequency and the pay stubs submitted during the application process. Approved borrowers can contact OppLoans to discuss changing their repayment schedule.
You may receive your funds as soon as the same business day if verification is completed and final approval occurs before noon Central Time. Otherwise, funds may arrive as soon as the next business day, depending on how quickly your bank processes the transfer.
OppLoans reports payments to each major credit bureau on a monthly basis. Timely payments can help you build credit, but missing a payment will hurt your credit score.
The company settled a lawsuit in 2021 with the Washington D.C. attorney general, in which it paid out more than $1.5 million in refunds and fines.
OppLoans cautions consumers to borrow from it only as a last resort. Given its high interest rates, we entirely agree.
How Do Personal Loan Networks Work?
Personal loan networks connect you with lenders. When you fill out a loan request form, you can quickly see whether you prequalify for an offer.
We’ve explored alternative matching services that gather the same details as OppLoans, but they forward your loan request to direct lenders within their networks. These services don’t conduct hard credit checks or charge fees. Once they connect you with a lender, they step back from the loan process.
Matching services may connect you with one direct lender or show you offers from several lenders. From there, you’ll finish the application by submitting any additional information the lender asks for.
Here are a few areas in which direct loans and loan networks differ:
| Direct Lender | Lending Network |
|---|---|
| The lender provides the money directly to you | Matches you with multiple lenders who may offer a loan |
| The lender reviews your application and decides if you qualify | Shares your application with multiple lenders to see who might pre-approve you |
| You can only choose from what that lender offers | You may receive different loan offers from multiple lenders |
If approved, you can review the loan agreement specifying all the terms and conditions. You can then e-sign the agreement after carefully reading it. Expect the lender to deposit the loan proceeds in your bank account as soon as the next business day.
The lender will withdraw your monthly payments directly from your bank account. In almost all cases, you can prepay the loan without penalty.
Is OppLoans a Payday Loan?
OppLoans is not a traditional payday loan. It offers installment loans repaid through scheduled payments over nine to 18 months rather than one lump sum on your next payday. However, its APRs can still reach 195%, so borrowers should compare lower-cost alternatives first.
What Should I Compare When Choosing an OppLoans Alternative?
Compare each offer’s APR, fees, loan amount, repayment term, monthly payment, funding timeline, credit-check policy, and credit-bureau reporting practices. The lowest monthly payment isn’t necessarily the least expensive option because a longer term can substantially increase the total interest paid.
How Can I Increase My Approval Odds?
Your payment history plays the biggest role in your loan approval chances. Late payments, collections, and many other negative marks can generally remain on your credit reports for up to seven years, while certain bankruptcies may remain for up to 10 years. The smartest way to build credit is to pay every bill on time.
Your credit utilization ratio is another key factor, representing the amount of credit card debt you use compared to your total available credit. Here’s how you would calculate your CUR if you have three credit cards with a combined limit of $10,000:
| Card A | Card B | Card C | Overall | |
|---|---|---|---|---|
| Balance | $500 | $0 | $2,150 | $2,650 |
| Credit Limit | $2,000 | $3,000 | $5,000 | $10,000 |
| Utilization Ratio | 25% | 0% | 43% | 26.50% |
Paying down credit card balances may improve your credit profile and make it easier to qualify for favorable loan terms. Lenders may also consider your income, existing debts, employment history, and ability to repay the loan.
If your credit is making approval difficult, a lender that accepts cosigners or collateral may provide another path. Just remember that a cosigner becomes responsible for the debt if you don’t pay, while a secured loan puts the pledged property at risk. Not every lender offers these options, so check its requirements before applying.
Check the Competition Before Borrowing From OppLoans
OppLoans might not be your best choice for personal loans because of its high interest rates. We suggest you explore loans similar to OppLoans through the reviewed lending networks first, as their lenders often offer much lower APRs.
All these lenders can help you rebuild your credit by reporting your payments to each major credit bureau. It’s up to you to take advantage of this reporting by always paying your bills on time. Otherwise, your credit score may suffer further damage, making it even harder to borrow money.
