OppLoans Personal Loans Review: Collateral-Free Loans with Poor Credit

OppLoans Personal Loans Review: Collateral-Free Loans with Poor Credit article image.

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OppLoans is one of a handful of lenders that offers installment loans to people with poor credit. Unlike some of its competitors, it doesn't require a hard credit check to get a loan, and you'll never be asked to secure your loan with a vehicle.


on OppLoans's website

Poor - Fair

Est. APR





Available loan amounts: $2,000 to $4,000

Est. monthly payment: $395 to $789

Grace period: 10 days

Application fee: $0

Loan Details
  • Direct deposit required
  • Easy application
  • Get $2,000 to $4,0001
  • Upon approval, funds as soon as the next business day2
  • Customers rate us 4.9/5 on Google3
  • Quick decision4
  • 6 to 24 months repayment terms
  • No prepayment fees
Doesn't require good creditHigh interest rates
No credit check or collateral requiredMay require frequent payments
Fast fundingNot available in all states
OppLoans Customer Service


130 E. Randolph St., Suite 3400

Chicago, IL 60601


Experian Review

OppLoans offers a less expensive alternative to borrowers who may otherwise find themselves taking out payday loans. While they may be less expensive, however, the loans' high rates and the potential that you'd have to make unusually frequent payments may make them difficult to repay.

An Alternative to Payday Loans

If you need to borrow money and aren't able to get approved for a low-rate loan, get relief from creditors or find another way to make ends meet, you may find yourself considering a payday loan. But payday loans' high fees and short repayment periods can lead to the equivalent of a nearly 400% annual percentage rate (APR) or higher. They can also land borrowers into a debt trap if they're unable to repay the original loan and repeatedly have to borrow money to pay off the loan.

As an alternative to payday loans, OppLoans offers high-rate installment loans with longer repayment terms to borrowers who don't have good credit. This type of loan may be one of the few sources of credit you can qualify for, particularly if you need to borrow a few thousand dollars and don't want to use a vehicle as collateral. And, the long repayment period can lead to more manageable payment amounts.

In many states, OppLoans may offer loans with a fixed 160% APR—which is still an exceptionally high rate. The rate could even be even higher, such as 199% APR in South Carolina, or as low as 99% APR in some states. Georgia is an outlier with the lowest rate of 59% APR, although that's still more than three times the average purchase APR for credit cards.

Loan repayment terms stretch from nine to 24 months, and your payment will be due weekly, bi-weekly or monthly depending on how often you get your paycheck. If you work multiple jobs, your payment schedule will be based on the schedule from your highest-paying job.

Considering the high APR and potentially frequent repayment schedule, you'll want to shop around before taking out one of these loans. But in an emergency, it could be one of your better options.

No Hard Credit Check Required

When you apply for an OppLoans personal loan, you don't need to agree to a hard credit check—the type that may hurt your credit scores—because OppLoans won't review your Experian, TransUnion or Equifax credit reports.

However, OppLoans will review a report and credit score from Clarity Services, a specialty consumer reporting company that's owned by Experian. Clarity Services focuses on nontraditional data, including loans and financial services for lower-income and subprime lenders.

OppLoans will also consider your employment status, income, bank records and financial history when deciding whether to offer you a loan.

Except in Texas, OppLoans reports your loan to the three major credit bureaus, which can help you build credit if you make your payments on time. Missing a payment could hurt your credit and, in some states, lead to a late payment fee.

Who Is Eligible for an OppLoans Personal Loan?

To meet the minimum requirements for an OppLoans personal loan, you'll need to:

  • Live in one of the 37 states where OppLoans or its partners operate
  • Be 18 years old or older (19 or older in Alabama and Nebraska)
  • Not be covered by the Military Lending Act
  • Have worked at the same employer for at least the past three months; you may also qualify if you have a regular source of income that's not from employment
  • Have had a traditional bank account open for at least 90 days
  • Get paid via direct deposit (unless you live in New Mexico)

Even if you meet those requirements, your application could still be denied or you may not receive as large of a loan as you want.

How to Apply for an OppLoans Personal Loan

You can apply for an OppLoans personal loan online with a quick and easy application.

You'll then need to connect and verify your bank account, which you can do online or by uploading bank statements that cover at least the past 90 days. Some applicants must also share a copy of a government-issued ID to confirm their identity.

Your banking records may be enough to verify your income. If not, you could have to send a copy of a government benefits award letter, such as a letter verifying your Social Security benefits. Illinois and Nevada residents will need to share copies of their pay stubs regardless of what's in their banking records.

Fast Funding Can Get You Money When You Need It

If you are approved for a loan, you'll receive an email and could get the funds electronically deposited into your account as soon as the next business day.

In order to get the money by the next business day, your application needs to be approved before 9 p.m. central time (8 p.m. for Ohio applicants) the day before. If it's approved after that time, you can expect to get the money in two business days.

Also, keep in mind that the money might not be in your account early in the day—it may arrive as late as 11 p.m. central time.

Additional Info*

Loan amount: $500 - $5,000Origination fee: None
Estimated APR: 59% - 199% (fixed)Late fee: Varies by state
Loan terms: 9 - 24 monthsPrepayment fee: May vary by state
Funds received: 1 - 2 business days after approval

Personal Loan Calculator

The information provided is for educational purposes only and should not be construed as financial advice. Experian cannot guarantee the accuracy of the results provided. Your lender may charge other fees which have not been factored in this calculation. These results, based on the information provided by you, represent an estimate and you should consult your own financial advisor regarding your particular needs.

When to Consider OppLoans

If you have poor credit and can't qualify for a loan elsewhere, OppLoans may give you the ability to take out a loan without putting up collateral. However, taking out a high-rate loan with frequent payments should be a last resort for most people.

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