Posted by: Adam McCann

OppLoans Review Summary: OppLoans offers unsecured installment loans targeted toward people who have bad credit. OppLoans does not do a hard credit inquiry as part of their application review process, making it easy to get approved. Funding is fast, too, taking just 1 - 2 business days. Still, OppLoans is far too expensive to consider. Their minimum APR is 99%, and their maximum is 199%. OppLoans is not technically a “payday lender” because their loans can last up to 36 months, rather than having to be paid from your next paycheck, and their rates are lower than those of many payday lenders. But compared to the average personal loan provider, OppLoans has incredibly high costs.

OppLoans only operates in 15 states, which may be because their rates are too high to comply with other states’ lending laws. And depending on the state, you may have to pay an origination fee on top of the already gigantic interest rates. Even if you have bad credit, you should search for less expensive options before applying with OppLoans. Below, you’ll find more on how costly OppLoans is, along with some better alternatives.

OppLoans Installment Loan Terms

Range of APRs	99% - 199%
Lengths of loans	Up to 36 months
Loan amounts	$1,000 - $4,000
Approval time	24 hours
Time to get funds delivered	1 - 2 business days
Fees	Origination fee: varies by state $0 fee for paying the loan off early Late fee: varies by state
Credit score required	None
Minimum income requirement	Not disclosed
Other requirements (all must apply)	18+ years old Bank account with 90+ days of transaction history U.S. citizen or permanent resident SSN

OppLoans Rates & Fees

OppLoans interest rates are very expensive, ranging from 99% to 199%. The exact rate depends primarily on the state where the borrower lives. A typical personal loan from another lender can have an interest rate of 6% to 36%. The reason the rates are so high on OppLoans installment loans is that OppLoans specializes in lending to people with bad credit and positions itself as an alternative to payday lenders, which can charge 400% or more.

OppLoans does not charge an origination/administration fee in most states, but it does in some. For example, the fee in California is $75. OppLoans may also charge a late fee, depending on the state. For example, it’s $15 in California and 10% of the payment amount in Mississippi. There is no fee for paying a loan off earlier than required.

OppLoans Requirements & Application Info

OppLoans does not do a credit check when you apply, which means there’s no minimum credit score requirement. So even people with bad credit can get approved. OppLoans doesn’t say they have any specific income requirement, either. What you must have to qualify for a loan is a bank account with at least 90 days of transaction history. And you’ll need to be at least 18 years old and live in one of the 15 states OppLoans services. Those states are: AL, CA, DE, GA, ID, IL, MS, MO, NV, NM, OH, SC, TX, UT and WI. Lastly, you’re required to have a Social Security number. U.S. citizens and permanent residents can apply.

OppLoans doesn’t offer a way to pre-qualify for a loan. But since they won’t do a hard pull of your credit when you apply for a loan, applying will not have any impact on your credit score. You can only fill out an application for an OppLoans personal loan online, and you cannot submit a joint application.

States Where You Can Get a Mariner Finance Loan

You can see if you’re pre-qualified for a Mariner Finance personal loan by clicking the “Check My Offers” button on their website and inputting some personal information along with details about how much money you need. Mariner Finance also sends out pre-qualified offers by mail. If you have an offer code, you can enter it on the same page. Pre-qualification won’t impact your credit score at all. Only submitting an actual loan application can lower your score. Mariner Finance lets applicants apply online or at one of their 450 branches, and they do allow co-applicants.

OppLoans Personal Loan Reviews & Transparency

• Better Business Bureau: OppLoans gets an A+ rating, and became accredited with the BBB in 2016.
• Consumer Financial Protection Bureau: Opportunity Financial, LLC, the parent company for OppLoans, has a small number of complaints filed against them with the CFPB: 28 – the most recent of which is from March 2019. Some complaints include customers being upset by the way payments are applied to the balance and automatic payments not working.
• WalletHub: WalletHub gives OppLoans personal loans a score of 1/5.

Despite OppLoans having good marks from the BBB and CFPB, the company is simply too expensive to recommend to borrowers. At least OppLoans doesn’t hide their high costs. . And while they don’t say anything about minimum credit or income requirements, the fact that they don’t have a credit check means they offer easy approval.

OppLoans vs. Popular Competitors

Lender	OppLoans	Avant	FreedomPlus
APR	99% - 199%	9.95% - 35.99%	5.99% - 29.99%
Loan amounts	$1,000 - $4,000	$2,000 - $35,000	$7,500 - $40,000
Loan lengths	Up to 36 months	24 - 60 months	24 - 60 months
Credit score required	None	600	620

Methodology

To determine a score for OppLoans installment loans, our editors went down a list of 23 important loan factors. We divided those metrics into larger categories including such things as the requirements to get a loan, APRs, customer satisfaction and fees. Read on for a full description.

• Requirements: WalletHub considered the minimum qualifications to apply for an OppLoans installment loan. That included factors like income, credit, citizenship, age and personal identification.
• APR: Our editors found out all the possible interest rates with OppLoans, and if those rates vary with the market or not.
• Fees: WalletHub checked into what fees borrowers will have to pay with OppLoans, such as origination fees, late fees or prepayment penalties.
• Loan amounts: We found out how much OppLoans is willing to lend, along with how long borrowers have to repay their loans.
• Application process: We learned how to apply for an OppLoans installment loan and whether it’s possible to pre-qualify. We also looked into whether it’s possible to apply jointly with someone else, and the amount of time it takes to get approved and receive your money.
• Customer satisfaction: WalletHub used three major sources, the BBB, the CFPB, and the WalletHub site, to measure customer satisfaction with OppLoans.
• Transparency: Our editors rated how transparently OppLoans discloses their APRs, fees and more. We also checked how clear they are about the minimum qualifications to apply.

from Wallet HubWallet Hub


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