Opp Loans Reviews

Opp Loans Reviews: In-depth Evaluation of OppLoans OppLoans, a product offered by the financial institution Opportunity Financial, or OppFi, presents itself as a short-term installment lending solution. Notably, OppLoans abstains from subjecting its borrowers to rigorous credit assessments. While the company positions these loans as cost-effective substitutes to payday advances, it imposes a formidable 160% Annual Percentage Rate (APR) on all loan transactions.

NerdWallet strongly advises against opting for loans carrying APRs exceeding 36%, unless one has exhausted all conceivable avenues of borrowing.

Loan Quantum

Comparatively, OppLoans extends relatively diminutive lending sums when contrasted with the substantial funding thresholds available from other financiers within this domain. The minimum sum eligible for application stands at $500, while the ceiling rests at $4,000. Given the exalted APR spectrum affiliated with OppLoans, prospective borrowers would be prudent to exercise caution when considering a substantial principal, as this would subsequently augment their monthly installment obligations.

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Tenure Aspect

Repayment durations for OppLoans encompass a span of nine months to 18 months. In contrast, alternative lenders often offer more extensive term tenures, some even exceeding a five-year horizon. It is imperative to recognize that the shorter the repayment window, the higher the ensuing monthly financial burdens. This is a pivotal factor deserving meticulous contemplation when evaluating this particular lending institution.

Qualification Criteria for an Opp Loans Reviews

OppFi employs a soft credit inquiry, not a hard one, as part of its lending process. While a hard credit check can temporarily reduce an applicant’s credit score, it offers the lender a comprehensive view of their credit history with previous creditors. Lenders conducting soft inquiries may not have as rigorous an underwriting procedure, potentially impacting their ability to accurately predict loan repayment.

In addition to the credit check, OppFi reviews applicants’ bank account transaction data to ascertain their income adequacy for loan repayment. To meet the requirements for an OppLoans loan, here’s what you need:

  1. Minimum Credit Score: No specific credit score requirement disclosed.
  2. Minimum Monthly Gross Income: Typically $1,500 in most states.
  3. A Valid Bank Account: Necessary for loan disbursement.
  4. Steady Source of Income: Applicants should receive their paychecks through direct deposit.
Opp Loans Reviews

Pros and Cons of OppLoans


  1. Speedy Funding: OppFi boasts quick loan approval decisions, offering same-day funding for applications submitted by 12 p.m. Central time and next-day funding for all other applications.
  2. Credit Bureau Reporting: OppFi reports payments to all three major credit bureaus, which can positively impact your credit score with on-time payments. Few lenders report to all three bureaus.
  3. Flexible Repayment Schedule: Loan repayment dates align with the borrower’s pay schedule. Borrowers can request more frequent payment schedules, though this may require updated pay stubs. Payment frequency changes are subject to the lender’s discretion.
  4. Customizable Due Dates: Borrowers have the option to select from a range of payment due dates and frequencies, with the ability to modify these by contacting customer service representatives.

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  1. High Interest Rates: OppLoans carries an annual percentage rate (APR) of 160% for all installment loans. Consumer advocates recommend APRs below 36%, making this rate considerably high. Such rates are common among no-credit-check lenders due to the increased risk they undertake.
  2. High Interest Costs: In some cases, interest expenses can exceed 50% of the borrowed principal. For instance, borrowing $2,000 at 160% APR with a nine-month repayment term would result in $1,551 in interest payments.
  3. No Pre-Qualification: OppFi does not offer pre-qualification, preventing borrowers from assessing potential loan amounts, rates, and terms without submitting a formal application.
  4. No Joint or Co-Signed Loans: The lender does not permit co-applicants to improve chances of securing a lower rate or a larger loan amount, a feature more common among lenders with rates below 36%.

Example of an OppLoans Personal Loan

Let’s illustrate an OppLoans installment loan scenario: A $1,500 loan with a repayment period of nine months and a hefty 160% Annual Percentage Rate (APR) would translate to the following financial details:

  • Monthly Payments: Approximately $296.
  • Total Interest Paid: A substantial $1,163.
  • Total Amount Due: A sum of $2,663.

Should You Consider an OppLoans Personal Loan?

Opting for an OppLoans personal loan should be a last resort, especially in emergency situations. It’s crucial to be aware that these high-interest loans can lead to falling behind on payments or inadvertently overspending. Nevertheless, it’s worth noting that because OppFi reports payment activity to all three major credit bureaus, making on-time payments can positively impact your credit score, while missing payments can have adverse effects.

However, consider the following circumstances where OppLoans may not be the best choice:

  1. Building Credit: If your goal is to establish or improve your credit, there are faster and more cost-effective methods available. Options such as secured credit cards or credit-builder loans are viable alternatives. You can access your credit score for free on NerdWallet if you’re unsure of your current credit standing.
  2. Alternative Sources of Funds: If you have access to other means of obtaining cash, it’s advisable to explore these options. Cheaper alternatives may not always be as swift or convenient, and they might require seeking assistance. Nevertheless, these alternatives could save you from incurring excessive interest charges and becoming ensnared in a cycle of debt.
Opp Loans Reviews

Alternatives to OppLoans

Consider these alternatives that may offer more cost-effective solutions:

  • Basic Needs: Seek support from local nonprofits, charitable organizations, or religious groups to address essential needs like food, clothing, and transportation for job interviews.
  • Rent or Utilities Assistance: If you require assistance with rent or utility payments, reach out to your utility provider, landlord, or mortgage issuer to explore deferred payment options. For long-term assistance, consider exploring alternative housing options or consulting a housing counselor.

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  • Medical Bills: Investigate various methods to cover medical expenses, including setting up payment plans.
  • Emergency Expenses: Explore the following options for covering one-time emergency expenses:
    • Request a loan from a friend or family member or participate in a lending circle, avoiding interest charges.
    • Consider obtaining a payday alternative loan or a small personal loan from a credit union, provided you are a member. This often proves to be one of the more affordable ways to address financial emergencies.
    • Explore additional income-generating avenues, which may require some extra time but can provide a financial cushion.
    • Utilize “buy now, pay later” payment plans to split the cost of a significant purchase.
    • Inquire with your employer about the possibility of a paycheck advance or explore loan apps that allow you to borrow against your forthcoming paycheck.

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