OppLoans Review
OppLoans
OppFi Inc.
APR Range 59% - 160%
Loan Amount
$500 - $4,000
Term Length 9 - 18 months
Loan Type installment
Pros
- ✓ Lower APRs than typical payday lenders
- ✓ Installment structure (predictable monthly payments)
- ✓ Reports to credit bureaus (helps build credit history)
- ✓ No prepayment penalty
Cons
- ✗ APRs still very high vs traditional personal loans
- ✗ Available in 38 states (check eligibility)
- ✗ Higher loan amounts come with longer commitments
When OppLoans makes sense
OppLoans positions itself as a step up from payday lending — installment loans repaid over 9-18 months instead of due in full on the next payday. The APR is still high by traditional-loan standards (59-160%) but typically lower than the 300-500% common to true payday products.
Best for
- Borrowers who would otherwise use a payday loan but want predictable monthly payments
- Building credit history (OppLoans reports to all three bureaus)
- Mid-term cash needs of $500-$4,000
Watch out for
Even at OppLoans’ lower end (59% APR), this is expensive money compared to a personal loan from Upstart or OneMain. If your credit score is 580+ and you have stable income, check those options first. A $2,000 OppLoans loan at the high end of their APR range can cost $2,500+ in interest over its term.
Requirements
- At least 18 years old
- US citizen or permanent resident
- Active checking account
- Verifiable income (recurring direct deposit preferred)