OppLoans Review 2024

opploans review

Financial technologies have become extremely popular worldwide in recent years. They open up new opportunities for consumers to remotely access financial services such as money transfers and payments, budgeting and financial planning, savings and investments, borrowing, and insurance.


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An excellent example of an independent modern FinTech company is Opploans. It offers financial advice and services to clients who want to improve their financial situation.

Opploans review indicates that the online application offered by the company is very simple and easy With its help, you can get loans in the shortest possible time and under the most favorable conditions.

If you want a full review of Opploans, read this article to the end. Our Opploans app review will be useful to everyone interested in the services of FinTech companies and who wants to get a loan online. Try to allocate enough time to study useful information.

Pros and Cons of Opploans

The analysis shows that the benefits of Opploans cannot be overestimated. The main one is that a person’s social status does not matter. Almost everyone can get a quick loan online without refusal. Even people with bad credit or those rejected by banks can get money from Opploans.

Other advantages include the following:

  • Quick loan processing. It takes no more than 5-10 minutes to fill out the questionnaire;
  • Automatic verification of the questionnaire. The main thing is to enter the data correctly so that the program finds the client in the database. Income and workplace are usually not assessed;
  • Various options for receiving money: to a card, electronic or bank account, etc.;
  • Instant money transfer. The required amount is sent to the client immediately after approval and confirmation of the intention to take a loan;
  • Convenience. Using the services of the company is very convenient. Everyone can benefit without any difficulties.

Cons of Opploans:

  • Limitation in the available amount. The maximum amount that can be borrowed is usually $4,000;
  • High-interest rate. The annual rate varies from 59% to 160%;
  • Short repayment period. It is required to repay the debt within 9 to 18 months. Otherwise, sanctions apply.

Review the summary table below.

Opploans Pros

  • Giving loans to people with bad credit scores
  • Quick loan processing
  • Automatic verification of the questionnaire
  • Various options for receiving money
  • Instant money transfer
  • Convenience

Opploans Cons

  • Limitation in the available amount
  • High-interest rate
  • Short repayment period

Therefore, online loans from Opploans have their pros and cons. When applied correctly, they will help you reap the benefits, but it is important to calculate your finances and avoid delays accurately.

How Opploans Works

The main and only goal of Opploans is to provide financial assistance to clients here and now, that is, when funds are urgently needed. This service provider provides a direct deposit to a debit card without collateral, certificates, and guarantors. In order to promptly help people, applications are accepted around the clock and seven days a week.

Therefore, customers no longer need to make personal visits to the bank, create new bank accounts, and wait for a response. The company launched a unique product on the market – a loan to an existing bank account in 5 minutes through a mobile application. The minimum deposit is $500.

Here are 3 easy steps to help you get direct deposits from Opploans to your linked bank account:

  • Download the application and indicate the mobile phone number;
  • Take a selfie and a photo of your passport, individual taxpayer number, or ID card;
  • Select the required deposit, accept the terms of the contract, and receive money to your checking account in a fast way.

Repaying loans is just as easy as getting them. You just need to follow the mobile application’s instructions and consider the interest charges on the bank account. According to customer reviews, Opploans has costly overdraft fees. Thus, the annual rate can vary from 59% to 160%.

Opploans Features

Opploans provides its clients with both targeted and non-targeted loans. The conducted analysis illustrates that non-targeted consumer loan is more popular. It is issued to an individual for personal purposes.

At the same time, the borrower is not obliged to inform the lender how they plan to spend the received money. However, the rate of such loans is higher than the target ones, even if the amount and duration are equal.

Targeted loans are issued to purchase certain products and services, and the borrower does not have the right to spend this money on something else. In most cases, this is impossible since the company transfers money not to the borrower but directly to the seller’s account.

Targeted loans include but are not limited to mortgages, car loans, student loans, small business loans, POS loans, etc.

As we can see, there are several main areas in which the loans provided by Opploans are used: budgeting, investing, and spending. Consider the characteristics of each area below:

  • Budgeting loans are usually used in case of any unforeseen expenses and low income. Thanks to such loans, you can buy household appliances, furniture, shoes, clothes, and make any other necessary purchases;
  • Investing loans – lending of a set of measures and investments in the creation/rent/acquisition of a property complex or real estate object to make a future profit. Such a loan can be provided for the implementation of the following financial solutions:
  • optimization of business processes, including management ones;
  • introduction of modern production technologies;
  • launch of new business lines;
  • capital repairs, reconstruction, construction, and purchase of commercial real estate;
  • purchase of transport and any other necessary equipment;
  • expansion and training of the staff of employees;
  • refinancing of other loans, etc.;
  • A spending loan is the type of loan that is most popular among the app’s customers. The terms and conditions are simple and clear, the package of documents is minimal, and there is no collateral. Clients receive funds and can use them at their discretion. The main thing is the timely repayment of the debt in accordance with the agreed loan terms.

Opploans allows customers to choose between three different financial products: installment loans, no credit check loans, and bad credit loans. Everyone can choose the product that suits them the most.

As for the loan amount, it varies from $500 to $4,000. The annual interest rate is determined by the agreement and ranges from 59% to 160%. Compared to other lenders, Opploans’ interest rates are very high. Loan terms are acceptable and range from 9 to 24 months.

An advance feature of the Opploans application is no prepayment commission or penalty. Loan payments can be made at any time.

However, the company recommends repaying the loan as quickly as possible to avoid interest a result. If the payment is overdue by 16 days, interest is charged at a rate of 10% of the loan amount. You can track more detailed information about interest rates on the company’s website.

Opploans Fees & Rates

As noted above, Opploans have interest rates of up to 160%, and loan amounts range from $500 to $4,000. If your monthly expenses are high and you want to borrow money from this lender, get ready to pay hefty rates.

Thus, for example, if you have a credit score of 550 and earn $45,000 or less per year, then you can borrow $1,400. The annual percentage will be 140%. If the money-back term is set to 9 months, the monthly fee will be $259. Overdraft fees will reach $943, so you will need to pay $2,335.

The company’s advantage is that it does not have hidden additional fees and does not charge a membership fee. The cost of the service is transparent and, seeing the fees and rates, the client can decide whether to use it or not.

Opploans Safety and Security

Security is always a concern for mobile app users. This is especially important when it comes to an application that allows you to borrow money online. Everything should be transparent, reliable, and safe.

A review of the Opploans app testifies to its high security. The company does not conduct any fraudulent transactions. It provides efficient services and operates legally. In this regard, the Opploans application is rightfully accredited as the one that deserves the highest rating in the field of non-prime consumer lending.

It has received an A+ rating from the Better Business Bureau (BBB). LendingTree and Google also rank the app for providing quality and reliable customer service.

Thus, Opploans deserves customers’ trust and can be called a secure online platform. Getting loans using the company’s application is relatively safe.

Trustworthiness & BBB Rating of Opploans

According to Opploans customers, the application is trustworthy. All the services provided are legal. Therefore, the rights of customers are protected. The company even provides loans for those with a bad credit score, so almost every adult can use the services if necessary. 

Most importantly, the candidate must meet the established requirements. These include being over the age of 18 (19 in AL), owning a bank account, living in one of the states covered by the provision of loan services, having a source of income, etc.

Opploans have transparent terms and conditions, no hidden fees, and direct deposits are processed quickly. Thanks to this, the company deserves an A+ rating from the BBB and can indeed be considered good for a loan.

Opploans Mobile Support and Accessibility

If you decide to receive money by making an appropriate request in the app, you can use a smartphone or tablet. Since different devices are supported, customers have no difficulties using the program. You probably understand that it does not automatically leave a loan request from your iPhone.

The special agent reviews and processes your application, resulting in either an approval or a denial. As for the accessibility of Android Opploans, the desktop app can be used at any necessary time during the day. The answer is usually provided in one or more hours.

Customer Service at Opploans

So that clients do not have to worry about the reliability of services, the company provides them with effective customer service. If there are any concerns, the support specialists can be called.

The phone number you need to call from your smartphone is 855-408-5000. Specialists answer questions from Monday to Friday from 7 am to 10 pm. And on Saturday and Sunday, it is possible to contact the support service from 9 am to 4 pm.

If customers have any issues when phone support is unavailable, there is always the option to send a mail message to an agent at [email protected].

Is Opploans Good Choice for You?

Opploans is an application that allows people with low credit scores to get a quick loan without any checks or hassles. While Opploans’ interest rates are quite high, they are much lower than those charged on traditional loan services such as title or payday loans.

Thus, for example, the annual interest rate reaches 400% when using a payday loan. When receiving a loan from Opploans, clients can significantly increase their credit score if they make timely payments. This is because all transactions are displayed in the credit report.

As for the states where you can get a loan from Opploans, this includes all US states except for a few (West Virginia, Pennsylvania, North Carolina, New York, New Jersey, Massachusetts, Illinois, New Hampshire, Maryland, Iowa, Connecticut, and Colorado).

Pay attention that a loan can be used for a variety of purposes. It doesn’t matter if you have a low income, your paycheck is late, or you just need to refinance another short-term loan. The table below lists permitted and prohibited uses.

Permitted Loan Uses

Permitted Loan Uses

  • Contingency Expenses
  • Home repairs
  • Car repairs
  • Debt consolidation
  • Medical bills
  • Rent and utility

Prohibited Loan Uses

  • None

Apps Like Opploans

If you are wondering if applications are similar to Opploans, then we are happy to inform you that yes, there are such applications. You can also use their services, but remember that each lender has its characteristics. The 3 most popular ones are described in the following table.

Alternatives to Opploans
Same features

Distinctive Features
Check Into Cash – Offers installment loans, just like Opploans;
– Available in various US states;
– It is possible to get a loan very quickly (only 48 hours after applying);
– High annual interest rates (approximately 150%, depending on the specific state).
-The minimum loan amount is only $50 while Opploans offers a minimum loan amount of $500;
– To submit an application, a person must be at least 21 years of age. Opploans requires clients to be at least 18 years of age.
ACE Cash Express – Offers customers various types of loans;
– Has high-interest rates;
– Not available in every state;
– Quick decision on approval or rejection of the loan application.
– Not only online but also in-person applications are provided;
– If the debt is returned within 72 hours, fees and rates do not apply.
– A bank account is required;
– Clear terms and conditions;
– High fees and rates.
– Low minimum loan amount –$100;
– A thorough credit history check is carried out.

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How We Review

So, in this article, we have considered all the important aspects of the work of the Opploans company. The review process was based on the opinions of clients, as well as the study of materials from the global Internet. It included testing and comprehensive analysis.

The pros and cons of the application, the features of its work, features, fees, and rates, safety and security, mobile support and accessibility, customer service, etc. were considered. The review allowed us to define who really benefits from the offered loan services and residents of which US states can get them online.

We have also considered alternatives to Opploans and described their similar and distinctive features. We hope the information was useful to you and you made certain conclusions for yourself about whether it is worth using the services of a lender.

If you haven’t received answers to any of your exciting questions, please take a look at the FAQ below and find out what you need.


Does Opploans work with chime?

Opploans does not work with Chime. So, if you are a customer of this bank and have a valid account, you cannot apply for a loan.

Who founded Opploans?

Todd Schwartz founded Opploans in 2012. The company headquarters is located in Chicago. In 2015, after Kaplan began serving as CEO of Opploans, the company significantly expanded its operations and began providing services in most states of the US.

What banks does Opploans work with?

FinWise Bank, First Electronic Bank, and Capital Community Bank are the main banks that Opploans works with. With an account in one of these banks, you can easily apply for a loan from Opploans company in the amount of $500 to $4,000 at an annual interest rate of up to 160%. As for the possibility of working with other banks, this information should be clarified directly with the lender.

When you pay Opploans back can you borrow again?

As soon as you pay off your loan in full, you immediately have the opportunity to borrow again. This distinguishes Opploans from many other lenders who require a certain amount of time to pass between loans.

How fast does Opploans deposit money?

Opploans agents review customer applications as quickly as possible. But still, the processing takes about 24 hours. This means that the deposit of money usually occurs the next day after making an appropriate request. Pay attention that there is no origination fee, late fee, and prepayment penalty.

How long does it take Opploans to verify?

Most often, the decision to approve or refuse a loan is made within one day. However, if there is documentation submitted by the client that requires significant manual verification, then it can take three days or even more.

Does Opploans app give you money instantly?

Opploans provides fast but not instant services. If you want to receive the money within 1 hour, then you are unlikely to get it through the Opploans app. However, rest assured that you will be able to receive a loan the very next day after you submit your application, as the processing time is approximately 24 hours. Only in some cases does verification take longer.

How much will Opploans let you borrow?

Loan-approved applicants can receive a cash amount of $500 – $4,000. Interest rates are quite high, and repayment periods are short, making Opploans not always the best option.

What happens if you don`t pay Opploans?

If you do not comply with the contract and do not pay the borrowed amount with interest, then most likely you will be subject to a penalty for delay. In this case, the interest rate will increase. After the default is declared officially, the company has the right to withdraw the client’s car or apply other measures provided for by the contract.

Does Opploans report to credit bureau?

On a regular basis, once a month, Opploans provides reports to three large credit bureaus, including Equifax, Experian, and Transunion.

How many loans can you get with Opploans?

Using the Opploans app, you cannot get multiple loans at the same time. Only one loan can be active per client. Once you have paid it in full, you can complete an application and request a new loan.

Does Opploans run your credit?

No, Opploans does not run your credit when you receive a loan. This is because you are not subjected to hard credit checks, and your bank credit reports are not reviewed.

Does Opploans affect your credit?

When applying for a loan from Opploans, you do not have to worry that it will somehow negatively impact your credit score. Reports from major credit bureaus such as TransUnion, Experian, and Equifax are not taken into consideration. Other factors (amount of income, type of loan, etc.) influence a company’s decision to approve or deny a loan.

When are Opploans working hours?

You can contact the Opploans team at almost any time you need, as business hours are from 7 am to 11:30 pm Monday through Friday. On weekends, you should contact the service from 9 am to 17:00 pm. Specialists are happy to respond to customer requests and help in solving any problem situations.