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OppLoans Review

Dena Standley | October 31, 2023

Dena Standley
Legal Expert, Paralegal
Dena Standley, BA

Dena Standley is a seasoned paralegal with more than 20 years of experience in legal research and writing, having received a certification as a Legal Assistant/Paralegal from Southern Technical College.

Edited by Hannah Locklear

Hannah Locklear
Editor at SoloSuit
Hannah Locklear, BA

Hannah Locklear is SoloSuit’s Marketing and Impact Manager. With an educational background in Linguistics, Spanish, and International Development from Brigham Young University, Hannah has also worked as a legal support specialist for several years.

Summary: OppLoans is the preferred option for consumers with poor credit scores who want to avoid working with payday lenders. The loans are easily accessible, and the repayment plan favors the debtor's financial situation. Learn more below.

Are you considering using OppLoans to access quick funding? If so, OppLoans is a legitimate online platform that offers installment loans for consumers with a relatively poor credit score. They do not perform a hard credit check, but you must meet the following requirements:

  • Must have a regular income source
  • Have a savings or checking account
  • Live in the state where the service is available
  • You receive your pay through direct deposit

Most consumers using OppLoans find them a better option than payday lenders because of their high interest rates. Before settling to use its services, you should find out how OppLoans works, the reviews they have received on various platforms, and an effective method you can use to settle outstanding debt with them.

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What is OppLoans, and how does it work

OppLoans is a fintech platform that’s been in business for more than a decade. Its stated mission is to help everyday Americans access credit when the mainstream options fail.

The personal loan amount you can access is between $500 to $4,000 with a maximum APR at 160%. The following table gives you a summary of the pros and cons of using OppLoans.

Pros and Cons of OppLoans

Pros Cons
Immediate funding High-interest rates
Your pay schedule determines the due date Fees and penalties are steep
Reports patent to credit bureaus Do not perform a hard credit check
Poor or bad credit is not a hindrance Limited maximum amount borrowed

How does OppLoans work?

Applying for a loan with OppLoans is simple. They also assure you that this action will not affect your FICO score. Follow these steps once you decide to work with OppLoans:

  1. Fill out their application form that doesn't require too much information like the traditional loan application options.
  2. Verify your regular stream of income and connect to your bank account.
  3. Give OppLoans time to verify your details and approve your application. In rare situations, some consumers may be disqualified.
  4. Once approved, you may receive the money in your account on the same business day if the loan is approved by noon or the following day.

OppLoans allows you to make low monthly payments, but you'll pay it for a longer duration, meaning your interest rate will be higher. Fortunately, they do not penalize you for fully paying back the loan earlier than the agreed timeline.

OppLoans customer reviews

OppLoans has relatively good customer reviews across various platforms. For instance, they have a star rating of 4.6 in Trustpilot, 4. 5 on their BBB profile, and 4.8 on Consumer Affairs. Customers commend them for good customer service, accessing their loans quickly, and having a seamless application process.

Despite its positive reviews, OppLoans has also received many complaints from various consumers who’ve had a negative experience with their services on its BBB profile. Below is a real example of a complaint against OppLoans (edited for clarity):

“On 5/19/2023, I submitted a request for debt validation to OppLoans' debt collector. This request was in compliance with the FDCPA and aimed to verify the authenticity and accuracy of the debt they claimed I owed. However, OppLoans and the collector have failed to provide valid documentation within the 30-day period specified by the FDCPA. However, on 7/20/2023, OppLoans responded to my request for debt validation, but failed to comply with the necessary requirements. They merely provided the balance owed and the name of the collections agent without supplying the original contract or the date the account was opened. This blatant disregard for the debt validation process outlined by the FDCPA is highly alarming.”

The FDCPA outlines your right to debt validation. If you need OppLoans to verify your debt, send them a Debt Validation Letter requesting a breakdown of the debt. If they do not respond, you may be eligible for compensation as outlined in § 813 of the FDCPA

The best way to settle your pending debt with OppLoans

Sometimes, you may hit a rough patch and miss making your debt payments for several months until OppLOans threatens to take legal action against you. In such a situation, you might want to resolve your debt through debt settlement. SoloSettle can help you do just that.

SoloSettle, powered by SoloSuit, is a tech-based approach to debt settlement. Our software helps you send and receive settlement offers to collectors until you reach an agreement. Once an agreement is reached, we’ll help you manage the settlement documentation and transfer your payment to the creditor or debt collector, helping you keep your financial information private and secure.

To learn more about how to settle your debt, check out this video:

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