A Soft-Pull Loan Option for Poor-Credit Borrowers: OppLoans Review 2025
OppLoans Review 2025: A soft-pull loan option for poor-credit borrowers with quick funding but high APRs. Find out if it's right for you.
March 22, 2025 22:19
A Soft-Pull Loan Option for Poor-Credit Borrowers: OppLoans Review 2025
Quick and Hassle-Free Lending
Personal loans are an excellent option for those seeking quick, hassle-free lending solutions. One major advantage is the simple and easy-to-complete online process. OppLoans allows individuals, including those with poor credit, to secure a loan.
Pros and Cons of OppLoans
Pros:
Quick Turnaround Times: Funds are deposited within a day of approval.
Lenient Approval Process: More accessible than traditional lenders.
Soft Credit Pulls: No impact on your credit score.
Excellent Customer Support: Many users report positive interactions with OppLoans' representatives.
Cons:
High APRs: Interest rates range from 59% to 160%.
Low Loan Limits: Maximum loan amounts are relatively small.
Short Repayment Terms: Terms range from 9 to 18 months, which may not be suitable for all borrowers.
Lack of Fee Transparency: Fees vary by state and are not clearly disclosed upfront.
OppLoans Ratings
APR: 2/10
Fees: 4/10
Transparency: 5/10
Flexibility: 7/10
Funding Speed: 10/10
Accessibility: 8/10
Loan Terms and Eligibility
APR Range: 59% - 160%
Minimum Credit Score: No specific requirement; all credit types considered.
Loan Term Length: 9 to 18 months.
Origination Fees: Varies by state.
Loan Amount: Up to $5,000, depending on location.
Eligibility Requirements:
Must be 18+ years old (19 in Nebraska and Alabama).
Must have a stable income and been employed for at least three months.
Must use direct deposit and have an active bank account for at least 90 days.
Cannot be an active-duty military borrower under the Military Lending Act.
Available in most U.S. states except IL, PA, CO, CT, MD, MA, ME, NH, NM, WV, IA, VT, NY, NJ, SD, DC, and HI.
How to Apply for an OppLoans Loan
Check Eligibility by State: OppLoans is not available nationwide, so verify that your state qualifies.
Complete the Online Application: Provide basic personal and financial information.
Monitor Your Email: If approved, you will receive an email with loan details.
Receive Funds: After agreeing to the terms, funds are typically deposited the next business day.
Funding Speed
Applications submitted Monday-Thursday: Funds deposited the next day.
Applications submitted Friday: Funds deposited Monday.
Fees and Transparency Issues
OppLoans does not provide a clear breakdown of fees until after approval. Depending on state regulations, applicants may face origination or late payment fees. This lack of upfront fee transparency can make it difficult for borrowers to compare OppLoans with other lenders.
User Reviews and Ratings
Better Business Bureau (BBB) Ratings
Rating: A+
Customer Reviews: 1,172 reviews averaging nearly 5 out of 5 stars.
Positive Feedback: Fast approval process, helpful customer service.
Negative Feedback: High interest rates, unclear rejection reasons.
Trustpilot Ratings
Rating: 4.5/5 (83 reviews)
User Feedback:
"Great service and help. Quick approval and fast deposit." – Thomas Ilconich
"OppLoans worked with me when no one else would. High interest, but a lifesaver." – Edwards
"I met all criteria but was still denied without explanation." – Ally
Frequently Asked Questions
How much can I borrow?
Loan amounts vary by state but typically range up to $5,000.
If I’m pre-approved, does that mean I’m guaranteed a loan?
No. Pre-approval means you meet initial qualifications, but final approval depends on further verification.
Can I apply over the phone instead of online?
No. Applications must be completed online.
What happens if I can’t make a payment?
OppLoans advises borrowers to contact them immediately. Some customers report that OppLoans worked with them to adjust repayment schedules, though forbearance policies are unclear.
Will my loan help improve my credit score?
OppLoans reports payments to credit bureaus, which can help build credit if payments are made on time.
Final Thoughts
OppLoans provides an alternative to payday loans for individuals with poor credit. However, its high interest rates and lack of fee transparency should be carefully considered. If you need a small, short-term loan and have exhausted other options, OppLoans could be a viable choice. However, exploring lenders with lower APRs should be your first step.
