OppLoans

A $2,000 OppLoans loan repaid over nine months costs about $1,551 in interest. That one number explains most of what you need to know about OppLoans. It approves people that banks turn away, and it charges for that.

This review starts with the price, then covers who gets approved, where it lends and what happens after you sign.

OppLoans interest rates: why is the APR so high?

OppLoans APRs range from 99% to 195%, depending on your state and your application. Those rates reflect who OppLoans lends to: borrowers with bad or thin credit.

The APR is the entire cost. There's no origination fee, no late fee, no returned-payment fee and no penalty for paying early. Here's what that looks like at 160% APR:

Time is what drives the cost. On the 18-month loan, interest ends up at more than one and a half times the amount borrowed. Because interest accrues on the balance you still owe, any payment above the minimum saves you money right away.

Is OppLoans a payday loan?

No. OppLoans makes installment loans. You repay a fixed amount on each payday over 9 to 18 months, and there's no balloon payment at the end. Each payment covers part of the principal as well as interest, so the balance goes down every time you pay.

OppLoans doesn't lend its own money. The loans are issued by bank partners, and OppLoans handles the application and the servicing afterward.

What credit score do you need for OppLoans?

None is published. OppLoans looks mainly at your income and how money moves through your bank account, not at your FICO score.

Checking your eligibility doesn't affect your FICO score either. Instead of a standard hard pull, OppLoans and its bank partners use reports from Clarity Services, a specialty credit bureau, and Experian.

OppLoans requirements

The most important requirement is a steady income paid by direct deposit into a checking or savings account in your name. Beyond that, you must be at least 18 (or older, where state law requires it), be a U.S. citizen or permanent resident, have a Social Security number and live in a state where OppLoans lends.

When you apply, you'll be asked for proof of income, such as a pay stub, W-2 or benefits award letter. You'll also need a photo ID and a way to confirm your job, like an HR phone number. Blurry uploads slow things down, so send clear copies.

The loan has to be in your name only. OppLoans doesn't accept joint applications or co-signers.

Which states does OppLoans lend in?

OppLoans lends in about 40 states. OppFi reported serving 40 states at the end of 2025. You can't get a loan in some states, including New York, Maryland, Colorado, Georgia and Washington, D.C.

Rates and loan limits also vary by state, so check OppLoans' rates and terms page for yours before applying.

How long does OppLoans take, from application to deposit?

The application itself is short. You enter your income, bank details and contact information on the OppLoans website and get a quote. Then you upload your documents, review the APR, payment schedule and payoff date, and sign electronically. There's no app, so it all happens on the site.

If you're verified and approved before 12 p.m. Central on a business day, the money can reach your account the same day. Later approvals are usually funded the next business day, depending on how quickly your bank posts the ACH deposit.

Does OppLoans charge late fees?

No. OppLoans doesn't charge a late fee, but interest keeps building on the unpaid balance. A missed payment is also reported to Equifax, Experian and TransUnion, the same bureaus that record your on-time payments. If you can see a missed payment coming, call before the due date to ask about your options.

Phone support runs Monday through Friday from 7 a.m. to 11:30 p.m. Central, and weekends from 9 a.m. to 5 p.m. Central.

Can OppLoans lower your rate or refinance your loan?

OppLoans doesn't lower the APR on an existing loan. Refinancing is available, but it usually means borrowing more money at a triple-digit rate, not paying less.

The one way OppFi tries to get you a lower rate happens before you borrow. Its TurnUp Program is an optional check that looks for offers under 36% APR you might qualify for elsewhere. If none turns up, your application continues with OppLoans. Opting in costs nothing, though there's no guarantee of a cheaper offer.

Who is behind OppLoans?

OppLoans is the lending brand of OppFi Inc., a Chicago company founded in 2012 that files public reports with the SEC. Its loans are issued by FinWise Bank, First Electronic Bank and Capital Community Bank.

Through the end of 2025, OppFi had served more than 1.6 million customers and issued more than 4.7 million loans totaling over $8.6 billion. OppLoans has been accredited by the Better Business Bureau since 2016.

Who is an OppLoans loan right for?

An OppLoans loan fits a narrow need: a few hundred or a few thousand dollars, fast, when your credit rules out cheaper borrowing and you can repay quickly. No fees and reporting to all three bureaus work in your favor. The APR works against you. Borrow the smallest amount that covers the need, pick the shortest term you can afford, and pay extra whenever you can.