OppLoans review: is OppLoans legit?

OppLoans is a legitimate online installment lender, and Opportunity Financial, LLC is the company behind it.

APR: 99% to 195%
Amounts offered: $500 to $5,000
States: 41 states
Complaints to the CFPB: 2,172counts every Opportunity Financial product
Enforcement actions: 1

OppLoans on file

Owner: Opportunity Financial, LLC (OppFi)
Issued by: The FAQ names FinWise Bank and First Electronic Bank as partners, while FinWise Bank originates credit lines in Georgia and West Virginia.
Product: Installment loans come from partner banks, with a line of credit available in some states.
Repayment length: 9 months to 24 months
Credit checks: They make a soft inquiry on Experian and a hard one on Clarity; your FICO score stays unaffected by applying.
Time to get the money: Approval can bring funding that same working day.

Taken from what OppLoans publishes, CFPB complaint counts and public enforcement files. All sources are listed at the foot of the page

The cost of $500 at OppLoans

$985.39

At the highest APR OppLoans publishes, 195%, a $500 loan repaid in 9 monthly payments (OppLoans offers that term) works out to about $109.49 a payment: $985.39 back in total, of which $485.39 is interest.

This estimate uses the highest published APR and is no offer; the rate you get turns on where you live and on your credit. OppLoans gives this example: In Pennsylvania, an example deal shows $2,000 at 160% APR paid back via 9 monthly payments of $394.58.

Good to know about OppLoans

OppLoans services loans made by partner banks, including FinWise Bank.
State small-loan caps are far below the APRs of 99% to 195%, though tribal lenders charge more.
An alternative bureau called Clarity gets a hard inquiry when you apply, while Experian gets only a soft pull.
Refunds were forced by DC's attorney general because loans cost far more than the District's 24% cap.

States where OppLoans lends

OppLoans names 41 states on its own site. Each link opens that state's payday and small-loan rules as general background, not a ruling on OppLoans's own loans, which may come under a different state law or a partner bank. 12 of them cap small-loan rates, marked capped.

OppLoans complaints and lawsuits

The CFPB database lists 2,172 complaints naming Opportunity Financial, LLC, a count for the whole company rather than OppLoans alone. Most common issues: your report contains data that is wrong; you faced fees or interest charges that you did not expect.; someone tries to collect a debt you do not owe. Check the CFPB count

2021 · District of Columbia Attorney GeneralThe DC AG took OppFi to court for loans near 160% APR over DC's 24% limit; the deal brought $1.5 million in refunds, $640,000+ waived, and $250,000. Source

Want a cheaper loan than OppLoans?

Talk to a specialist about lower-cost choices in your state, credit union loans included. Talk to someone about cheaper options: 855.947.5189

This line reaches a debt and loan options specialist. We are not OppLoans and cannot reach your OppLoans account.

OppLoans alternatives: loans like OppLoans

Lender	Type	APR	Amounts	States named	CFPB complaints
OppLoans (this record)	Online installment lender	99% to 195%	$500 to $5,000	41	2,172counts all of Opportunity Financial
Fig Loans	Online installment lender	190% to 279%	$50 to $800	6	422
NetCredit	Online installment lender	34.99% to 99.99%	$1,000 to $10,000	38	6,080
Rise Credit	Online installment lender	60% to 299%	$500 to $5,000	31	None filed
CreditNinja	Online installment lender	–	$300 to $5,000	–	308

– means the company does not publish it. Complaint counts are totals, not rates: a bigger company draws more. Open any name for its full record.

Questions about OppLoans

Is OppLoans legit?

Opportunity Financial, LLC operates OppLoans, a genuine online installment lender. The company lists APRs of 99% to 195% for loans between $500 and $5,000. We found one court or government action, and the CFPB database shows 2,172 complaints against Opportunity Financial, LLC.

Who owns OppLoans?

Opportunity Financial, LLC (OppFi). Partner banks act as lenders; FinWise Bank and First Electronic Bank appear in the FAQ, while FinWise Bank starts credit lines in Georgia and West Virginia.

Does OppLoans check your credit?

According to OppLoans, your application triggers a soft pull on Experian and a hard pull on Clarity, leaving your FICO score unchanged.

How fast does OppLoans send the money?

OppLoans says approval can bring money as early as the same workday.

Has OppLoans been sued or fined?

2021 District of Columbia Attorney General case: DC AG said OppFi lent near 160% APR, over DC's 24% cap; the deal meant $1.5 million refunds, $640,000+ waived, $250,000.

Where the OppLoans facts come from

Opportunity Financial LLC puts out the OppLoans rates page; Lending partners create and fund the installment loans; FinWise Bank is the source of lines of credit for Georgia and West Virginia.opploans.com
According to the DC AG, OppFi is the firm running OppLoans; The DC AG reached a settlement with OppFi; OppFi billed most DC borrowers 160% APR despite a 24% cap, the DC AG statedoag.dc.gov
The FAQ lists the bank partners; A range of amounts exists across the different products.opploans.com
Usual loan terms for Pennsylvania; An example offer published for Pennsylvaniaopploans.com
How fast the money arrives; Credit check involves a soft pull on Experian and a hard pull on Clarityopploans.com
Total complaints for Opportunity Financial, LLC (OppLoans) in the CFPB databaseconsumerfinance.gov