Are you searching for no credit check loans?
No-credit-check loans do exist and are readily available. And, no, they’re not equivalent to the notorious payday loans. No-credit-check short and long-term loans are personal loans with easier qualification requirements than are available when borrowing from another financial institution.
To that end, OppFi and its lending partners offer OppLoans as a payday loan alternative, which can provide emergency funding with potentially less risk than other urgent money lenders. However, be aware that OppLoans charges extremely high interest rates, and assuming a loan with OppFi requires careful consideration before committing.
OppLoans provides no-credit-check loans by never performing a hard credit inquiry on your credit report. The company is a fintech organization that works with lenders to provide funds regardless of the customer’s FICO or Vantage score. OppLoans can be an effective borrowing tool for those with bad credit who aren’t able to obtain other lending.
But is OppLoans legit and can it really offer bad credit loans without a credit check? Our OppLoans review aims to find out.
Pros
Same-day and one-day funding is often available—faster than traditional lending
Performs only a soft credit inquiry with no credit score effect
Reports to major credit bureaus
No origination, application, late payment, or other fees
Easy application process
The company provides transparent borrowing terms
Cons
Doesn’t offer pre-qualification or allow you to choose from loan options
Charges extremely high interest rates of at least 160%
Loan amounts limited to between $500 and $4,000
Doesn’t provide instant funding
Who and What is OppLoans?
OppLoans isn’t a specific loan in and of itself. An OppLoan is organized by fintech lending company OppFi. OppFi partners with FinWise Bank, First Electronic Bank, and Capital Community Bank and offers lending services from each through its online lending platform.
These banks partner with OppFi to take advantage of the site’s 415,000 monthly visitors searching for no-credit-check loans. Potential customers generally have poor credit and use search terms like ‘loans for bad credit, personal loans with no credit, opportunity loans,’ and others. The partner banks pay OppFi a fee in return for using the company’s online platform to generate customer leads and business.
OppLoans are available in 40 states nationwide. OppFi is a publicly traded company and has provided more than 2.6 million OppLoans since its beginning in 2022.
OppLoans No-Credit-Check Loans Overview
OppLoans are available only on the company’s website. They function similarly to borrowing from one of the best personal loan lenders. However, unlike other lenders, OppLoans never performs a hard credit inquiry. The company makes its lending decision based on a soft credit inquiry, which doesn’t affect the borrower’s credit score.
OppLoans’s process of approving customers is faster and easier than borrowing from a traditional lender. It allows borrowers with poor credit to often obtain loan funding that they wouldn’t otherwise qualify for at another organization.
Paying back an OppLoan is the same as paying back a traditional personal loan. OppFi will determine the monthly payment amount based on the amount borrowed plus the interest rate you qualify for. Your interest rate, or APR, is determined by your creditworthiness based on the soft credit inquiry, banking records, and other data.
Despite the high APR, which starts at 160%, OppFi charges no origination or application fees to obtain funding. The company also doesn’t charge a fee for late payments, and there are no penalty fees for paying off the loan early to save on interest costs.
OppLoans No-Credit-Check Loans Editorial Rating
Trusted Company Reviews Rating Score for OppLoans: 6.5
It’s not uncommon for non-traditional lenders to receive many bad reviews. Many companies willing to provide loans to customers with poor credit can be guilty of taking full advantage of the situation. While OppLoans provides bad credit loans with no credit checks and charges exorbitant interest rates, it manages to keep itself out of the predatory lending category.
OppFi and OppLoans strive to provide a positive experience for its customers despite the high borrowing cost. The company scores 4.5 out of 5 stars at Trustpilot and the same score at the Better Business Bureau, where it carries an A grade.
We rate OppLoans highly on our list due to its ease of application and use and for providing necessary funding to consumers who aren’t likely to be approved elsewhere. Opploans also earns our respect for not charging origination, application, or late fees. However, we must deduct several points from the company’s overall rating simply because it charges such high interest rates.
| Interest Rates | 160% – 179% |
| Loan Amounts | $500 – $4,000 |
| Loan Terms | 9 – 18 months |
| Credit Score Requirement | N/A |
| Minimum Income Amount | $18,000 annual |
| Origination Fees | $0 |
| Other Fees | $0 |
What type of no-credit-check loans does OppFi offer?
OppLoans are personal, unsecured short and long-term loans. OppLoans aren’t payday loans, which are often associated with predatory lending and other unreputable business practices. OppLoans are available for several reasons, including emergency cash, car or home repair, medical debt payments, establishing credit, and even debt consolidation in some cases.
Does OppLoans report no-credit-check loans to credit bureaus?
OppLoans reports to all three major credit bureaus, including Experian, Equifax, and Trans Union. Reporting to credit bureaus can help your credit score when the loan stays in good standing with on-time payments. However, reporting also means late payments and payment failures will negatively affect your score.
OppLoans Vs. Payday Loans
Despite the high interest rate, an OppLoan isn’t like a payday loan. While an OppLoan interest rate can reach 179%, payday loans often charge up to 400%. Payday loans require repayment in a lump sum, usually within 14 days, while an OppLoan is an installment loan with payments spread out over a nine to 18-month period.
The most prominent feature distinguishing an OppLoan from a payday loan is the ability to pay off the loan early to reduce the cost of interest. Payday loans typically charge all of the loan’s interest when the money is loaned, and the interest amount can’t be reduced by paying it off early.
OppLoans, on the other hand, allows customers to pay off their loans early and stop interest charges from accruing. Additionally, OppLoans doesn’t charge a prepayment penalty, making early payment even more attractive for saving money.
Additionally, OppLoans report both positive and negative reports to all three major credit bureaus. Most payday loan companies only report negative occurrences to credit bureaus when applicable.
Is OppLoans legit?
OppLoans is a legitimate lending company that partners with primary lending banks to provide no-credit-check loans to customers with poor credit scores and histories. Pubically listed lenders undergo strict regulation, validating that they are legitimate companies. However, OppFi is a newer company, created on December 31st, 2022. That said, it has already issued more than 2.6 million loans worth over $4.4 billion in this short period. The company’s ticker symbol is OPFI.
OppFi is newer than leading fintech lending organizations Credible, Upstart, and LendingTree. However, the company shows promise with its 4200+ reviews on Trustpilot, which award it 4.5 out of 5 stars. The company scores an A grade at the BBB, where it also holds a 4.5-star rating.
OppLoans legitimacy is also apparent in its transparency. Despite the high APR, the company is upfront about the borrowing cost and the terms and calculates monthly payments using simple interest accrual. Funds are generally available from OppFi within a day, if not on the same day. Loan amounts range from $500 to $4,000 and average under $2,000.
How much can you borrow with OppLoans?
OppLoans provides loan amounts from $500 to $4,000. However, most customers borrow between $1,500 and $2,000. An installment loan with OppLoans is repayable with terms ranging from nine to 18 months, and customers can pay their loans off early without incurring a penalty fee. APRs with Opploans vary by amount borrowed and creditworthiness based on a soft credit inquiry only, ranging from 160% to 179%.
The payments for a $2,000 sample OppLoan with a 160% APR and 12-month terms are $343.07. The total payment amount after the 12-month period is $4116.78, with $2,116.78 of that amount being the interest cost.
OppLoans No Credit Check Loans Requirements
While OppLoans provide no-credit-check loans and are available to those with bad credit, there are some requirements to meet to be eligible.
- Be 18 years of age or older
- Live in one of the states that OppLoans operates in
- Have a U.S. checking or savings bank account
- Have regular income totaling at least $18,000 annually
- Receive your income through direct deposit
How does OppFi check an applicant’s eligibility?
Opploans evaluates each applicant using a soft credit check to determine eligibility. The company determines creditworthiness through credit report information obtained in the soft inquiry and bank information provided by the applicant. OppLoan doesn’t require a minimum FICO score or Vantage Score.
Is OppFi a direct lender?
OppFi isn’t a direct lender. The company partners with primary lending institutions to provide loan funding. OppFi’s primary business is to connect borrowers with lenders using its online platform. OppFi connects lenders and customers by matching lender products to consumer needs.
What banks use OppFi?
OppFi partners with FDIC-insured banks, including FinWise Bank, First Electronic Bank, and Capital Community Bank.
How does OppFi get paid?
OppFi generates revenue through fees paid by its partner banks in exchange for connecting customers to their financial products.
What laws regulate OppLoans?
Many laws regulate OppFi, including the Truth in Lending Act, Equal Credit Opportunity Act, Fair Credit Reporting Act, and Federal Trade Commission rules and regulations. These laws require companies like OppFi to be transparent, obtain licenses in every state they operate, including surety bonds, and keep up with detailed financial reporting. OppFi is currently compliant with the laws and regulations in each state in which it operates.
What was OppFi sued for?
“On April 6, 2021 the District of Columbia Attorney General’s office filed a lawsuit in the Superior Court of the District of Columbia. Charges filed allege the business is in violation of the Consumer Protection Procedures Act prohibiting exorbitant interest rates that were up to eight times higher than District’s 24% rate cap.
On November 30, 2021, the District of Columbia Attorney General’s Office announced that Opportunity Financial, LLC (OppFi), will pay $1.5 million to refund over 4,000 District consumers who were charged exploitive interest rates by the company, waive over $640,000 in interest owed by those consumers, and pay $250,000 to the District. The settlement resolves the lawsuit filed on April 6, 2021.”
Source: BBB, OppLoans, Government Action section
OppLoans Reviews
Most OppLoans no-credit-check reviews from customers are positive. The company scores 4.5 out of 5 stars at both the BBB and Trustpilot. Expert review sites give it an average of 3.5 stars. The highest rating is 4.7 out of 5, while the lowest is 1.5 stars.
OppLoan’s record at Trustpilot includes 83% of reviewers awarding the company 5 stars, 9% giving 4 stars, and 5% rating the company as poor at 1-star.
Positive reports cited the company’s funding speed, ease of use, and convenience when borrowing was necessary. Negative reviews focus on the high interest rates and some poor customer service complaints.
5-stars
Opp Loans really helped when we were in a bind. They have been completely transparent in their business practices and gave us the information we needed to move forward. I would recommend this service to anyone who needs extra help! – Jessica, Trustpilot
4-stars
After some errors were corrected, things went smoothly after that. – Timothy, Trustpilot
1-stars
I get it that this company is for people with not so good credit, but to apply for a loan for $1200, and having to pay back almost $4k over a 10 month span, is wayy too high of an interest rate, especially people with not the best credit!! They are quick and easy to apply but the interest rates are through the roof!! – Maddex, Trustpilot
How many BBB complaints are there against OppLoans?
As of March 2024, the BBB reported 234 complaints against OppLoans in the past three years. The complaint-per-customer ratio is quite low compared to the company’s 2.6 million approved loans. Complaints typically focus on high interest rates and credit reporting issues.
When to Use OppLoans
OppLoans, no-credit-check loans, can be extremely useful in times of need. However, committing to the high interest rate and monthly loan payment requires careful consideration before jumping in. Opploans are available for several situations, including the need for immediate cash or funds for repairs or to cover other bills or obligations.
While OppLoans is a legitimate company that provides a legitimate service for those with bad credit, there are other options to check out before choosing a lender. Consider alternative funding options before choosing OppLoans and use it only if necessary for your situation.
- Determine if funding is absolutely crucial at this time.
- Borrow money from family or friends.
- Apply for pre-qualification with only a soft credit inquiry on lending sites.
- Investigate loan app funding sources
- Appeal to charitable resources
- Discuss a pay advance with your employer if possible
- Consider generating additional income sources
- Consider buy now, pay later (BNPL) sources
Other Personal Loan Options
Consider Top-Rated Personal Loans for Fair Credit
| Lender | Fixed (APR) | Loan Amounts |
Minimum Credit Score
|
| Upstart Personal Loan | 6.40% to 35.99% | $1,000 to $50,000 | 620 |
| LightStream Personal Loan | 7.49% to 25.49% | $5,000 to $100,000 | 700 |
| Discover Personal Loan | 7.99% to 24.99% | $2,500 to $40,000 | 660 |
| PenFed Credit Union Loan | 8.49% to 17.99% | $600 to $50,000 | 700 |
| Upgrade Personal Loan | 8.49% to $35.99% | $1,000 to $50,000 | 600 |
| Sofi Personal Loan | 8.99% to 25.81% | $50,000 to $100,000 |
Does Not Disclose
|
| Best Egg Personal Loan | 8.99% to 35.99% | $20,000 to $50,000 | 600 |
| LendingClub Personal Loan | 9.57% to 35.99% | $1,000 to $40,000 | 660 |
| Avant Personal Loan | 9.95% to 35.99% | $20,000 to $35,000 | 550 |
| Universal Credit Personal Loan | 11.69% to 35.99% | $1,000 to $50,000 | 560 |
| OneMain Financial Personal Loan | 18% to 35.99% | $1,500 to $20,000 |
Does Not Disclose
|
| Zable Personal Loans | 8% to 30% | $1,000 to $25,000 | 600 |
| Happy Money Debt Consolidation Loan | 11.72% to 24.67% | $3,000 to $40,000 | 640 |
Source: TrustedCompanyReviews.com, Top-Rated Personal Loans Review
Frequently Asked Questions
Does OppLoans approve everyone?
How long does OppLoans take to approve?
Does OppLoans do a hard pull?
How long does OppLoans take to deposit?
Source
Image and Data Sources: opploans.com – trustpilot.com – bbb.org
Deane Biermeier
