Loans Like OppLoans | Are There Better Alternatives? [year] Review

When you need urgent cash for a financial emergency or you are looking for a personal loan with fast funding and high approval rates, you may apply for a loan within minutes with your smartphone.

OppLoans offers bad credit loans, installment loans, no credit check loans, and personal loans with prompt funding and minimal documentation.

Moreover, OppLoans has been awarded a FinTech reward for the Best Lending Service for 2020, continuing to build a trustworthy reputation among users.

If you are looking to compare OppLoans with other loans or want to find out loans like OppLoans then this is the article for you.

In this article, we will go through what is OppLoans and which companies offer loans like OppLoans that offer fast approval loans?


Loans Like OppLoans

You can compare terms and conditions with companies like OppLoans and see what kind of loans they offer in comparison to one of the leading lending services.

The best alternate for OppLoans is ZippyLoans.

Besides Zippyloans, there are a few options below.

OneMain Financial

OneMain Financial is an online lending service that offers auto and personal loans from $1,500 to $20,000. OneMain Financial also offers personal servicing at over 1,400 locations for supported countries.

The service offers fixed rates and fixed payments. The service requires personal, employment, and financial info to process your application and present you with the best offers by connecting you with loan specialists.

Once you get an offer you can review it and accept it or decline it. If you accept your loan, you will need to sign the documents provided by the lender, and your account will be funded.


Elastic offers lending products for financial emergencies and has loans from $500 to $4,500. You can apply online for an emergency loan and get approved the same day.

As a first step, you need to provide some basic personal info, which includes your name, email address, and your state of residency.

Much like OppLoans, Elastic doesn’t charge prepayment penalties and has no hidden fees. The process of applying and getting approved is straightforward, so you can get a loan offer as soon as the next business day. You can apply for a line of credit with Elastic and respond to your financial emergencies in record time.

RISE Credit

RISE Credit is an online service that offers emergency loans up to $5,000. You can also borrow as little as $500, which is the minimum loan amount you can apply for.

You can apply in minutes with an online application and choose your terms based on your application and offers presented by RISE Credit, which means that you can pay off your loan early without a prepayment penalty. If you are approved for a loan, your account may get funded the next business day.


Upstart is an online lending service that offers several financing solutions for people who need urgent cash.

You can check your rates without affecting your credit score, while you can choose a solution to pay off your credit, consolidate debt, refinance your car, or you can apply for whatever reason.

Upstart claims that the rates offered by the service are 10% lower in comparison to traditional lenders when it comes to personal loans.

You can check your rates in minutes and decide whether your loan is cost-effective, while you can also make an early repayment as there are no prepayment penalties with Upstart. Choose among a great number of loan solutions and check your rates in minutes with no strings attached.

You can apply for:

  • Medical loans
  • Wedding loans
  • Debt consolidation
  • Home improvement loans
  • Moving loans
  • Auto refinance
  • Credit card consolidation


Avant is a financial service that offers lending products to people with fair and bad credit. Although Avant loans are funded promptly and users can get approved for a loan in record time, many users claim that Avant has some obscure practices when it comes to loan servicing and loan offers.

The service is said not to be transparent when it comes to fees and monthly rates, which is why Avant is rated with 3.5 out of 5 on TrustPilot. You can apply for a loan from $2,000 to 35,000$ with an estimated APR range from 9.95% to 35.95%.

Unlike other loan companies similar to OppLoans that we have listed, Avant charges origination fees. On the other hand, the service has some handy options, like changing your payment date. The minimum credit score requirement for getting a loan with Avant is a 500 FICO score.


NetCredit is a lending service that offers personal loans and lines of credit to users with poor credit and all credit profiles. NetCredit is an online lending service based in Chicago and is owned by Enova International, Inc. 

Overall, according to users’ reviews, NetCredit has some of the highest APRs in the market, which may go up to 150% in some states supported by the lending service. That is why NetCredit is not recommended in general.

Although the service offers fast approval and has a high approval rate for individuals with bad credit, the hefty fees may drive borrowers away and tempt them to try a different service.

You are likely to get approved, but the cost of your loan, in the end, will be higher in comparison to similar lending services that approve bad credit loans.


Oportun is a loan company that offers fast and affordable credit. Users can apply for personal loans from $300 and $10,000, and $300 to $1,000 for credit cards. Oportun lets you calculate your loan rates based on the amount of the loan you want to get, your state of residency, and an estimated credit score.

You can easily check rates even before you apply. Oportun is an online lending service, which means that you can easily apply in minutes without ever leaving your home. Once you are approved for a loan, depending on the bank you are using, your account will get funded almost instantly.

The highest APR offered by the company is 35.99%, which may be a hefty rate for many users. Your application is protected by 128-bit SSL encryption, which means that all your data is safe and secure. Users can also build credit and improve credit scores with Oportun as all repayments are reported to the credit bureau. 

Now that we have gone through some of the alternate options for OppLoans, lets now have a look at why we think you should consider OppLoans instead of other companies.

OppLoans Business Model

OppLoans is among the best lending consumer platforms with a 2020 FinTech reward as the Best Lending Platform of the year. OppLoans uses artificial intelligence and machine learning in combination with financial data that doesn’t include credit scores, to generate a complete credit picture of applicants.

OppLoans is a platform optimized for mobile users with a cloud-based servicing environment and verification. When it comes to OppLoans business model, the company operates as a combination of a direct lender and a brokerage service.

OppLoans offers direct online loans in some US states, while the company is also servicing loans through banks in the majority of supported US states. OppLoans uses AI and machine learning to offer the best rates to applicants even with bad credit and no credit checks.  

OppLoans Company Size

An estimated number of OppLoans employees is 490 as of February 2022 with 6 openings for various positions and an A for cybersecurity rating.

OppLoans is a service supported by OppFi. OppFi reported a net income of 17 million dollars for the fourth quarter of 2021 and 90 million dollars for the entire 2021.

The company also reported that the revenue for 2021 is up by 4% in comparison to 2020 financial reports with 11% of increases for adjusted revenue.  

OppLoans Underwriting

OppLoans guarantees the safety and security of your data and your banking credentials. OppLoans is not able to view or access your credentials and is requesting the information for faster processing of your loan applications.

OppLoans provides access to personal and online loans to consumers with bad credit through FDIC-insured and state-chartered banks. In the case of loans that are serviced through OppLoans with banks, underwriting approvals are leveraged by OppLoans bank partners.

OppLoans works with the following banks:

FinWise Bank

820 E 9400 S,

Sandy, UT 84094

A Utah chartered bank located in Sandy, UT.

First Electronic Bank

2150 S 1300 E Suite 400,

Salt Lake City, UT 84106

A Utah chartered industrial bank.

Capital Community Bank (CCBank)

3280 N University Ave,

Provo UT 84604

A Utah Chartered bank, located in Provo Utah

Who Owns OppLoans

OppLoans is owned by the company OppFi and was founded in 2021 by Todd Schwartz, the owner of Schwartz Capital. Since the company changed its CEO and hired Jared Kaplan for the position, OppLoans expanded to 37 states.  

OppLoans Qualifications

You can easily apply for a loan through an online form and submit your basic information to start the lending process. To qualify for a loan, you need to follow OppLoans eligibility criteria:

  • Be older than 18 and older than 19 in the state of Alabama
  • Have residency in one of the states where OppLoans operates
  • Minimum 30 days with current employer
  • Cannot be a member of the military
  • Cannot be self-employed
  • Minimum monthly income should be $1500
  • Receive paychecks through direct deposit
  • Have a regular income
  • Have an active bank account

OppLoans Credit Requirements

OppLoans lending partners and bank partners don’t look into the credit history of applicants as there are no credit requirements. OppLoans offers bad credit and no credit check loans, which means that OppLoans doesn’t have minimum credit score requirements (FICO or Vantage).

OppLoans Loan Amount

OppLoans offers amounts from $500 to $4,000. OppLoans uses a proprietary bank servicing model with AI technology and machine learning to bring the best offers to loan applicants.

FAQs about OppLoans:

How to refinance with OppLoans?

You can apply for a refinance loan with OppLoans in case you have paid at least 15% of your initial loan or a minimum of $400.

When you apply for a refinance loan and get approved, you are borrowing the money you have already put towards your initial loan. OppLoans and bank partners can fund your account within the same business day in case you are approved for refinancing.

What are some of the reasons you will be denied by OppLoans?

In case you get denied by OppLoans and bank partners, you will get a Notice of Adverse Action, which will contain all the details regarding your loan application, as well as the reason why your application was denied. Some of the most common reasons to be denied a loan by OppLoans are:

  • Low income
  • Inaccurate or false details on your application form
  • Job instability
  • You are not eligible – check eligibility requirements and qualifications before applying to make sure you fit the criteria

Can you skip a payment with OppLoans?

Payments you make towards paying off loans that you take through OppLoans are reported to three major credit bureaus with the idea to help lenders improve their credit scores.

In case of late payments, you may compromise your credit score, which may take years to repair. In case you are late with a monthly payment, you need to contact OppLoans. You will get in touch with OppLoans Advocates who will assist you.  

Will you get a prepayment penalty with OppLoans?

OppLoans doesn’t charge prepayment penalties or origination fees. There are no hidden fees with OppLoans while all terms and conditions are kept transparent and clear.  

Does OppLoans report to a credit bureau?

Yes, OppLoans makes monthly reports to three major credit bureaus:

  • Equifax
  • Transunion
  • Experian

OppLoans Offer Code

To apply for OppLoans and get an offer, you will need to provide an OppLoans Offer Code. Offer Code can be found on the promotional mailing.

Once you provide OppLoans Offer Code, you will receive offers based on your application details. In case you don’t have an Offer Code, you can apply here. When applying, you will need to provide:

  • Name
  • Address
  • Phone number
  • Date of birth
  • Email address

Can you have more than one loan with OppLoans?

You are allowed to have only one active loan at a time. Once you repay your loan, you may apply for another.

You may also be eligible for a refinance loan in case you have paid off at least $400 or 15% of your active loan. Make sure to pay your monthly rates in time to avoid negative credit reports, and to get approved for more loans with OppLoans.

OppLoans Greenhouse

OppLoans is working with Greenhouse, industry-leading software for hiring to find the best employees for open positions.

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In conclusion, OppLoans is a reliable and trustworthy lender that provides fair and reasonable loans to those in need.

Their loans are available to people with bad credit, no credit, or who are rebuilding their credit. They offer a variety of loan products and they have a helpful customer service team that is available to help borrowers with any questions or concerns they may have.