OppLoans is an online lender offering personal loans from $500 to $5,000 to borrowers with poor credit. It only does a soft credit check that won’t affect your FICO credit score. Its APRs range from 160% to 195%, though rates vary by state and depend on your income, credit profile and other factors. While rates are high compared to other lenders, they’re typically cheaper than payday loans — which often have APRs exceeding 300%.
But if you’d rather not pay interest at all, you may want to consider a cash advance app. Cash advance apps let you borrow against your future paychecks with no interest, although advance amounts are typically lower than you could get from OppLoans.
Consider our list of alternative borrowing options, including cash advance apps and other personal loan lenders, that can help you save on interest.
- OppLoans only does a soft credit check and can be cheaper than payday loans, but it may still cost more than other options and has limitations like state availability and direct deposit requirements.
- Cash advance apps can be cheaper for small amounts since many don’t charge interest.
- Need a bigger loan? Below are several lenders offering much higher max limits at better rates and terms than OppLoans.
Our top 8 picks for loans like OppLoans
- Alternative for employees: EarnIn
- Alternative for frequent advances: Cleo
- Alternative for investment advice: Albert
- Alternative for payment flexibility: Brigit
- Alternative for higher amounts: OneMain Financial
- Alternative for better rates: Upstart
- Alternative for self-employed borrowers: Avant
- Alternative for comparing lenders: Smart Advances
Alternative for employees
EarnIn
EarnIn is a cash advance app that lets you borrow up to $750 of your earned wages before payday with its Cash Out feature. This borrowing limit is significantly higher than most cash advance apps, and unlike OppLoans, there are no interest or financing charges when you get advances.
To qualify for EarnIn, you must be employed, have regular direct deposits and earn a minimum of $320 each pay period. You may be able to transfer up to $150 a day to a linked bank account or possibly more with an EarnIn card. Regular transfers are available in one to three business days or in minutes for a fee.
| Loan Amount | Up to $750 |
|---|---|
| Turnaround time | 1 to 2 business days or within 30 minutes for a fee |
| Costs | Free to use or within minutes with a fee as low as $2.99 per transfer |
- Not available in: Connecticut
| Loan Amount | Up to $750 |
|---|---|
| Turnaround time | 1 to 2 business days or within 30 minutes for a fee |
| Costs | Free to use or within minutes with a fee as low as $2.99 per transfer |
Read review
Alternative for frequent advances
Cleo
With its 24-hour cooling-off period between loans, Cleo allows you a new advance only one day after paying off your previous one. This time frame is much sooner than other cash advance apps, which may make you wait three to five days between advances. Cleo also lets you reschedule your payment due date once if your finances change.
On the downside, you can only request a cash advance through the app if you have a monthly subscription, which starts at $5.99 per month. But you can also request an advance by email through Cleo customer service.
| Loan Amount | $20 – $250 |
|---|---|
| Turnaround time | 3 to 4 days or instant for a fee. |
| Costs | $5.99 monthly membership fee to access cash advances |
| Loan Amount | $20 – $250 |
|---|---|
| Turnaround time | 3 to 4 days or instant for a fee. |
| Costs | $5.99 monthly membership fee to access cash advances |
Read review
Alternative for investment advice
Albert
Albert is a banking app that also offers overdraft protection up to $1,000. But what makes Albert different from other cash apps is its Genius service. Genius is an AI-driven, human-supported money advice service that can help you with loans, budgeting and investing.
Just by entering a few details, Genius can build a custom investment portfolio based on your goals. But the service costs Optional $14.99 monthly subscription to access budgeting and basic savings a month, and it’s required to qualify for cash advances.
| Loan Amount | $25 – $1,000 |
|---|---|
| Turnaround time | Instant |
| Costs | Optional $14.99 monthly subscription to access budgeting and basic savings |
| Loan Amount | $25 – $1,000 |
|---|---|
| Turnaround time | Instant |
| Costs | Optional $14.99 monthly subscription to access budgeting and basic savings |
Read review
Alternative for payment flexibility
Brigit
Brigit is a cash advance app offering loans up to $250 per pay cycle. It never charges interest or late fees, but repayment is due by your next paycheck. However, if you need extra time paying, you can extend your due date as long as you’ve had at least two consecutive on-time payments.
Brigit charges a monthly membership fee of $8.99 to $14.99 to use its cash advance service. While this is pricier than some apps, it includes a credit builder program and up to $1 million in identity theft protection. But if you need funds same-day, Brigit charges a fee for instant transfers.
| Loan Amount | $50 – $250 |
|---|---|
| Turnaround time | 1 to 3 business days or instant with a Premium subscription or for a fee. |
| Costs | Brigit Plus: $8.99/month; Brigit Premium: $14.99/month |
| Loan Amount | $50 – $250 |
|---|---|
| Turnaround time | 1 to 3 business days or instant with a Premium subscription or for a fee. |
| Costs | Brigit Plus: $8.99/month; Brigit Premium: $14.99/month |
Read review
Alternative for higher amounts
OneMain Financial personal loans
OneMain Financial is a personal loan lender catering to fair credit borrowers. It offers loans up to $20,000 — much higher than the limits of OppLoans or a cash advance app. Loan terms range from two to five years, but rates start relatively high for a personal loan lender, at 18% APR, but are still far better than OppLoans lowest rate of 160%.
And, while this is more expensive than using a cash advance app, OneMain offers more borrowing options and longer repayment terms. Unlike cash advance apps and installment lenders, OneMain verifies your credit score before extending a loan, although it doesn’t specify a minimum score.
| Min. credit score | Not specified |
|---|---|
| APR | 18% to 35.99% |
| Loan amount | $1,500 to $20,000 |
- Not available in: Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, Vermont
| Min. credit score | Not specified |
|---|---|
| APR | 18% to 35.99% |
| Loan amount | $1,500 to $20,000 |
Read review
Alternative for better rates
Upstart personal loans
Like OppLoans, Upstart also offers loans to borrowers with poor credit, but rates are much more reasonable, ranging from 6.7% to 35.99%. It also has longer loan terms of three or five years and larger loan amounts of up to $75,000. But if you’re looking for a loan under $1,000, you’ll need to look elsewhere. Plus, it charges origination fees as high as 12%.
| Min. credit score | 300 |
|---|---|
| APR | 6.7% to 35.99% |
| Loan amount | $1,000 to $75,000 |
- Not available in: Connecticut, Iowa, Maine, Maryland, Nevada, New York, Oklahoma, Oregon, West Virginia
| Min. credit score | 300 |
|---|---|
| APR | 6.7% to 35.99% |
| Loan amount | $1,000 to $75,000 |
Read review
Alternative for self-employed borrowers
Avant personal loans
It can be harder to get a loan when you’re self-employed, especially if the lender requires direct deposit, like OppLoans. But Avant welcomes self-employed borrowers and offers larger loan amounts from $2,000 to $35,000. You can also prequalify to check your rates — which are far lower than OppLoans — with no impact on your credit. However, a hard credit check is required to formally apply. Avant also charges an administrative fee of up to 9.99%, although a portion of that may be refunded if you repay your loan early.
| Min. credit score | 550 |
|---|---|
| APR | 9.95% to 35.99% |
| Loan amount | $2,000 to $35,000 |
- Not available in: Iowa, Kentucky, Massachusetts, Michigan, Montana, Virginia, West Virginia
| Min. credit score | 550 |
|---|---|
| APR | 9.95% to 35.99% |
| Loan amount | $2,000 to $35,000 |
Read review
Smart Advances
If you want to compare multiple lenders with one application, a network like Smart Advances is a good option. Like OppLoans, lenders on the Smart Advances marketplace accept borrowers with bad credit, but it offers a much wider range of loan options, from $100 to $20,000. Plus, rates are better, ranging from 5.99% to 35.99%. But only borrowers with good credit can typically qualify for the largest loans and the lowest rates, and searching a marketplace can leave you open to unwanted calls, texts and emails from lenders looking for your business.
| Min. credit score | All credit types |
|---|---|
| APR | 5.99% to 35.99% |
| Loan amount | $100 to $20,000 |
| Min. credit score | All credit types |
|---|---|
| APR | 5.99% to 35.99% |
| Loan amount | $100 to $20,000 |
How does OppLoans compare?
If you’re having a hard time qualifying for a personal loan due to bad credit, OppLoans may be worth considering. But with APRs as high as 179%, OppLoans is typically a more expensive option than what you may get with another lender or a cash advance app. Cash advance apps typically don’t charge finance fees or interest on what you borrow, and some apps are even free to use.
But if you have bad credit and need a larger loan amount than what’s available with a cash app, OppLoans is still generally a cheaper option than a payday loan.
Opploans only requires a soft credit check to qualify, so it won’t affect your FICO credit score. Customers give the company mostly positive reviews online. However, some customers report being unhappy with high interest rates and inexplicably high repayments — with one claiming their interest costs exceeded the loan’s original amount.
Pros
- Only soft credit check required
- No origination fees or prepayment penalties
- Helps to build credit
Cons
- Rates as high as 195%
- Requires direct deposit
- Not available in all states
