OppLoans is operated by OppFi (NYSE: OPFI), a publicly traded company. It is BBB A+ accredited, holds a 4.8/5 Trustpilot rating from 4,800+ verified reviews, and is licensed by state regulators in approximately 38–40 US states. It is not a scam.
If you’re asking “is OppLoans legit?” before applying for a personal loan, you’re asking exactly the right question. Our editorial team verified OppLoans across every major trust dimension — company ownership, regulatory status, customer reviews, fee transparency, and data security. Here is what we found.
OppLoans is operated by Opportunity Financial, LLC, a subsidiary of OppFi Inc. (NYSE: OPFI) — a publicly traded financial technology company headquartered at 130 E. Randolph St., Suite 3400, Chicago, IL 60601. Being publicly traded means OppFi files quarterly and annual reports with the SEC, making its financials and operations fully transparent to regulators and the public.
The Better Business Bureau (BBB) gives OppLoans an A+ rating — the highest score on the BBB’s A+ to F scale. BBB assigns ratings based on factors including complaint history, time in business, transparency of business practices, and responsiveness to customer issues.
What the A+ BBB rating tells us about OppLoans legitimacy:
A lender operating a scam does not maintain BBB accreditation — scam lenders are typically unregistered, anonymous, and do not respond to consumer complaints.
OppLoans has a 4.8 out of 5 star rating on Trustpilot based on over 4,800 verified customer reviews, with approximately 83% rated 5 stars. Trustpilot verifies reviewer identities through email and purchase confirmation — these are real customers, not fabricated testimonials.
Common themes in positive OppLoans Trustpilot reviews:
Negative reviews (approximately 8% of total) most commonly cite the high APR (160–195%) as a drawback. This is a legitimate criticism — OppLoans is expensive compared to traditional lenders — but it is not evidence of a scam. The APR is disclosed clearly upfront before any borrower accepts a loan offer.
Loan scams share predictable characteristics. Here is how OppLoans compares on every red flag:
| Scam Red Flag | Scam Lender | OppLoans |
|---|---|---|
| Upfront fee before approval | ✗ Demands fees | ✓ $0 origination fee |
| State licensing | ✗ Unlicensed | ✓ Licensed in 38–40 states |
| Physical address & contact | ✗ Anonymous | ✓ 130 E. Randolph St., Chicago IL |
| Guaranteed approval claims | ✗ “100% guaranteed” | ✓ Reviews applications, may decline |
| Public company / SEC filings | ✗ Not public | ✓ NYSE: OPFI (SEC-regulated) |
| BBB rating | ✗ F or not rated | ✓ A+ accredited |
OppLoans fails zero scam red flags. It is a regulated, licensed, transparent lender.
Legitimate lenders are licensed by the state financial regulatory agency in every state where they lend. OppLoans holds state licenses in approximately 38–40 US states, issued by each state’s Department of Banking or equivalent regulator.
State licensing requires lenders to:
States where OppLoans is not available are typically states with APR caps that exclude high-rate installment lenders (such as Colorado, Connecticut, and New York). OppLoans does not operate illegally in those states — it simply does not lend there.
The Consumer Financial Protection Bureau (CFPB) is the primary federal regulator for consumer financial products. OppFi is registered with the CFPB and appears in the CFPB’s public complaint database.
Having CFPB complaints is not itself a red flag — every major lender receives complaints. What matters is the response rate and resolution pattern. OppLoans responds to and resolves the overwhelming majority of CFPB complaints filed against it, consistent with a legitimate company that takes compliance seriously.
You can verify OppLoans’ CFPB status and complaint history directly at consumerfinance.gov/data-research/consumer-complaints — free, public access.
OppLoans uses 256-bit SSL encryption — the same standard used by banks and major financial institutions — to protect data transmitted during your application. As a regulated lender supervised by state banking departments, OppLoans is required to maintain strict data security and privacy practices under applicable state and federal law.
Specific security practices OppLoans follows:
One important distinction: the soft pull OppLoans performs uses Experian Clarity Services, which reports to alternative credit bureaus rather than Experian directly. This means your FICO score is completely unaffected by checking your OppLoans rate.
OppLoans is not a scam — but it is expensive. The APR ranges from approximately 160% to 195%, which is far higher than traditional personal loans (6–36% APR) and credit cards (20–30% APR).
This does not make OppLoans illegitimate. It makes OppLoans a high-cost lender for high-risk borrowers — a category that exists because banks and credit unions will not serve borrowers with very poor credit. The APR is fully disclosed before you accept any loan offer, and OppLoans charges no origination fees, no late fees, and no prepayment penalties.
Our recommendation: use OppLoans only if you cannot qualify for lower-rate alternatives, and pay off the loan as early as possible to minimize total interest paid.
Yes. OppLoans is operated by OppFi (NYSE: OPFI), a publicly traded financial technology company. It is BBB A+ accredited, holds a 4.8/5 Trustpilot rating from 4,800+ verified reviews, and is licensed by state financial regulators in approximately 38–40 US states.
No. OppLoans is not a scam. It charges no upfront fees, discloses its APR clearly before you accept any offer, is licensed in nearly 40 states, and is operated by a NYSE-listed company subject to SEC reporting requirements. Scam lenders are anonymous, unlicensed, and demand fees before providing funds.
OppLoans holds an A+ rating from the Better Business Bureau — the highest possible rating. This reflects transparent business practices, responsive complaint handling, and 14+ years in operation.
Yes. OppLoans uses 256-bit SSL encryption and operates as a regulated financial institution under state banking supervision. Sharing your bank account details with OppLoans is as safe as sharing them with any licensed lender or bank.
Yes. OppFi is registered with the Consumer Financial Protection Bureau (CFPB) and appears in its public complaint database. OppLoans is also supervised by state financial regulatory agencies in each state where it holds a lending license.
OppLoans is a brand operated by Opportunity Financial, LLC, a subsidiary of OppFi Inc. OppFi is publicly traded on the New York Stock Exchange under the ticker symbol OPFI, and is headquartered at 130 E. Randolph St., Suite 3400, Chicago, IL 60601.
