How to Consolidate Debt with OppLoans: Everything You Need to Know

Q: Will my payments be reported to credit bureaus?

Yes. This is a big plus. OppLoans debt consolidation payments are reported to all three major credit bureaus.

Published on April 26, 2025
Updated on April 26, 2025

Prabhakar Alok

Drowning in High-Interest Loans? OppLoans Debt Consolidation Could Be Your Safety Net

If you’re trying to keep up with multiple bills—especially payday loans or credit cards with steep interest rates—consolidating your debt might be your best move. OppLoans debt consolidation is designed specifically for people who don’t have great credit, but still need real, fast, and structured relief from high-cost debt.

This guide breaks down everything about OppLoans debt consolidation loans—how they work, who qualifies, how to apply, and answers the most asked question: is OppLoans legit for debt consolidation?

What Is OppLoans Debt Consolidation?

OppLoans debt consolidation is a strategy where you take out a single installment loan from OppLoans and use it to pay off multiple existing debts—like payday loans, credit cards, medical bills, or overdue utilities. Instead of juggling several payments each month, you’ll make one fixed monthly payment with a defined repayment timeline.

It’s a way to simplify your finances, reduce stress, and potentially stop the cycle of endless interest and rollovers that come with many short-term loans.

About OppLoans

OppLoans is an online lending platform operated by Opportunity Financial, LLC. It specializes in installment loans for consumers with fair, poor, or limited credit histories. Its mission is to offer a more affordable, responsible alternative to traditional payday loans—making OppLoans debt consolidation particularly useful for borrowers who can’t qualify for traditional bank loans.

Unlike payday lenders that charge 400%+ APRs, OppLoans installment loans come with longer terms, higher loan amounts, and APRs that are still high—but far less predatory.

Is OppLoans Legit for Debt Consolidation?

Let’s get this out of the way early: is OppLoans legit for debt consolidation?

Yes. OppLoans is a legal, licensed lender that operates in multiple U.S. states. It has served hundreds of thousands of borrowers and is known for:

Offering transparent installment loan terms
Reporting payments to major credit bureaus
No hidden fees, rollovers, or balloon payments
Soft credit check during prequalification
Better structure than payday or title loans

OppLoans isn’t perfect—and it’s not cheap—but for many people, it’s one of the few responsible debt consolidation options available when banks say no.

How Does an OppLoans Debt Consolidation Loan Work?

Step 1: Evaluate Your Current Debt

Start by making a list of your current obligations. Focus on:

Payday loan balances
Credit card debt
Past-due bills or personal loans
Medical or utility debt

Add it up. Let’s say your total comes to $3,500. That’s the loan amount you’ll apply for with your OppLoans debt consolidation loan.

Step 2: Apply Online

The application is fully digital and takes just minutes. You’ll need:

Valid U.S. ID
Verifiable income
Active checking account
Email and phone number

OppLoans does a soft credit check, meaning your score won’t be impacted when checking your eligibility. If approved, they’ll do a final hard inquiry.

Step 3: Review Loan Terms

If you’re prequalified, you’ll receive terms including:

Loan amount (typically $500–$4,000)
Repayment period (typically 9–18 months)
APR (usually 59%–160%, depending on state and profile)
Monthly payment breakdown

These terms will vary by state. For example, OppLoans debt consolidation loans in California may differ from those in Texas or Illinois due to local lending regulations.

Step 4: Get Funded

Once approved, funds are typically deposited by the next business day. You can now use your OppLoans debt consolidation loan to eliminate those high-interest payday loans or cards once and for all.

Who Should Consider an OppLoans Debt Consolidation Loan?

OppLoans debt consolidation is ideal for:

People stuck in payday loan cycles
Borrowers with poor or limited credit
Individuals who need fast access to emergency funds
Those who want fixed payments and a defined payoff timeline
Anyone looking to reduce the mental load of juggling 3–4 creditors

Who should avoid it?

Borrowers with good credit (you may qualify for lower APR loans elsewhere)
People with no steady income
Anyone planning to use the loan for discretionary purchases instead of debt

Real Example: How OppLoans Debt Consolidation Works

Let’s say you owe:

$1,000 in payday loans at 400% APR
$1,500 in credit card debt at 28% APR
$600 utility bill in collections

Your minimum payments total $450/month with fees constantly rolling over. You apply for a $3,500 OppLoans debt consolidation loan at 99% APR, repaid over 18 months.

Monthly payment? ~$285. Not exactly cheap, but:

You escape predatory rollover cycles
Your credit score may improve with on-time payments
You now have one fixed payment instead of three chaotic ones

This is where OppLoans debt consolidation really works—it gives structure to people who have only known chaos with their debt.

Features That Make OppLoans Debt Consolidation Stand Out

1. Credit Score Isn’t Everything

OppLoans focuses on employment, income, and banking history—not just credit score. That’s why even borrowers with scores in the 500s can qualify.

2. Fast Funding

Most borrowers receive funds the next business day.

3. Fixed Monthly Payments

No surprise fees. You know exactly what you’re paying and when the loan will be paid off.

4. No Rollover Traps

Unlike payday lenders, OppLoans debt consolidation loans don’t allow loan rollovers that can drag you into endless debt.

5. Credit Reporting

Payments are reported to Equifax, Experian, and TransUnion—giving you a shot at rebuilding credit if you stay current.

Pros and Cons of OppLoans Debt Consolidation Loans

Pros:

Fast approval and next-day funding
No collateral required
Doesn’t rely heavily on credit scores
Structured monthly payments
Transparent terms and no hidden fees
Reports to credit bureaus

Cons:

High APRs (usually 59%–160%)
Lower loan limits than traditional lenders
Not available in all U.S. states
Better alternatives exist for prime borrowers

Still, when the choice is between another payday rollover and a fixed OppLoans debt consolidation loan, many choose the latter.

How to Use Your OppLoans Loan Effectively

To make your OppLoans debt consolidation loan actually work for you:

Pay off debts immediately. Don’t spend the money elsewhere. Use 100% of it to pay off loans and balances.
Set up autopay. Never miss a payment—it’ll help you avoid fees and rebuild your credit.
Freeze credit cards. Don’t rack up new debt while paying off the old one.
Track your credit. Use free tools to monitor how your score improves with every on-time payment.
Make extra payments if possible. OppLoans has no prepayment penalties—so the faster you pay it off, the less you spend on interest.

Alternatives to OppLoans Debt Consolidation

If you’re considering other options before deciding:

Upstart: Better if your credit is over 600
LendingClub: Peer-to-peer platform, lower rates for mid-tier credit
NetCredit: Similar profile and approval process to OppLoans
Local credit union: Lower APRs but harder to qualify
Debt management plans: Through nonprofit credit counselors if you’re buried in debt

Still, if your credit is below 600 and time is of the essence, OppLoans debt consolidation is one of the most accessible paths to financial stability.

Final Thoughts: Should You Use OppLoans to Consolidate Debt?

Debt can either spiral or be structured. With OppLoans debt consolidation, you take scattered, high-interest debts and replace them with one loan that has a plan. For many people with subprime credit, OppLoans is one of the few legit, transparent, and fast ways to clean up multiple bills and build credit at the same time.

Still asking, “is OppLoans legit for debt consolidation?” Absolutely. It may not be the cheapest solution, but it is a real one—and for the right borrower, it could be a stepping stone to a better financial future.