OppLoans Personal Loan Review

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When bad credit puts you out of the running for most loans, it can be a relief to find a lender like OppLoans with no minimum credit score. But be careful — OppLoans has expensive rates.

Eligibility and access: 5/5
Cost to borrow: 1.8/5
Loan terms and options: 3.3/5
Repayment support and tools: 3.5/5

P4 offers small, short-term installment loans for people who don’t qualify for loans from traditional banks and online lenders. Here’s what you need to know.

Expensive rates: Traditional lenders generally cap their rates at just under 36% APR, but P4’ APRs are more than three times higher (Not specified to Not specified). Your monthly payments and total loan cost will be significantly higher than they would with the best bad credit loans.
Same-day funding: If you need a quick loan, you’re in luck — you could get your money from P4 as soon as the same day.
No origination fee: P4’ rates are expensive, but they do skip one common personal loan fee called an origination fee. This is a one-time administrative fee that lenders typically take from your loan money before sending it to you.
No credit check: Unlike most lenders, P4 doesn’t do a hard credit check when you apply for a loan. Instead, they’ll do a soft credit check, which will let them peek at your credit without the damage to your score that comes with a hard pull.
Smaller loans only: Consider other personal loan lenders if you need to borrow more than Not specified, which is P4’ limit.
Short repayment terms: You’ll only have Not specified to Not specified months to repay a loan from P4, which is short compared to the typical personal loan term of 24 to 60 months. Short-term loans come with higher monthly payments.
Build credit with on-time payments: Since P4 reports payments to all three credit bureaus, you could build credit as you pay off your loan.
Best for people with bad credit who don’t qualify elsewhere: P4 could give you money when other lenders won’t, but you’ll make steep monthly payments in exchange. If you get a loan from P4, pay it off early to avoid overpaying on interest.

P4 pros and cons

P4 offers fast installment loans for bad credit, but these loans are expensive and come with limitations that could make them difficult to pay back.

Pros

Same-day funding possible
Bad credit OK
No origination fees, late fees or prepayment penalties
No credit check

Cons

High rates (Not specified to Not specified APR)
Only offers small loans (Not specified to Not specified)
Short repayment terms (Not specified to Not specified months)

When you have bad credit and are strapped for cash, it makes sense that you’d turn to a lender like P4. P4 offers fast, small installment loans to borrowers who don’t qualify with traditional personal lenders.

But before you sign your loan agreement, use a personal loan calculator to estimate your monthly payments and total cost of interest. P4 charges expensive rates, and its short repayment terms will make your monthly payments even higher.

Whenever possible, we recommend avoiding loans with APRs above 36%. But if you do get a loan from P4, create an aggressive budget to pay off your debt to save money on interest. You can also take some financial power back by improving your credit score. This will help you qualify for cheaper loans in the future.

P4 requirements

To get an P4 installment loan, you’ll need to be at least 18 years old and meet the following criteria:

Minimum credit score	No minimum
Minimum annual income	$18,000
Other requirements	Have a bank account Get a regular source of income through direct deposit for at least 90 days Live in a U.S. state where OppLoans is licensed

If P4’s loan options won’t work for your borrowing needs, be sure to shop around for a lender that helps you meet your financial goals and can offer you the best-fitting rates, terms and amounts.

Best personal loan options for:

How to get a personal loan with P4

Prequalify

The first step to get a loan from P4 is to prequalify. This just means checking your rates with no impact to your credit. Click “Apply Now” on the P4 website and provide personal info like your name, address, contact information, date of birth and Social Security number.

Verify your information

P4 may ask you to send the following documents to verify your identity, income and employment:

Social Security card, W-2, 1099 or 1095-C
Government-issued identification, like a driver’s license, passport, state ID or permanent resident card
Proof of income, like your most recent pay stub or most recent benefit/award letter

Close on your loan

P4 will send you an offer with your rates and terms if you qualify. At this point, you can decide whether to move forward with the loan. If you do want to take out the loan, you’ll sign the loan agreement and P4 will send you your money as soon as the same day.

How P4 compares to other personal loan companies

Even if you believe P4 aligns with what you’re looking for in a loan, it never hurts to shop around and compare other lenders. Here’s how P4 stacks up against similar lenders.

Lender	P4		Upstart
LendingTree’s rating	/5	3.2/5	/5
Minimum credit score	None
APRs	Not specified		7.23% to 24.00%
Loan amounts	Not specified to Not specified		Not specified to $125,000,000
Repayment terms	Not specified to Not specified months	months	12 to 84 months
Origination fee
Funding timeline	Get money as soon as the same business day	Get money as soon as the same business day	Get money as soon as the next business day
Bottom line	While P4 doesn’t charge origination fees, its high APRs and short repayment terms may make it hard to repay your loan.	Although it does charge a one-time origination fee, offers much lower interest rates, larger loans and longer repayment terms than P4 on a similar timeline.	Like , Upstart also offers much lower rates and longer repayment terms than P4. Consider Upstart if you need a large loan — it offers up to $125,000,000, which is well above the Not specified maximum from P4.

How we rated P4

We evaluate personal loan lenders on more than just interest rates. Our goal is to show how accessible, affordable, transparent and supportive each lender really is.

Our categories

Every lender is scored out of 5 stars, with 5 stars being the highest rating. LendingTree loan experts determine this score using dozens of underlying data points across four weighted categories covering the full borrowing journey.

Eligibility and access (30%)

We assess how easy it is for people to qualify and apply. This includes state availability, soft-credit prequalification, membership requirements, funding speed and whether borrowers with less-than-excellent credit can get a loan.

Cost to borrow (35%)

We evaluate how affordable the loans are based on minimum and maximum APRs, loan fees and rate discounts. Lenders with unclear or potentially predatory costs receive lower scores.

Loan terms and options (20%)

We consider repayment term flexibility, loan amount ranges and whether options like secured loans, joint loans or direct-to-creditor payments are offered — plus whether the lender clearly communicates these options.

Repayment support and tools (15%)

We evaluate borrower experience after funding: customer service access, hardship or forbearance programs, payment flexibility and digital tools like mobile apps or credit monitoring.

Our process

We gather data directly from lenders through their websites, disclosures and direct communication with company representatives. Our editorial team verifies and updates information regularly. We value transparency and award less favorable scores when lenders obscure or omit details.

In some cases, our editors may apply a small adjustment (no more than 4% of the overall score) to account for factors not captured by the methodology. This could include J.D. Power customer satisfaction surveys, recent regulatory actions or features that stand out in ways our rubric doesn’t measure directly.

Our editorial team applies the same scoring model and standards to every lender. Lenders cannot pay to influence our ratings.

Frequently asked questions

Yes, OppFi (P4’ parent company) and its lending partners are legitimate companies. That said, P4’ rates are expensive, and you can find cheaper loans with other bad credit installment lenders.

P4 doesn’t require a certain credit score in order to qualify. But in exchange for easy access to loans, P4 charges high rates that make their loans expensive.

P4 reports payments to all three credit bureaus, so making on-time payments will likely boost your credit score. But the opposite is also true — if you miss payments or default on your loan, your credit will take a significant hit.

You can only borrow Not specified to Not specified from P4, which is on the low end compared to other personal loans. Lenders typically offer up to $50,000, but some offer up to $100,000 or even $250,000.

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Personal Loans Resources

Loan Amount	Loan Term (Years)	Rate	APR	Origination Fee	Estimated Fixed Monthly Payment*
$1,000	3	n/a*%	n/a*%	$n/a*	$n/a*
$5,000	3	n/a*%	n/a*%	$n/a*	$n/a*
$5,000	5	n/a*%	n/a*%	$n/a*	$n/a*
$10,000	3	n/a*%	n/a*%	$n/a*	$n/a*
$10,000	5	n/a*%	n/a*%	$n/a*	$n/a*
$15,000	3	n/a*%	n/a*%	$n/a*	$n/a*
$15,000	5	n/a*%	n/a*%	$n/a*	$n/a*
$20,000	3	n/a*%	n/a*%	$n/a*	$n/a*
$20,000	5	n/a*%	n/a*%	$n/a*	$n/a*
$25,000	3	n/a*%	n/a*%	$n/a*	$n/a*
$25,000	5	n/a*%	n/a*%	$n/a*	$n/a*
$30,000	3	n/a*%	n/a*%	$n/a*	$n/a*
$30,000	5	n/a*%	n/a*%	$n/a*	$n/a*
$35,000	3	n/a*%	n/a*%	$n/a*	$n/a*
$35,000	5	n/a*%	n/a*%	$n/a*	$n/a*
$50,000	3	n/a*%	n/a*%	$n/a*	$n/a*
$50,000	5	n/a*%	n/a*%	$n/a*	$n/a*

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