Two of the most popular bad-credit lenders compared side by side.
| Feature | Rise Credit | OppLoans |
|---|---|---|
| Loan Amount | $500–$5,000 | $500–$4,000 |
| APR Range | 59.8%–299% | 160%–195% |
| Loan Term | 4–26 months | 9–18 months |
| Funding Speed | Next day | Same/next day |
| States Available | 30 states | 37 states |
| Prepayment Penalty | None | None |
| 5-Day Guarantee | Yes | No |
| Credit Reporting | Experian, TransUnion | All 3 bureaus |
| Soft Pre-Qual | Yes | Yes |
| Origination Fee | None (most states) | None |
OppLoans wins on broader state availability and all-3-bureau reporting. Rise wins on longer repayment terms and the 5-day guarantee. Neither is cheap — both have APRs far above the 36% consumer-advocate threshold.
OppLoans (rebranded to OppFi in 2021 following its NYSE IPO under ticker OPFI) was founded in 2012 by Todd Schwartz and Ted Saunders in Chicago. The company's stated mission was to serve the "middle income, underserved market" — borrowers earning $40,000-$80,000 annually who typically fall between prime credit customers and payday loan users.
The company partners with FinWise Bank (Utah state-chartered) as its primary lending bank for most states. This bank-partnership model allows OppFi to offer loans in states where their APR would otherwise exceed local limits, though this practice has faced regulatory scrutiny particularly in California and Illinois.
Unlike Rise, OppLoans caps its maximum APR at approximately 160% in most operating states. Loan amounts range from $500 to $4,000 with terms of 9-18 months. The company reports to all three major bureaus (TransUnion, Experian, Equifax) and offers a "TurnUp" program that shops your application to lower-APR partners if you might qualify elsewhere.
OppLoans has faced controversy including a 2020 Illinois state investigation into whether their bank-partnership model constitutes "rent-a-bank" scheme to evade state usury caps. The company reached a $5 million settlement in 2023 with the state without admitting wrongdoing.
OppLoans is generally the better option if: (1) you need a lower absolute maximum APR (160% vs 299%), (2) you value the TurnUp shopping program for potentially better rates, (3) you live in a state where OppLoans operates but Rise does not. The trade-off is a slower application process and less generous loan amount ceiling.