FAQ

I am having trouble with bank verification. What should I do?

There are multiple reasons the bank verification step may not be successful. Below are the most common errors and tips for success:

• Ensure you are using a stable Internet / Wifi connection.
• If your banking institution is not listed, you can manually upload 90 days worth of bank statements through your online portal. Log into your OppLoans account, click Upload Documents on the right menu, choose your files to upload, and then submit. 
• Attempt logging into your bank account to ensure your banking login credentials are correct. Click through any promotions, updates, or personal verification to ensure you are able to view your account. When complete, please attempt bank verification again.
• Ensure your online banking account has your current phone number and email for multi-factor authentication. This includes updating your security questions when logging into your account.

Most common errors – 

I received a mailer saying I was “pre-approved.” Does this mean I am approved?

No. A “pre-approval” is still subject to our verification of your identity and credit information. As stated in our mailer, we will not extend credit if you do not meet our pre-established criteria, meaning: (i) you are a U.S. citizen or permanent resident; (ii) are 18 years old (19 in AL and NE); (ii) reside in a state OppLoans operates in; (iv) have direct deposit for your income source (New Mexico residents are exempt from this requirement by law); (v) your verified income supports your ability to repay; and, (vi) meet our verification standards.

What is Bank Verification and why do you need it?

Bank Verification is a quick and secure process that provides OppLoans with a read-only snapshot of your recent banking transactions to help us verify your identity and financial information. By logging in with your online banking credentials, OppLoans is able to process your application faster, getting you a decision as quickly as possible. Your information is secured by industry-standard protections by our partners and OppLoans will never be able to view your login credentials.

I’m a previous OppLoans customer, but I have moved to a different state. Can I still apply?

If you were previously a customer of OppLoans and your account is in good standing, you may be able to submit an application if you moved to a state we offer products in. For more information about the product options and lender(s) in your state, please visit our Rates and Terms page.

What are the interest rates and fees associated if I receive a credit product through OppLoans?

The rates and terms for the products offered through OppLoans are specific to your state of residence. Please visit our Rates and Terms page to see rules specific to your state.

How do I know if I’ve been approved?

You will receive an email notification if your application has been approved, so please make sure your email is correct when you create your account!

Can I apply over the phone?

We do not currently accept applications by phone. However, our online application process is quick and easy—we promise! Just click “Apply Now” at the top of this page or visit www.opploans.com/register to begin the application on your computer, smartphone or tablet!

When will I receive my funds?

The receipt of your funds will vary based on the time at which your application was approved. You will receive an email notification once your loan is approved.

Monday through Thursday: If your application is approved before 9pm* CT from Monday through Thursday, you can expect your funds the next business day.

Friday Before 9:00 p.m. CT: If your loan is approved before 9pm* CT on Friday, you can expect your funds on Monday.

Friday after 9:00 p.m. through Sunday: If your loan is approved after 9pm * CT on Friday, on Saturday or on Sunday, you can expect your funds on Tuesday. If your approval day or deposit day happens to be a bank holiday, please allow for 1 extra business day of processing.

The exact time of funding depends on when your bank will post the ACH (Automated Clearing House) credits to your bank account. If you experience a delay, please reach out to your bank directly.

*Ohio customers, please note: the time cut-off will be 8pm CT instead of 9pm CT.

Do I need to send in any documents?

There are some instances where proof-of-income is required prior to your application being approved, including:

• If you receive alimony
• If you receive disability benefits
• If you receive social security benefits
• If you reside in IL or NV a paystub is required

Proof-of-income may include a government benefits award letter or a recent bank statement displaying regular deposits. Alimony, child support, or separate maintenance income need not be revealed if you do not wish to have it considered as a basis for your ability to repay. Please review our Rates & Terms page for more information about regulations in your state.

Do you have any requirements I need to meet in order to submit an application?

In order to submit an application that our underwriting can review, applicants must:

• Reside in one of the states we operate in
• Be at least 18 years old (or 19 in Alabama and Nebraska)
• Have a regular source of income (Income can be from employment or from benefits including Social Security, Disability, etc. Please note: alimony, child support, or separate maintenance income is optional to include)
• Have a checking or savings account
• Receive paychecks through direct deposit (Due to state regulations, New Mexico residents are exempt from this requirement)

How much can I borrow?

Consumer products offered through the OppLoans website range from $1,000 to $4,000, but your eligibility will depend on your state of residence, your income and ability to repay, and your creditworthiness. For more information about the product options and lender(s) in your state, please visit our Rates and Terms page.

Am I eligible to apply for a loan?

To qualify for a loan through the OppLoans website, all applicants must:

• Live in one of the following states: Alaska, Alabama, Arizona, California, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, or Wyoming.
• Be at least 18 years old. (19 in Alabama and Nebraska)
• Not presently be a covered borrower as defined by the Military Lending Act (“MLA”). Due to the changes in the Military Lending Act effective October 3, 2016, the products OppLoans offers are not available to applicants listed as Covered Borrowers in the Military Lending Act database, including qualifying active duty service members and their dependents as defined in 32 C.F.R. § 232.  However, FinWise Bank offers additional loan products through their other partners which covered borrowers may be eligible for. Please see follow this link to see further eligibility requirements for those products.
• Have a regular source of income. If your income is from employment, you have been working for your current employer for at least 3 months.
• Have a traditional bank account in your name with 90 days of history.
• Receive their paychecks through direct deposit. (Due to state regulations, residents of New Mexico are exempt from this requirement.)

How will my loan be funded?

We work hard to offer you a quick and convenient process. Once your application is approved, funds are typically deposited in your account as soon as the next business day. The actual time it takes the funds to appear in your account depends on your financial institution. 

Generally, if your loan is approved before 9pm* CT from Monday through Thursday, you can expect your funds the next business day. If your loan is approved before 9pm* CT on Friday, you can expect your funds on Monday. If your loan is approved after 9pm * CT on Friday, on Saturday or on Sunday, you can expect your funds on Tuesday. If your approval day or deposit day happens to be a bank holiday, please allow for 1 extra business day of processing.

The exact time that funds become available will depend on your bank. If you experience a delay, please reach out to your bank directly.

*Ohio customers, please note: the time cut-off will be 8pm CT instead of 9pm CT.

Simply go to our home page www.OppLoans.com and click the My Account button in the upper right-hand corner. Once you log in you will be able to view your loan agreement, your scheduled upcoming payments, past payments and check your balance.

Please call us at 855-408-5000 and one of our Advocates would be happy to assist you.

How do I update my phone, email and home address?

Please call us at 855-408-5000 and one of our Advocates would be happy to assist you.

How do I change my password?

Simply go to our homepage www.opploans.com and click the “My Account” button in the upper right-hand corner. Once you log in, you will be able to select “Change Password” on your customer dashboard to complete your password change.

How do I check my balance?

Simply go to our home page www.opploans.com and click the My Account button in the upper right hand corner. Once you login you will be able to view your loan agreement and check your balance.

What if I forgot my password?

No worries! We’ll help you set a new password for your security. Here’s how:

1. Click on the “My Account” button in the upper right-hand corner of our site
2. Click on the “Forgot password?” link
3. Enter your email and your login information
4. Check your email for instructions on how to set a new password

What if I can’t make an upcoming payment or I default on my account?

If for some reason you know you can’t make your scheduled payment or miss a past payment, please give us a call at 855-408-5000 and speak to one of our Customer Advocates who can assist you.

Can I refinance my personal loan?

We understand that financial situations change and that you may need more flexibility when borrowing money. To help in this process, we offer refinances to eligible current customers. If you are eligible to refinance, you will see a “Refinance Now” option in your customer portal.

Can I repay early or make additional payments?

Yes! At OppLoans, we want to make things convenient for you. OppLoans does not charge any prepayment fees. You can pay off your loan or make additional payments at any time. Simply log into your account to make a payment using your saved bank account (ACH) or a debit card.

If you choose to pay off your balance in full, please note that if for any reason that your payment does not clear, interest will continue to accrue and the total amount due will increase.

Extra payments help you repay your loan faster, reducing the amount of interest that you will owe. However, please keep in mind that making an early payment does not change or suspend your scheduled payments and you will still need to make your next scheduled payment.

How can I repay my personal loans?

It’s important to OppLoans to offer easy and convenient ways to pay back your loan. The most popular and preferred method for many customers is through electronic fund transfer (EFT). We also offer a recurring payment option of remotely created checks.

For one-time payments, we accept debit cards and EFT. Please review details about each payment method below, including the cutoff times:

Electronic Fund Transfer (ACH Debits)

This is the most popular repayment method for many customers. ACH stands for Automated Clearing House and is a form of electronic debit. We electronically debit your bank account for the amount you owe and the debits coincide with your due dates. You must set up ACH or make changes to your ACH payment two business days before your payment due date. Typically, you will see the debit go through within (2) business days of your due date but check with your financial institution for details on their ACH practices. A payment scheduled on a holiday or weekend may not process until the next business

Debit Cards

OppLoans accepts debit cards for one-time payments. Typically, debit card payments are applied the same day. For example, if your payment is due on January 5, your debit card payment must be made on or before January 5 during the hours of operation.

You can set up a one-time or recurring debit card in the customer portal or by calling us at 855-408-5000.

When will my loan get reported to the credit bureaus?

Accounts reported to the credit bureaus are reported on a monthly basis, between 1 to 2 weeks following the final date of the prior month. For instance, all account activity between May 1st and May 31st will typically be reported to the credit bureaus by mid-June. If your loan was paid off in May, you will typically see the updated payoff information reflected with the credit bureaus in the second or third week of June.

Will my credit score be affected if I apply?

When you apply through the OppLoans website, OppLoans pulls your credit report in order to provide you with a loan offer. This soft inquiry will not be visible to third parties and will not impact your FICO® credit score.

What do I do if there is an error on my credit report regarding my loan?

For loans made by FinWise Bank, please contact our Resolutions Department via e-mail at resolutions@OppLoans.com or by regular mail at:

FinWise c/o OppLoans
ATTN: Resolutions Department
130 East Randolph Street, Suite 3400
Chicago, IL 60601

For all other products obtained through the OppLoans website, please contact our Resolutions Department via e-mail at resolutions@OppLoans.com or by regular mail at:

OppLoans
ATTN: Resolutions Department
130 East Randolph Street, Suite 3400
Chicago, IL 60601

Please include documents to support your position that there has been an error. We will fully investigate the issue and correct any information that we find to be inaccurate.

For further assistance, please consult the following guide regarding the dispute of credit report errors: https://www.consumer.ftc.gov/articles/0151-disputing-errors-credit-reports

Do you report payment history to the major credit bureaus?

Yes. Except for in Texas, OppLoans reports payment history in every state we service to all three major credit bureaus—Transunion, Experian, and Equifax.

What do I receive if I complete the online credit education courses?

There are numerous benefits! OppU is a national standards-aligned personal finance curriculum designed to teach essential concepts like saving, budgeting, credit eduction and more. OppU can help you master your money with fun and free videos and quizzes.

Get started with OppU here or check out the Educator’s Guide for curriculum details.

Who are your lending partners?

OppLoans provides access to credit products to consumers throughout the United States through partnerships with its lending partners:

• FinWise Bank is an FDIC-insured, state-chartered financial technology bank located in Sandy, Utah.
• First Electronic Bank is an FDIC-insured, state-chartered industrial bank headquartered in Salt Lake City, Utah.

Is this an OppLoans loan or a loan from your lending partners?

Our lending partners originate loans in certain states (please see our Rates and Terms page for more details). However, OppLoans has contracted with our lending partners to service the loan products of our lending partners originate through our website.  Therefore, OppLoans will be your single point of contact for all questions or concerns.

What is the relationship between OppLoans and your lending partners?

Our lending partners are state-chartered banks that use the OppLoans platform to originate credit products for consumers. For lending partner products originated through the OppLoans platform, OppLoans services the credit products.

A loan funded through one of our lending partners will reflect on your credit report both as OppLoans and the name of the partner in question.

For FinWise Bank Loans
Reporting on your account will show up on your credit report as “FinWiseOppLoans” (TransUnion) OR “FinWise/OppLoans” (Non-TransUnion).

For First Electronic Bank Loans
Reporting on your account will show up on your credit report as “FEBOppLoans”

As the servicer of these credit products, you will work with OppLoans directly.

You may contact our Resolutions Department via e-mail at resolutions@OppLoans.com. You may also contact our Resolutions Department by mail. Please signify the appropriate lender name in the sender name, as provided below:

For First Electronic Bank loans:

First Electronic Bank c/o OppLoans

ATTN: Resolutions Department

130 East Randolph Street, Suite 3400

Chicago, IL 60601

For FinWise Bank Loans:

FinWise Bank c/o OppLoans

ATTN: Resolutions Department

130 East Randolph Street, Suite 3400

Chicago, IL 60601