Loan Application
What are the requirements and eligibility to apply for a loan?
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)
What is the status of my application?
To check on the status of your application or loan, sign into your account here. If you have any additional questions about the status of your application or loan, please Contact Us and our Advocates will assist you.
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.
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 –
| Error | Description | Solution |
| Invalid / Incorrect Credentials | User incorrectly entered their credentials | Verify your credentials are accurate and attempt the process again. |
| Invalid MFA (multi-factor authentication) | User incorrectly submitted answers or codes for multi-factor authentication. | Re-enter the MFA selections, code, or question answers. Verify your information is up to date and accurate by logging into your online bank account. |
| Account Locked | User’s account is locked. Most commonly due to entering credentials incorrectly too many times. | Contact your financial institution or log into your online bank account to resolve the issue and unlock your account. |
| Account Not Yet Authorized for Online Use | User’s online bank account is not fully set up at their financial institution. | Contact their financial institution or log into your online bank account to complete setting up your account. |
| Account Not Supported / No Accounts Available | The type of account with your financial institution or the type of MFA used is not supported. | Attempt to connect with a different type of account, specifically the checking account that receives the majority of your direct deposits. |
| Institution or Service is Down, Not Responding, Not Available | Bank or provider is temporarily down, preventing user from connecting their account. Most commonly due to website maintenance. | Attempt to connect at a later time. Verify your banking institution is no longer down, by contacting or logging into your online bank account. |
How much can I borrow?
Consumer products offered through the OppLoans website range from $500 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.
General Questions
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 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.
What types of credit products does OppLoans offer?
OppLoans offers installment loans, which are unsecured, closed-ended loan that is repaid according to a set term and schedule where each payment is an equal portion of the total amount borrowed and accrued interest. For more information, please see our Rates and Terms.
Who do I work with if I am approved?
As the servicer of these credit products, you will work with OppLoans directly.
Account & Loan Repayment
How do I update my application and account information?
To update your application or account information, like name, email, social security number, or banking and payment information, please Contact Us and our Advocates will assist you.
Where can I find my payment history and pay schedule?
To view your payment history and payment schedule, Sign In to your account. For more information about payments and your options, please Contact Us and our Advocates will 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.
I cannot log into my account. What should I do?
If you need to reset your password, visit Reset Your Password and follow the on-screen instructions using the same email address you used when creating your account. If you do not have an existing OppLoans account, Apply Now to start your application. If you’re still unable to login, please Contact Us and our Advocates will assist you.
Credit Education & Credit Reporting
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 credit score do I need to apply for a loan?
We don’t have a minimum FICO or Vantage score to qualify for our loan. Instead, we look at various factors from the alternate credit bureaus and your bank data to determine your eligibility.
What will show up on my credit report?
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”
For Capital Community Bank (CC Bank) Loans
Reporting on your account will show up on your credit report as “CCBank/OppLoans”
Do you report payment history to the major credit bureaus?
Yes, OppLoans reports to the three major credit bureaus – Transunion, Experian, and Equifax – on a monthly basis except for loans originated by OppLoans in the states of Texas and Ohio.
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.