Question 1

What does it mean to refinance my loan through the OppLoans Platform?

Accepted Answer

The OppLoans Platform allows eligible customers to apply for a refinance and, if approved, receive additional funds from one of our lending partners. Your refinanced loan will continue to be serviced by OppLoans.

Generally, a refinance through the OppLoans Platform allows you to borrow the difference between your existing loan and what you’ve paid toward the principal on your existing loan. However, those who qualify may be eligible for a higher refinance loan amount.

If your application is approved, you may be eligible to receive funds as soon as the same business day.¹

Keep in mind, refinancing means more money to pay back plus interest and may not be the best option for everyone.

Question 2

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

Accepted Answer

There are multiple reasons the automated 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.
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.

Question 3

What types of online credit products are available through the OppLoans Platform?

Accepted Answer

The OppLoans Platform offers online personal installment loans from our lending partners, which are unsecured, closed-ended loans that are 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.

Question 4

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

Accepted Answer

The rates and terms for the products offered through the OppLoans Platform are specific to your state of residence. We are continuously testing a range of rate options with our lending partners.

Please visit our Rates and Terms page to see rules specific to your state.

Question 6

Do you allow co-signers, and where does the co-signer sign on the application?

Accepted Answer

You cannot co-sign on behalf of another applicant, nor can someone co-sign on your behalf. You must apply on your own to qualify for a loan.

Question 7

Do I need to send in any documents with my application?

Accepted Answer

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

Proof of income may include your most recent benefit/award letter, pay stub, 1099, or W-2. 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. There may also be instances where we require SSN or ID documentation. See the list of acceptable forms of documentation here. Please review our Rates & Terms page for more information about regulations in your state.

Question 8

What will show up on my credit report?

Accepted Answer

A loan funded through our lending partners will reflect on your credit report as both OppLoans and the partner name.

For example, FinWise will show up as “FinWiseOppLoans” for TransUnion.

First Electronic Bank (FEB) will show up as “FEBOppLoans”.

Quill Bank will show up as "QuillBank/OppLoans”.

Question 9

How can I repay my personal loan?

Accepted Answer

OppLoans believes it’s important to offer easy and convenient ways to pay back your personal installment loan. The most popular and preferred method for many customers is via Automated Clearing House, known as ACH. ACH can be set up as a recurring payment option or as a one-time payment. We also offer repayment options of checks via mail and debit cards. Please review details about each payment method below. Please note that any requested changes to scheduled payments by any methods listed below must be requested (2) business days in advance of their due date in order to allow time for payment processing changes. ACH: This is the most popular repayment method for many customers and stands for Automated Clearing House. ACH is a form of an electronic debit that can either be a recurring payment or a single-entry payment. An ACH payment electronically debits your bank account on record for the agreed payment amount and is processed on the pre-authorized payment dates. To establish, change, or cancel an ACH payment, you must contact us at least two (2) business days prior to your payment due date in order to account for bank processing time. A payment scheduled on a holiday or weekend may not process until the next business day. For additional ACH payment information, please check with your personal financial institution or contact us. Paper Checks: OppLoans accepts paper checks made payable to OppLoans. Check payments must be received by OppLoans by your payment date. Keep in mind, checks may take 7-10 business days to process after receipt. To receive the most expedited processing, please send checks straight to our PO Box via USPS. Please be aware: any delivery method outside the aforementioned adds processing time. Checks can be mailed to:

OppLoans P.O. Box 5040 Fredericksburg, VA 22403

Debit Cards: After your loan has been funded, you are able to set-up a one-time debit card payment or recurring debit card payments by calling us at (855) 408-5000. You may also set-up a one-time debit card payment by visiting your OppLoans Customer Portal. Typically, debit card payments are applied the same day. To cancel a debit card payment, you must contact us at least two (2) business days prior to your payment due date in order to account for bank processing time.

Question 10

How much money can I apply for with an online personal loan through the OppLoans Platform?

Accepted Answer

Consumer products offered through the OppLoans website range from $500 to $5,000, but your eligibility will depend on your state of residence, income, ability to repay, and creditworthiness.

For more information about the product options and lender(s) in your state, please visit our Rates and Terms page.

Frequently Asked Questions

What does it mean to refinance my loan through the OppLoans Platform? stat_minus_1

I am having trouble with automated bank verification. What should I do? stat_minus_1

What types of online credit products are available through the OppLoans Platform? stat_minus_1

What are the interest rates and fees associated if I receive a credit product through the OppLoans Platform? stat_minus_1

Can I apply over the phone? stat_minus_1

Do you allow co-signers, and where does the co-signer sign on the application? stat_minus_1

Do I need to send in any documents with my application? stat_minus_1

What will show up on my credit report? stat_minus_1

How can I repay my personal loan? stat_minus_1

How much money can I apply for with an online personal loan through the OppLoans Platform? stat_minus_1

How do I change my password? stat_minus_1

What is OppU, and what are the credit education courses? stat_minus_1