Question 1

I received an offer in the mail to apply for a loan. When I apply, it’s asking me to log in again. I’m having trouble logging in.

Accepted Answer

Click on “Log in,” which is located in the upper right-hand corner. Then click on “Forgot password.” Otherwise you can click directly here. You will be prompted to change your password. Please make sure to enter the email address you used to apply with us. When you change your password, the new password must meet the criteria listed.

Question 2

What benefits do I get with the offer code?

Accepted Answer

We use special underwriting criteria that is tied to your information as well as your offer/promo code. Entering in the promo code helps to speed things along, but your offer will be the same.

Question 3

My offer code is not working from the offer letter I received.

Accepted Answer

You can apply directly on our website at www.opploans.com and proceed without your offer code. Once you apply, your information will be recognized and you will receive the same benefits as if you had the code.

Question 4

I tried to apply at www.opploans.com but it doesn’t have a place for me to enter my promo code.

Accepted Answer

You can apply through either www.opploans.com/myloan or www.opploans.com/myoffer to enter your promo code. If you do not wish to restart your application, you can continue to apply directly at www.opploans.com, and your information will be recognized. You will receive the same benefits as if you had the code.

Question 5

Why do I need to submit additional documents or verification if I was told I was approved?

Accepted Answer

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.

Question 6

Why did you send me a pre-approval letter but deny my loan request?

Accepted Answer

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.

Question 7

What website can I use to enter my promo code?

Accepted Answer

You should see a website listed on the mailer that has your promo code. It should state either www.opploans.com/myloan or www.opploans.com/myoffer. You can enter your promo code on either website.

Question 8

I received an OppLoans mail offer intended for another person. How can I stop receiving these letters?

Accepted Answer

We apologize if you received a mail offer intended for someone else. To opt out of receiving these mail offers, call the phone number(s) in the box at the bottom of the OppLoans mail-offer letter where it says, “You can choose to stop receiving “prescreened” offers of credit from this and other companies.”

Question 9

I would like to opt out of receiving mail offers.

Accepted Answer

Please call the number(s) in the box at the bottom of the OppLoans mail offer where it says, “You can choose to stop receiving ‘prescreened’ offers of credit from this and other companies.” To opt out of getting prescreened offers through the major credit bureaus you can also visit the website, "optoutprescreen.com."

Question 10

How do I avoid smishing scams?

Accepted Answer

For information on what smishing is, how to report it, and how to avoid smishing scams, review the information in this guide.

What is smishing?

Text message or SMS phishing—also called “smishing”—occurs when scam artists use deceptive text messages to lure consumers into providing their personal or financial information. The scam artists that send smishing messages often impersonate a government agency, bank, or other companies to lend legitimacy to their claims. Smishing messages typically ask consumers to provide usernames and passwords, credit and debit card numbers, PINs, or other sensitive information that scam artists can use to commit fraud.

How to report smishing?

 	Contact the company or organization that supposedly sent the text, using a phone number or website you know to be legitimate, so it can alert others and work with law enforcement to investigate the activity.
 	Forward spam and scam texts to 7726 (SPAM), the spam reporting service run by the mobile industry. This sends the text to your phone carrier to investigate. 
 	Use tools on your mobile devices or from your carrier to filter or block unwanted messages or unknown senders.
 	Report the phishing attack to the FTC at ReportFraud.ftc.gov.

 How to avoid smishing scams? 

 	Never provide your personal or financial information in response to text messages from unknown senders. Government agencies, banks, and other legitimate companies never ask for personal or financial information, like usernames, passwords, PINs, or credit or debit card numbers via text message. 
 	Don’t be rushed. Smishing scams attempt to create a false sense of urgency by implying that an immediate response is required or that there is a limited time to respond. Verify the identity of the sender and take the time to ask yourself why the sender is asking for your information, then engage them through a trusted site or number. 
 	Don’t click open links in unsolicited text messages. Clicking the link may infect your mobile device with a virus or malware designed to steal the personal or financial information stored on the device.
 	Don’t respond to a smishing message, or call a telephone number listed in an unsolicited text message. Responding, even to ask the sender to stop contacting you, verifies that your phone number is active and that you are willing to open such messages, which may lead to an increase in the unsolicited text messages you receive.
 	Use caution when providing your cell phone number or other information on social media. This personal information can be easily bought, sold, and traded, and make you a target for smishing scams.

Question 11

Are OppLoans products available in every state?

Accepted Answer

Products available through OppLoans’ platform are not yet available in all areas. Our current list of states served is available here. We are always looking for opportunities to expand our portfolio of products to best serve consumers across the country so if we do not yet service your area, please check back soon!

Question 12

What is an APR?

Accepted Answer

APR stands for Annual Percentage Rate and it is your true cost of credit stated on an annual basis. It includes a loan's interest rate and origination fees plus it takes into account factors such as repayment amounts and frequency. However, rest assured, OppLoans and its lending partners do not charge any such origination fees on the loans offered through the OppLoans website. Even though your APR may differ slightly from your interest rate due to the factors referenced above, they will always be in close proximity to each other.

Question 13

Can my personal information get deleted?

Accepted Answer

We are required by federal law to retain all information associated with your application for at least 25 months. For further information, you can view our and our lending partners' privacy policies here. If you are a California resident, please click here to view disclosures specific to you.

Question 14

What do I do if I am a victim of identity theft or fraud?

Accepted Answer

If you have been the victim of identity theft, then please review the recommended next steps detailed in this guide.

Required Steps:

 	File a Police Report – Complete a report about the suspected fraud at your local police department and keep a copy for your records. Please ensure that the police report contains our business name and/or reference to your loan.

OppLoans suggests that you include the following information in the police report:


 	

 	

 	How and when you became aware of the suspected fraud
 	If funds from the loan were deposited into an account on which you are an authorized signer or to which you have access, include the names and addresses of any other co-owners or authorized signers.
 	If you are not the recipient of the loan proceeds, provide any information you have relating to the recipient(s) of the loan proceeds
 	The time frame for the fraudulent activity
 	The names of any other lenders or financial institutions you believe were also defrauded






 	Send the Police Report to OppLoans – Now that you have completed the police report, with the details listed above, please send a copy to fraud@opploans.com.

The police report will help with:


 	

 	

 	Removing fraudulent information from your credit report
 	Stopping debt collection activity connected to the alleged fraud
 	Placing a fraud alert on your credit report that can stay in effect for seven years
 	Obtaining information from other companies concerning accounts that may have been opened or misused due to the fraud





Additional Recommendations:

 	Contact All Other Credit Card or Loan Agencies Where You Hold Accounts – In addition to contacting OppLoans, we suggest contacting all of your other financial institutions as it is common for fraudsters to commit additional acts of fraud after obtaining a consumer’s personal information.
 	Freeze Accounts – Close all additional accounts that you believe were used or opened fraudulently. If you intend to open new accounts, you should consider changing personal identification numbers such as pins or passwords. Password tip: It is always recommended to combine numbers, letters, and symbols.
 	Contact Credit Report Companies – Create a fraud alert with the Credit Report Companies.  A fraud alert requires the prospective company to verify your identity before issuing credit in your name. The initial alert stays on your credit report for one year.

To set up a fraud alert:


 	

 	

 	Call one of the companies below (Only one is required).

 	Equifax: 800-525-6285 or equifax.com
 	Experian: 888-397-3742 or experian.com
 	TransUnion: 800-680-7289 or transunion.com


 	Report that you are a victim of identity theft.
 	Ask the company to freeze or flag your account.
 	Request a copy of your credit report from each of the three credit reporting agencies. Provide your current contact.
 	Set a reminder. Your original fraud alert will stay on your credit report for one year. You must renew if you intend to keep it on for longer.
 	Record all dates and interactions, including calls and   Also, keep copies of ALL letters that have been sent.






 	Submit an Identity Theft Report with the FTC – The Federal Trade Commission (FTC) is a bipartisan federal agency with the mission to protect consumers and promote competition. The FTC protects consumers by stopping unfair, deceptive or fraudulent practices. Once you submit your report, you will need to print a copy of the complaint. It is suggested that you send a copy to the company in question.

To submit an identity theft complaint, do one of the following:


 	

 	

 	Contact the FTC’s Identity Theft Hotline at 877-ID-THEFT (877-438-4338)
 	File your complaint online at https://www.ftc.gov/. (Again, be sure to print and save copies.)






 	Dispute Errors with Credit Report Agencies – Send a letter to each credit reporting agency explaining mistakes you notice on existing accounts, include all errors you found.  Provide the dispute in writing and attach the FTC and police reports.

*It is important to follow up on all inaccuracies and continue to monitor your credit report for potential future fraudulent activity. Additionally, you should continue to communicate with each company’s fraud team until the fraud has been confirmed or the case has been closed.

*Once the police report is obtained, OppLoans will investigate immediately. You will be notified of our outcome at the end of our investigation.  If no fraud has been found, you will be informed you are still liable for the repayment of the loan.

Question 15

Who are your lending partners?

Accepted Answer

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.
 	Capital Community Bank (CC Bank) is an FDIC-insured, state-chartered bank located in Provo, Utah.

Question 16

What types of credit products does OppLoans offer?

Accepted Answer

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.

Question 17

Is OppLoans a scam?

Accepted Answer

No! OppLoans is not a scam. OppLoans is one of the highest-rated companies in the non-prime consumer lending space. OppLoans has an A+ rating from the Better Business Bureau and highly rated on Google and LendingTree for our unmatched customer service. OppLoans has been named on Inc. 500’s list of fastest growing companies, is one of Built in Chicago’s top 100 digital companies, and was named an industry leader by The Center for Financial Services Innovation.

Question 18

I received an offer letter saying I was “pre-approved.” Does this mean I am approved?

Accepted Answer

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.

Question 19

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

Accepted Answer

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.

Question 20

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

Accepted Answer

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.

Question 21

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

Accepted Answer

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.

Question 22

What is the relationship between OppLoans and your lending partners?

Accepted Answer

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.

Question 23

Who do I work with if I am approved?

Accepted Answer

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

Question 24

How can I get a personal loan online?

Accepted Answer

In the pre-digital age, a personal loan was obtained from a bank. In order to get a loan, you had to make an appointment, drive down to your local branch and have a long face-to-face meeting with a personal banker. Then you had to wait while the bank evaluated your request. Then they would send you notice through the mail that your request for a loan was approved. Then you still had to actually apply for the loan itself!

The internet has made a lot of things easier, not just listening to music and ordering food delivery. Your grandfather had to walk 10 miles in the snow, uphill both ways, to go see a baby panda sneezing in person! But now you can sit in the comfort of your home and apply for a personal loan online.

The era of server farms and customer data means that your online application can be evaluated and approved the same day! Many online lenders have a simple application form that you can fill out easily. Depending on the lender, you can have your funds deposited into your account by the next business day.*

OppLoans is a leader in the online lending industry. You can start your loan application today on our homepage. Our helpful team of loan advisors and customer service representatives are here to help you get the funds you need with payment terms that you can afford. We are the ideal lender for customers with less-than-perfect credit.

Question 25

What is an installment loan?

Accepted Answer

There are many different kinds of personal loans. From the credit card in your wallet to the mortgage on your house to the money you borrowed from a family member, the sheer number of financial products out there can be overwhelming.

An installment loan is probably the most common type of personal loan. With an installment loan, you pay back the amount borrowed (called the principal) plus any accrued interest in regular payments over a pre-determined period of time. The length of the repayment term can range from 6 months to 3 years.

The principal will accrue interest over the life of the loan. The longer the repayment term, the more interest accrues and the more you pay. Even though your regular payments will be lower on a loan with a longer repayment term, you will end up paying more due to the increased amount of interest accrued.

Payments are usually made monthly or twice-monthly, depending on the terms of the loan agreement. The payments will always be in the same amount unless the interest rate changes at some point over the term of loan. It is always a good idea to check whether or not your loan has a fixed or a floating interest rate. If you have a floating interest rate and the rate goes up in, say, year 2 of a 3-year term, your monthly payments will increase.

There are also additional charges that will likely factor into the cost of your loan. They might even be deducted from the principal. For instance, if you have a $1,000 loan with a 10% origination fee, you will only receive $900.

Question 26

What is a personal loan?

Accepted Answer

A personal loan is a loan made to an individual rather than a business. They are usually sought in order to consolidate debt or to cover emergency expenses. The two main types of personal loans are "secured" loans and "unsecured" loans.
Secured Loan: A secured loan is one where property is pledged as collateral. For instance, a mortgage is a secured loan with the borrower's house serving as collateral. Should the borrower be unable to repay and default on the loan then the collateral is claimed by the lending institution as compensation.

Unsecured Loan: An unsecured loan is one where no property is pledged as collateral. The loan is approved entirely on the individual's ability to repay.

Outside of mortgages and auto loans, the majority of personal loans are unsecured. Because the borrower's credit score is a major factor in determining their creditworthiness, people with low credit scores are usually unable to get approved for an unsecured personal loan from a bank or traditional lender.

OppLoans leverages cutting-edge technology and customer data to evaluate our customers on a person-by-person basis. We tailor all our products towards a customer's ability to repay.

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