Line of Credit FAQs
A Line of Credit through the OppLoans Platform is an open-end, unsecured revolving loan issued by FinWise Bank and serviced by OppLoans. It is a type of loan approved for a predetermined credit limit with no collateral required. You decide how much you need to draw, up to your available credit limit, and when. As you repay what you borrow, your line gets replenished by that amount.
If approved, initial credit limits range from $500 to $3,000 for new customers, and from $500 to $4,000 for returning customers, based on underwriting evaluation and creditworthiness.7
A personal Line of Credit is a revolving credit account, meaning you can borrow the funds you need, up to your credit limit, and as you repay, the credit becomes available again to reuse. A personal loan provides a one-time lump sum of funds with a fixed repayment schedule.
Unlike a traditional loan, where you receive a lump sum and the loan is closed once paid in full, a Line of Credit gives you the flexibility to borrow and repay over and over again, as needed. It works like a revolving credit account, letting you withdraw funds, as needed, up to your approved limit.
If you have available credit, you can request to draw funds from your Line of Credit via the customer portal. Draw requests, a minimum of $50 or greater, submitted prior to 12:00 PM Central Time on a business day will have funds deposited on the same day, directly into the bank account on file.1 Availability of the funds is dependent on how quickly your bank processes the transaction.
Please note that a 10% Cash Advance Fee is as...
You may request to draw funds as frequently as once per day, as long as your account is eligible.
Each Draw request must be at least $50 up to your total available credit limit. Please note that a 10% Cash Advance Fee is assessed and deducted upfront from each requested Draw amount.7 Draw requests submitted before 12:00 PM Central Time on a standard business day are eligible for same-day funding processing.1 Availability of the funds is dependent on how quickly your bank processes the transaction.
No, you will not need to reapply every time you draw from your Line of Credit. If your account is eligible, you will see the “Draw Funds” button in your customer portal when you log in.
No, you cannot increase your credit limit after you are approved. However, as you pay back the money you borrowed, that amount becomes available for you to borrow again, up to your available credit limit.
No. The Line of Credit through the OppLoans Platform does not charge an Annual Percentage Rate (APR) or interest rate. Instead, there are finance charges that consist of a Cash Advance Fee for each Draw and a Carried Balance Fee, as applicable.8 Please see the Cost and Terms for details regarding the cost and availability of products in your state of residence.
We assess a Cash Advance Fee (a finance charge) of ten percent (10%) of the total Cash Advance amount for each Draw you make on youraccount.8 When you request a Cash Advance, we will deduct the Cash Advance Fee amount from the total Cash Advance request amount, and we will deliver the remaining amount (the Advance Proceeds) to your bank account on file. Your Advance Proceeds will always be less than the total amount you must repay...
You’ll only pay a Carried Balance Fee8 at the end of your billing cycle if both of these are true:
- You carried over an unpaid balance from your last billing cycle
- Your average daily balance for the current billing cycle was over $25.00
The amount of the Carried Balance Fee due will be based on your average daily balance and will correspond to the fee tiers disclosed in the fee table.
How to avoid the fee:
- Pay in full: Pay off y...
Your Statement Minimum Payment due each billing cycle includes any assessed Carried Balance Fee8 plus a Mandatory Balance Contribution amount equal to the greater of:
- Monthly Statements: $50 or 4% of the outstanding balance at the close of your billing cycle.
- Bi-Weekly / Semi-Monthly Statements: $25 or 2% of the outstanding balance at the close of your billing cycle.
Your Statement Minimum Payment will never exceed the total amo...
No, there are zero late fees and no prepayment penalties if you choose to pay off the balance early.8
Please see the Cost and Terms for details regarding the cost and availability of products in your state of residence.
The first step in applying is to fill out the online loan application. To be eligible for the Line of Credit product issued by FinWise through the OppLoans Platform, potential borrowers must meet all creditworthiness requirements and:
- Be 18 years or older
- Have a bank account (checking or savings account)
- Reside in one of the states in which Lines of Credit are offered
- Have a regular source of income (Income can be from employment...
If your account is inactive with a zero-dollar ($0.00) balance and no draw activity for three (3) consecutive months, it will be automatically closed.
Once your Line of Credit account is closed, you will no longer be able to draw funds from your Line of Credit. If you want to draw funds in the future, you would have to submit a new application and meet all standard underwriting and eligibility criteria.
FinWise Bank, OppLoans’ bank partner, may review credit information from Clarity Services and Experian during underwriting to evaluate creditworthiness. This credit inquiry is recorded as a soft inquiry on Experian credit reports and as a hard inquiry on Clarity reports. Therefore, it will not affect your FICO® credit score.2
FinWise Bank does not enforce a fixed minimum FICO® or VantageScore threshold for applicant eligibility. Rather than relying solely on traditional credit scoring models, creditworthiness and overall eligibility are thoroughly assessed by evaluating alternative credit bureau data (such as information from Clarity Services) alongside transactional banking history and direct-deposit income records.