Question 1

What credit score do I need to apply for a loan?

Accepted Answer

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.

Question 2

Can I apply for and obtain more than one loan at once?

Accepted Answer

You are only allowed to have one active loan per customer at any one time. If you pay off your loan in full or become eligible to refinance your loan, you may apply again for another loan.

Question 3

Why was my application denied?

Accepted Answer

If your application was denied, you will receive a Notice of Adverse Action with information regarding your denial. If you did not receive the Notice of Adverse Action, or have additional questions regarding your denial, please Contact Us and our Advocates will assist you.

Question 4

Can I change the loan amount in my application?

Accepted Answer

If you completed the bank verification process and would like to talk about changing your loan amount, please Contact Us and our Advocates will assist you.

Question 5

Do you allow cosigners and where does the cosigner sign on the application?

Accepted Answer

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

Question 6

I recently paid off my loan. When can I reapply?

Accepted Answer

Once your last payment clears and your loan is paid off, you will be eligible to apply for a new loan. To check your balance or your eligibility to apply for a loan, sign into your account here.

Question 7

I was recently denied for a loan. When can I reapply?

Accepted Answer

You may be eligible to reapply at any time; however, in most cases we suggest that you wait 30 calendar days prior to reapplying, unless you withdraw your application or your application expired. For more information about why you were denied, please see your Notice of Adverse Action. Sign into your account to view when you may be eligible to reapply here.

Question 8

How do I apply for a loan?

Accepted Answer

To start your application, click Apply Now. You cannot submit an application over the phone, in person, or via email. If you have any questions regarding the application process, please Contact Us and our Advocates will assist you.

Question 9

What are the requirements and eligibility to apply for a loan?

Accepted Answer

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)

Question 10

What is the status of my application?

Accepted Answer

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.

Question 11

Is bank verification safe and secure?

Accepted Answer

Yes. 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.

Question 12

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

Accepted Answer

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 30 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.

Question 13

Will my credit score be affected if I apply?

Accepted Answer

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.

Question 14

What is Bank Verification and why do you need it?

Accepted Answer

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.

Question 15

How do I know if I’ve been approved?

Accepted Answer

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!

Question 16

Can I apply over the phone?

Accepted Answer

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 Apply Now to begin the application on your computer, smartphone or tablet!

Question 17

When will I receive my funds?

Accepted Answer

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 8:00 PM CT from Monday through Thursday, you can expect your funds the next business day.
Friday Before 8:00 PM CT: If your loan is approved before 8:00 PM CT on Friday, you can expect your funds on Monday.
Friday after 8:00 PM CT through Sunday: If your loan is approved after 8:00 PM 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.

Question 18

Do I need to send in any documents for 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
 	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.

Question 19

How much can I borrow?

Accepted Answer

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.

Question 20

How will my loan be funded?

Accepted Answer

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.

Loan Application FAQs