Personal Line of Credit
A Line of Credit through the OppLoans Platform designed to give you flexible access you can reuse as you repay.7
- Same-day funding available1
- Applying does NOT affect your FICO® credit score2
- Easy application process, quick decision1
Minimum Credit Limit
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Maximum Credit Limit7
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Minimum Draw Amount
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Please see Line of Credit cost & terms.
What is a Personal Line of Credit?
Generally, a personal line of credit is a form of revolving credit that provides access to a predetermined credit limit. You can draw funds as needed and do not need to use the entire credit limit at once. Repayment amounts are based on the amount of credit being used, and as the balance is reduced more credit may become available. Unlike a traditional loan which provides a lump sum upfront, a line of credit can be utilized over time as financial needs arise, with the cost of credit typically based on the amount of credit being utilized.
Lines of Credit for Bad Credit
Whether you're facing unexpected financial surprises or simply looking for access to funds - an unsecured Line of Credit through the OppLoans Platform is designed for everyday Americans with less-than-perfect credit.
Is a Line of Credit Right for You?
Unlike a one-time lump sum loan, a personal line of credit generally gives you ongoing access to funds so you can manage unexpected expenses as they arise. Since you can access a line of credit more frequently, it may be useful when budget needs change over time rather than all at once. On the other hand, if you know exactly how much you need for a single purchase or expense, a traditional installment loan might be a better fit. It's important to take time to review your financial situation, research your options, carefully review the loan terms, and consider the relevant risks and benefits.
How Line of Credit Works Through the OppLoans Platform
Pay Extra, Minimize Fees
Making additional payments will reduce your overall balance and may help decrease the amount you pay in fees over time. Paying only your Statement Minimum Payment will take longer to pay down your Line of Credit and may increase your overall fees.
What is the Cost of a Line of Credit?
Cash Advance Fee: 10% of each Cash Advance. The Cash Advance Fee will be automatically deducted from your Cash Advance prior to delivery into your bank account.8
Carried Balance Fee: We assess a Carried Balance Fee at the conclusion of each Billing Cycle only if both (1) your Carried Balance from your previous Billing Cycle is greater than $0.00 and (2) your Average Daily Balance during the current Billing Cycle is greater than $25.00. The amount of the Carried Balance Fee due is based on your Average Daily Balance and will correspond to the fee tiers disclosed in the Fee Table.8
Specific charge amounts and payment details are outlined in your account agreement, and available through your online account dashboard.
What Can a Line of Credit be Used For?
Frequently Asked Questions
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.
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.
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 assessed and deducted upfront from each requested Draw amount, and you will receive the remaining Advance Proceeds to your bank account onfile.7
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.
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.
