Loan Application FAQs
Any updates made to your loan agreement during the verification process may require a new signature. Additionally, changes to your Loan Effective Date will also require a new signature.
If you have any questions or need assistance, you can always give us a call at (800) 990-9130, and a representative will be happy to help.
Depending on the situation and what we need to verify your eligibility for a loan, we may ask for different documentation. Please always refer to your email for information on what our Advocate team is specifically requesting from you.
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 b...
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.
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...
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.
The first step in applying for a loan through OppLoans is to fill out our online loan application. To be eligible for a lending product through OppLoans, potential borrowers must:
- Be 18 years or older
- Have a bank account (checking or savings account)
- Reside in one of the states in which we currently operate
- Have a regular source of income (Income can be from employment or from benefits including Social Security, Disability, etc. ...
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.
Yes, you can apply if you are receiving fixed income, such as social security, disability, or unemployment benefits. We take into account all the same factors as other applicants when processing your loan, including meeting our minimum income requirements.
Within the application, you will see a Loan Offer page that shows you your options and allows you to adjust your loan amount, based on what you qualify for. If you completed the automated bank verification process and would like to talk about changing your loan amount, please Contact Us and our Advocates will assist you.
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.
You cannot apply with a co-applicant. You must apply on your own to qualify for a loan.
If you've been denied for a loan, we invite you to re-apply after 30 days. If and when you are eligible to re-apply, you will see a Reapply Now button on the customer portal. Log in here to see if you are eligible to reapply.
For more information about why you were denied, please see your Notice of Adverse Action email.
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.
We strive to have a decision within 24 hours; however, it may take 2-5 days if additional information or documentation is needed.
Yes. Automated 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 partner...
Automated 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 may use credit report information provided by Clarity Services and Experian as part of the application process to determine your creditworthiness. Neither credit inquiry will appear as a hard credit inquiry on your Experian credit report and therefore they will not affect your FICO score.
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!
You can also see your approval status within the customer portal.
A semi-monthly pay frequency is pay dates that have specific dates of the month, such as the 15th and 30th. Semi-monthly pay frequency is 24 pay dates in a year.
A bi-weekly pay frequency is on a consistent day of the week every two weeks, such as every two Fridays. A bi-weekly pay frequency is 26 pay dates in a year (two months in a year receive three paychecks). This matters so that we ensure we take payments out of your bank account at an appropriate frequency that coincides with your direct deposits.
You can withdraw your application during the application process by clicking “Cancel Your Application” at the bottom of the page (within the application). If you withdraw your application, you may reapply at any time.
If you do not see the withdrawal option, you can give us a call.
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.