Refinance FAQs
A loan refinance through the OppLoans Lending Platform allows you the opportunity to apply and, if approved, receive additional funds from one of our lending partners. Your refinanced loan will continue to be serviced by OppLoans.
You do this by applying to borrow the difference between your existing loan and what you’ve paid toward the principal on your existing loan. (Those who qualify may be eligible for a higher loan amount.)
If your application is approved, you may be eligible to receive funds as soon as the same business day.1
Keep in mind, refinancing means more money to pay back plus interest and may not be the best option for everyone.
Refinancing your loan with one of our lending partners provides additional funds. However, this means more money to pay back plus interest. Before you refinance your loan, ask yourself:
- Do I need to borrow this money?
- Can I afford to make the scheduled payments?
- Do I have other credit options?
When you successfully refinance your loan, your credit report may look different. That’s because once you complete your refinance, you will have closed your original loan and opened a new loan. We report this to the credit bureaus, monthly, in a file that includes the latest information on your account.
We suggest that you reach out to each bureau for more information about how opening and closing of accounts affects your credit s...
You will receive a new payment schedule when you refinance your loan with new payment amounts. Learn about our payment methods.
All loans, including refinanced loans, go through the OppLoans Lending Platform's full underwriting process, therefore, not all customers who apply will be approved.
OppLoans' Bank Partners 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 th...
Our bank partners review multiple factors when determining refinance eligibility, including, but not limited to, your current loan history, such as paying at least 15% or $400 towards your current loan balance (whichever comes first) and making on-time payments, as well as your previous loan history.
Not everyone who is eligible to apply for a loan refinance will be approved when they apply. If you are eligible to apply for a refi...
No, your refinanced loan will have the same interest rate as your current loan.
Your payments could potentially change. This depends on a few factors, such as the date of the first payment on your new loan and the interest that accrues between then and the last payment date on your previous loan. If you refinance for a different loan amount, your payments could also change.
If approved, we advise you to view the payment amount of your new loan on your loan agreement.
You can receive part of the amount that you’ve paid toward the principal on your current loan. For instance, if you’ve paid $500 of the principal on your current loan, you can apply to refinance your loan to receive up to $500. In some instances, you may have the option of applying for more than your principal paid.
To see how much you’ve paid toward your principal, log in to your account.
Yes. Once you meet the eligibility requirements on your refinanced loan, you can apply to refinance again to receive additional funds. However, this means more money to pay back plus interest, and this may not always be the best option.
Before you refinance your loan, ensure that doing so makes sense for your unique financial situation. Ask yourself:
- Do I need to borrow this money?
- Can I afford to make the scheduled payments?
- Do ...