How much can I borrow?
First time borrowers can get approved for up to $1,000-4,000*. Please see our rates/terms section for more information about the type of loan we offer in your state.
Am I eligible to apply for a loan?
To qualify for a loan through the OppLoans website, all applicants must:
- Live in one of the following states: Alaska, Alabama, Arizona, California, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kansas, Kentucky, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Mexico, Ohio, Oklahoma, Oregon, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, or Wyoming.
- Be at least 18 years old. (19 in Alabama and Nebraska)
- Not presently be a covered borrower as defined by the Military Lending Act (“MLA”). Due to the changes in the Military Lending Act effective October 3, 2016, the products OppLoans offers are not available to applicants listed as Covered Borrowers in the Military Lending Act database, including qualifying active duty service members and their dependents as defined in 32 C.F.R. § 232. However, FinWise Bank offers additional loan products through their other partners which covered borrowers may be eligible for. Please see follow this link to see further eligibility requirements for those products.
- Have a regular source of income. If your income is from employment, you have been working for your current employer for at least 3 months.
- Have a traditional bank account in your name with 90 days of history.
- Receive their paychecks through direct deposit. (Due to state regulations, residents of New Mexico are exempt from this requirement.)
How will my loan be funded?
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.
What is a Line of Credit?
We provide the best possible product we can for our customers based on your state of residence. Our line of credit product is a revolving credit account that allows you to access money when you need it. If you live in Kansas, Tennessee or Virginia, we can offer you a line of credit.
If approved, you will receive a $500 to $4000 line of credit in its full amount as soon as the next business day. This amount will be your Credit Limit. As you make payments on your line of credit, you may request additional advances. However, any additional withdrawals must be less than your Credit Limit.
With a line of credit, the amount of your payments may vary depending on how much money you withdraw. Your payments may also vary from month to month depending on your specific loan terms and how quickly you choose to repay your loan.
Every billing cycle we will charge you a minimum required payment on your line of credit. However, you can repay your line of credit sooner or make voluntary payments at any time to reduce charges on your line.
- Minimum Required Payment: We will not know what your payment amount will be until your loan is funded and structured. Minimum required payments will vary based on your Credit Limit, your terms, your interest rate, as well as the state you live in. Please see our Rates & Terms section for more information.
- Billing Cycle: Minimum required payments can be due every two weeks, twice a month, or monthly, depending on how often you are paid. If you are paid every week or every two weeks, your payments will be due every two weeks. If you are paid twice a month, your payments will be due twice a month. If you are paid monthly your payments will be due once per month.
What is FinWise Bank?
FinWise Bank is an FDIC-insured, state-chartered financial tech bank located in Sandy, Utah. OppLoans provides access to credit products to consumers throughout the United States through its partnership with FinWise Bank.
Is this a FinWise Bank loan or an OppLoans loan?
FinWise Bank is the originator of loans in certain states (To see if a product offered in your state is an OppLoans or FinWise Bank product, check our Rates and Terms page). However, OppLoans has contracted with FinWise Bank to service these loan products. OppLoans will be your single point of contact for all questions or concerns.
What is the relationship between OppLoans and FinWise Bank?
FinWise Bank, member FDIC, is the bank that originates credit products, which are then serviced by OppLoans.
What will show up on my credit report?
Reporting on your account will show up on your credit report as “FinWiseOppLoans” (TransUnion) OR “FinWise/OppLoans” (Non-TransUnion).
Who do I work with if I am approved?
As the servicer of these credit products, you will work directly with OppLoans.
Who do I contact about credit reporting discrepancies?
You may contact our Resolutions Department via e-mail at resolutions@OppLoans.com or by regular mail at:
FinWise c/o OppLoans
ATTN: Resolutions Department
130 East Randolph Street, Suite 3400
Chicago, IL 60601