Refinance FAQs
Sign in to the customer portal to apply for a loan refinance. If you meet the eligibility requirements, you will see a “Refinance Now” option to apply.
A loan refinance through the OppLoans Lending Platform allows you the opportunity to apply and, if approved, receive additional funds from your lending partner.
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
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 with one of our lending partners. 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 ...
You will receive a new payment schedule when you refinance your loan.
Approval is not guaranteed when you apply for a loan refinance. Our lending partners do not have a minimum FICO score to qualify for a loan. Instead, the application process takes into account various factors from the alternate credit bureaus and your bank data to determine your eligibility.
If your application is denied, you will receive a Notice of Adverse Action with information regarding your denial.
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...
In most instances, your refinanced loan will have the same interest rate as your current loan.
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.
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 I have other credit options?