Refinance with One of Our Bank Partners Through the OppLoans Platform
How it Works: A refinance through the OppLoans Platform allows eligible customers to apply for additional funds from one of our bank partners before their current loan has been fully paid off.
Generally, eligible customers may apply to borrow the difference between the existing loan amount and what they’ve already paid toward the principal. However, some qualified customers may be eligible to apply for a higher loan amount than what was initially borrowed.
If you are approved and refinance your loan through one of our bank partners, your refinanced loan will cover your current balance plus any additional amount you borrow, and your existing loan will be paid off and closed.
How to Check Your Eligibility and Apply
Key Considerations Before Refinancing Your Loan
You may be eligible for additional funds, but that also means you will have more to pay back in the future
We understand that challenging financial situations may arise. Applying to refinance your current loan through one of our bank partners may allow you to access additional funds in times of need. However, it's important to understand that refinancing means you will be taking out a new loan for the remaining balance of your current loan plus the additional amount you are borrowing. This will result in paying back more over time, including interest.
A refinance is not always the best option. Here are some important questions you should ask yourself before deciding whether to refinance your loan through the OppLoans Platform:
- How much additional funding am I eligible to receive?
- Do I really need to borrow this amount?
- Can I afford to make the scheduled payments for the entire term of the loan?
- Do I have any other, less expensive credit options available?
Your interest rate generally will not change
Your refinanced loan amount will generally have the same interest rate as your current loan.4
Before refinancing a loan, 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. For additional information, refer to our Refinance FAQs or call us at (800) 990-9130.
Refinance Eligibility and Application
If you are interested in refinancing your loan through the OppLoans Lending Platform, you must first apply for the additional funds. Not all customers who apply will be approved.
You may recognize the application process from when you applied for your initial loan. Our bank partners do not have a minimum FICO® score requirement to qualify for a loan.2 Instead, the application process takes into account various factors from the alternate credit bureaus and your bank data to determine your eligibility.
Refinancing May Impact Your Credit Report
When you successfully refinance your loan, your credit report may change. That's because once you complete your refinance, your credit report will reflect that you have closed your original loan and opened a new loan with one of our bank partners. You will continue to have only one active loan account serviced by us.
Refinance FAQs
The OppLoans Platform allows eligible customers the opportunity to apply for a refinance and, if approved, receive additional funds from one of our bank partners. Your refinanced loan will continue to be serviced by OppLoans.
Generally, a refinance through the OppLoans Platform allows you to borrow the difference between your existing loan and what you’ve paid toward the principal on your existing loan. However, those who qualify may be eligible for a higher refinance 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.
Yes. Once you meet the eligibility requirements for a refinance of your existing loan through one of our bank partners, you can apply for a refinance to receive additional funds. However, this means you will have more to pay back over time, including interest, and this may not always be the best option.
Before refinancing a loan, 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. Here are some questions you should ask yourself:
- How much additional funding am I eligible to receive?
- Do I really need to borrow this amount?
- Can I afford to make the scheduled payments for the entire term of the loan?
- Do I have other, less expensive credit options available?
Your regular 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 that payment and the last payment date on your previous loan. If you refinance for a different loan amount, your payments could also change.
Keep in mind, refinancing does not assure a reduction in scheduled payment amounts. If approved, we advise you to review the payment amount of your new loan on your loan agreement and carefully consider whether you can afford to make the scheduled payments over the entire term of the loan before signing the loan agreement.
Refinancing does not assure a reduction in scheduled payment amounts. Your regular payment amount depends on a few factors, such as the date of the first payment on your new loan and the interest that accrues between that payment t and the last payment date on your previous loan. If you refinance for a different loan amount, your payments could also change.
If you are considering refinancing your loan to lower your payment amounts, you may want to speak with a member of our Payments department at (855) 408-5000 to discuss whether repayment options and potential assistance on your current loan are a better option.
If approved for a refinance, we advise you to review the payment amount of your new loan on your loan agreement and carefully consider whether you can afford to make the scheduled payments over the entire term of the loan before signing the loan agreement.