Does OppLoans verify income for personal loan applications? This question is about OppFi

Does OppLoans verify income for personal loan applications?

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This question is about OppFi

Grace Enfield, Content Writer

@grace_enfield • 05/02/23 This answer was first published on 11/25/21 and it was last updated on 05/02/23.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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OppLoans will verify your income when you apply for a personal loan. OppLoans requires a minimum annual income of $18,000 to ensure that you can make your monthly payments, and if you don’t meet the minimum income requirement, you likely won’t get approved.

OppLoans verifies income by requesting paystub is required (if you reside in IL or NV). However, simply meeting the income requirement does not guarantee approval for a loan. There are other OppLoans personal loan requirements, as well.

OppLoans Personal Loan Requirements

$18,000 annual income
Be at least 18 years old
Be a US citizen or permanent resident
Must have a Social Security number
Must have a bank account with a transaction history of at least 90 days.
Minimum 30 days with current employer

If you want a better idea of what personal loans you may qualify for with your income, you can use WalletHub’s free pre-qualification tool.

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Does OppLoans affect credit score?

Applying with OppLoans does not affect your credit score. OppLoans will not do a hard credit check when you apply for a personal loan, as the company only performs a soft pull on your credit, which has no credit score impact.

Things change once you get a personal loan from OppLoans, however. Whether or not you pay the bills on time will have a huge impact on whether your credit score benefits...

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How do I apply for an OppLoans personal loan?

To apply for an OppLoans personal loan, first check for pre-qualification and then enter your personal and financial information on the online application. Next, verify the accuracy of the information, submit the application and wait to receive a decision.

How to Apply for an OppLoans Personal Loan

Check for pre-qualification. Pre-qualification is a way to check your approval odds and potential rates before applying for an OppLoans personal loan. It doesn't hurt...

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Does OppLoans do a hard inquiry?

OppLoans does not do a hard inquiry into your credit history when you apply for a loan. Even though there's no credit check, that does not guarantee approval, as OppLoans considers factors such as income, debt load, age, residency and more.

OppLoans typically caters to people with bad or no credit. However, loans from OppLoans are usually much more expensive than those from lenders that do hard inquires.

To see your approval odds...

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