Does OppLoans do a hard inquiry? This question is about OppFi

Does OppLoans do a hard inquiry?

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This question is about OppFi

Rick Bormin, Personal Loans Moderator

@rhandoo2020 • 11/10/21 This answer was first published on 11/10/21. 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 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 and what rates may apply to you, check out the free pre-qualification tool on WalletHub.

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How to Get OppLoans Personal Loan Pre-approval… read full answer

Go to WalletHub’s free personal loan pre-approval tool.

Enter your desired loan amount and select the reason for borrowing.

Click “Get Started.”

Select your employment status, then enter your annual income.

Select whether you rent or own your home and click “Continue.”

Create a WalletHub account if you haven’t already.

Receive your pre-approval status.

It’s important to note that WalletHub’s personal loan pre-approval tool doesn’t just check for pre-approval with OppLoans. It also checks with multiple other personal loan providers at the same time, so you can see your options.

Keep in mind that if you are pre-approved for a personal loan, you’re not guaranteed to be approved when you submit an application. Your approval odds will be very high, though.

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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 of applicants' 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 or falls as a result of an OppLoans loan. Your increased debt level and account diversity will impact your score, too. … read full answer

You can use WalletHub’s credit analysis tool to see how a loan from OppLoans is likely to affect your credit score in particular.

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What credit score do you need for an OppLoans personal loan?

You do not need a specific credit score to get a personal loan from OppLoans, as OppLoans does not check applicants' credit when they apply. This means it is relatively easy to get approved for an OppLoans personal loan, even for people who have bad credit. Still, approval is not guaranteed, as OppLoans will consider other things like your income and existing debts when deciding whether to approve you. … read full answer

Keep in mind that while OppLoans and other companies that don't do a credit check offer easier approval than most personal loan providers, they also tend to be significantly more expensive. As a result, you might first want to look into one of the cheaper personal loans from companies that do credit checks but still consider people with bad credit.

If you're unsure of what your current credit score is, you can check it for free on WalletHub. You can also pre-qualify for an OppLoans personal loan online to gauge your chances of getting approved with your current credit score.

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