Q:

What types of loans can you get from Opportunity Financial?

A:

Quick Answer

Opportunity Financial offers personal loans, including lines of credit and installment loans, depending on the applicant's state of residence. In certain states, Opportunity Financial acts as a credit services organization and arranges loans with a third-party lender, according to the company's website.

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Full Answer

A first-time loan borrower is eligible to borrow $1000 to $10,000, depending on the loan type available in his state of residence, explains Opportunity Financial. A borrower typically receives loan funds by the next business day after the application is approved. The company deposits loan funds directly into the borrower's bank account.

To qualify for a loan, the applicant must be at least 18 years of age and have a stable income, notes Opportunity Financial. A borrower's income after taxes must be at least $1500, and the borrower must have direct deposit setup with his bank account. An applicant finds out instantly after submitting an application about his eligibility for a loan. Then, Opportunity Financial creates a loan agreement with the specific details of the loan. The borrower agrees to the terms of the loan, and once Opportunity Financial approves the agreement, a request is sent to the borrower's bank for funds to be deposited.

A borrower may opt to repay loans via payroll deduction, reports Opportunity Financial. A borrower may also repay loans through electronic debit, in which the required funds are automatically withdrawn from the borrower's bank account on the due date. If a borrower wishes to pay off the loan early, Opportunity Financial does not assess any prepayment penalties. Borrowers also have the option to make additional payments. In some states, a borrower may have the choice of refinancing a personal loan.

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