The time it takes to get approved for an OppLoans installment loan can vary depending on several factors, including the completeness of your application, the accuracy of the information provided, and the lender's internal processes. However, OppLoans typically aims to provide a decision on loan applications quickly, often within minutes to a few business days.
Here's a general overview of the application and approval process with OppLoans:
Online Application: You can apply for an OppLoans installment loan online through their website. The application typically requires you to provide personal information, employment details, income verification, and banking information.
Application Review: Once you submit your application, OppLoans will review the information provided to assess your eligibility for a loan. They may also conduct a soft credit check, which does not affect your credit score.
Loan Decision: Based on the information provided and the results of the credit check, OppLoans will make a decision on your loan application. In many cases, you may receive a decision within minutes of submitting your application.
Loan Terms: If your loan application is approved, OppLoans will provide you with the loan terms, including the loan amount, interest rate, repayment schedule, and any fees associated with the loan.
Funding: Once you accept the loan terms, OppLoans will typically disburse the funds to your bank account via direct deposit. The timing of the funding can vary but is often within one to two business days after approval.
It's important to note that meeting the minimum eligibility criteria and providing accurate and verifiable information can help expedite the approval process. Additionally, some factors, such as the complexity of your application or the need for additional documentation, may cause delays in the approval process.
If you have specific questions about the status of your application or the approval timeline, you can contact OppLoans directly for assistance. They may be able to provide you with more information based on your individual circumstances.