What types of loans can you get from Opportunity Financial?

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.

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 A borrower may also repay loans through electronic debit, in which the required funds are automatically withdrawn from the borrower's bank account on the due date.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.