Short Answer: OppLoans Does Not Formally Refinance
OppLoans, like most bad credit lenders, does not offer a direct refinancing product for existing customers. You cannot log in and 'refinance' your current loan into a new one with better terms.
However, you can effectively refinance by taking a new lower-APR loan elsewhere and using it to pay off your OppLoans balance. Since OppLoans has no prepayment penalty, this is a legitimate cost-reduction strategy.
Who Qualifies to Refinance Elsewhere
The main barrier for refinancing out of a bad credit loan is credit score. Many borrowers who took an OppLoans loan did so because they didn't qualify for a lower-APR product at the time. If your score has improved since — because your OppLoans payments are being reported and paid on time — you may now qualify for something better.
Rule of thumb: 6-12 months of on-time OppLoans payments can raise a mid-500s FICO into the low 600s. That's the threshold where lenders like Upstart, LendingClub, and Universal Credit begin to offer APRs under 36%.
Step 1: Check Your Current Score
Before applying anywhere, get a current FICO score reading. Free options include your credit card issuer's free FICO tool, Experian's free tier, or Credit Karma (VantageScore 3.0, which is close but not identical to FICO).
If you're above 620, you have real options. Below 600, refinancing to a meaningfully better APR is unlikely — but check anyway, since some fintech lenders use alternative data models.
Step 2: Prequalify Everywhere First
Prequalification uses a soft credit inquiry — it does not affect your score. Prequalify with 3-5 lenders that report meaningful APR options for your credit tier. Good starting list: Upstart, LendingClub, Universal Credit, SoFi (620+), Best Egg (640+), LendingPoint (585+).
You'll get preliminary APR and loan amount offers within minutes. Compare these against your current OppLoans APR to see if refinancing genuinely saves money.
Step 3: Run the Math Before You Commit
The savings calculation depends on your remaining OppLoans balance and how many months are left. A new loan at 25% APR is dramatically cheaper than OppLoans at 160% APR, but not if you have only 2 months remaining and the new lender charges a 5% origination fee.
General rule: refinancing makes sense if you have 6+ months remaining on OppLoans and the new APR is at least 50% lower. Under those conditions, savings typically justify any origination fee.
Step 4: Pay Off OppLoans in Full
Once the new loan funds, immediately call OppLoans customer service and request a 10-day payoff quote. This is the exact amount needed to close the account, including any accrued interest.
Use the new loan proceeds to pay off OppLoans in full. Get written confirmation that the account is closed and paid in full — this documentation is important for your records and for future credit disputes.
Bottom Line
OppLoans itself does not refinance loans, but effective refinancing is possible if your credit has improved. The 6-12 month mark is the earliest most borrowers see meaningful score improvement. Prequalify without commitment, run the total-cost math carefully, and never let a new lender pressure you into signing before you've compared at least three offers.