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Support Home Applying for a Loan Can I apply for a second loan? If you currently have a loan from Optus Bank, in order to be eligible for another… How does applying for a loan affect my credit? Checking your rate with Optus Bank will not affect your credit score. If you pro… When and how do I receive my loan funds? If you accept your loan before 11:50am EST Monday-Friday, you should receive your… What is the range of interest rates offered on loans, and what is the difference between APR and interest rate? All Optus Bank loans offer a fixed rate, but individual rates are determined base… Can I change my loan application after it has been submitted? You will not be able to edit your application once it is submitted. Please be sur… What can I use the loan proceeds for? You can use your loan proceeds for almost anything. The following are some option… How much money can I borrow? You can borrow between $1,000 and $50,000.… What agreements do I have to agree to in order to receive a loan? In order to receive your loan you must agree to the Borrower Platform Agreement, … How are interest payments calculated? Optus Bank uses simple interest to calculate interest payments. A specific intere… How do I apply for a loan? Please complete the brief online application that will include information about … What is the difference between a soft and hard credit inquiry? There are two kinds of inquiries (or pulls) that can occur on your credit report:… Can I negotiate the rate or my loan terms? No, you cannot negotiate the loan terms or rate. Your rate is generated by the mo… Why do you need my social security information? We must collect and verify your personal information, including your date of birt… Can you withdraw or delete my application? If you wish to withdraw from the application process, please email us at optusban… What fees am I charged? Fee Amount Frequency Description Late Payment Fee $8.40 Per occurrence If a borro… Are loans through Optus Bank fixed rate or variable rate? All loans through Optus Bank have a fixed interest rate, which means it won't cha… How to Calculate Your Self Employed Income If you’re self-employed and you’d like to use your income from this job as the in…