• Loan Amounts: $300 to $10,000
  • Funding Time: 1 business day
  • Loan Terms: Up to 49 months
  • Income Threshold: None
  • Fees: Origination, late payment, and payment return fees
  • Repayment Terms: Bi-weekly
  • APR Range: 19.9% to 36%

Honest 2021 Oportun Reviews [Loan Amount, APR, Requirements]

  • Loan Amounts: $300 to $10,000
  • Funding Time: 1 business day
  • Loan Terms: Up to 49 months
  • Income Threshold: None
  • Fees: Origination, late payment, and payment return fees
  • Repayment Terms: Bi-weekly
  • APR Range: 19.9% to 36%

Best For

Those Rejected by Mainstream Banks

STRENGTHS

  • Near-instant approval; you’ll receive funding within 24 hours of approval
  • No strict income, credit score, or credit history requirements
  • Small loans anywhere from $300
  • Preapproval with a soft credit inquiry

WEAKNESSES

  • No option to change your payment dates
  • Relatively high APR
  • Only reports to 2 out of 3 credit bureaus

Oportun opened its doors in 2005. From the first, Oportun has been committed to providing financial services for individuals unable to apply with mainstream banks and credit unions.

They offer credit cards, personal loans, and support programs to people with little to no credit history or relatively poor credit scores.

In this review, we provide an in-depth look at Oportun’s personal loans taking into consideration consumer Oportun reviews, so that you have all the facts you need to decide whether this is the right personal loan for you.

What Do You Need To Know About The Oportun Personal Loan?

Oportun is a personal loan provider aimed specifically at individuals with little to no credit. As such, its terms, fees, and rates might be slightly different than what you’re used to. These are the most important need-to-know facts we identified in our Oportun review:

  • Expected Loan Amount: Between $300 and $10,000. However, loans of $6,000 and upwards are only available to return customers.
  • Monthly Payment: Oportun loan payments operate on a bi-weekly instead of a monthly basis. The payment is based on your loan amount and APR, which varies from loan to loan but is fixed across the loan term with no separate personal loan stages.
  • Loan Term: Oportun personal loans have terms ranging from 9 to 49 months, specializing mostly in short-term loans.
  • Annual Percentage Rate (APR): Oportun interest rates start from 19.9%, but are capped at 36%. As a result, your interest rate will most likely be higher than average. For example, BBVA personal loans start at 5.99%.
  • Fees and Penalties 
    • Prepayment penalty: None.
    • Origination fee: Oportun charges an origination fee which depends on the state and the loan amount.
    • Late Payment Fee: Yes, depends on how late the payment is.
    • Payment Return Fee: Yes, depends on the particular situation.
  • Unsecured or Secured: On top of the usual unsecured personal loans, there is the option for secured personal loans with your car as collateral.
  • Personal Loan Features: Oportun has an online application process, but you can also apply over the phone. Payments can be made over the phone, in person (Walmart, PayNearMe, MoneyGram, 7-Eleven, etc.), online using your debit card, via your bank, or even by check.
    • Typical Approval Time: Preapproval takes only a few minutes and full approval up to 10 minutes.
    • Typical Funding Time: Once approved, you can receive the funds within 24 hours, making it one of the top options for fast personal loans.

What Are The Oportun Personal Loan Eligibility Criteria?

While writing our Oportun review, we found that this company enforces very few hard personal loan eligibility requirements:

  • Years of age: 18 years
  • Citizenship: US citizens, residents, and certain visa holders. Non-residents may apply via a separate entity incorporated in the US. It’s one of the very few loan providers willing to work with non-citizens and non-residents.
  • Minimum Credit score: There is no minimum credit score requirement.
  • Income threshold: There is no income threshold requirement.
  • Minimum length of credit history: You can apply without any credit history.

You also need to provide some documents:

  • A valid ID, passport, driver’s license, non-US ID card, or consular ID card
  • Proof of income
  • Proof of address
  • Up to 4 referrals

Lastly, Oportun only provides loans in certain states, including Arizona, California, Florida, Illinois, Idaho, Missouri, New Jersey, New Mexico, Nevada, Texas, Wisconsin, or Utah.

How To Apply For A Personal Loan With Oportun? 

As part of our Oportun.com review, we went through the process of securing a loan to show you what you can expect, what’s required of you, and how long it usually takes. This is the step-by-step process to apply for an Oportun loan:

  • First, you will need to go to Personal Loans
  • Find the “Get Started” field and type in your ZIP code. Click “Go”
  • You can then choose whether you want to apply over the phone or online.
  • If you apply online, confirm your ZIP code and continue to the preapproval step.
  • You will then need to provide basic information, such as your name, birth date, and email address.
  • Wait a few minutes for your pre-qualification check to continue with the application. When it’s done, make sure to check whether all details are correct.
  • To proceed, you will need to have the required documents at hand and provide all other information, such as:
    • Identification
    • Your income
    • Proof of address
    • Recurring expenses
    • References
    • Marital status, etc.
  • Provide the loan details. Remember that Oportun loan amounts range from $300 to $10,000, but that larger loans are usually reserved for return customers.
  • Make sure that you review and agree to all the T&Cs, disclosures, and policies.
  • Oportun will check your eligibility on the spot and approve your loan almost instantaneously.
  • You will get notified via the phone or can check on the status of your application by logging into your account.
  • Finally, Oportun processes and funds most loans within 1 business day.

Pros & Cons

Here are the most common pros and cons identified in Oportun loan reviews:

Pros:

  • Near-instant approval; you’ll receive funding within 24 hours of approval
  • No strict income, credit score, or credit history requirements
  • Small loans anywhere from $300
  • Preapproval with a soft credit inquiry

Cons:

  • No option to change your payment dates
  • Relatively high APR
  • Only reports to 2 out of 3 credit bureaus

Oportun Customer Reviews

Unfortunately, there are very few Oportun customer reviews to be found online. The company has no presence on consumer websites like Trustpilot or Consumer Affairs.

That said, they are a BBB-accredited business (since 2016) with an A+ rating. On BBB, they have a customer review score of 2.5/5 with 90 complaints closed in the last 3 years.

There have been 158 complaints filed against Oportun with the Consumer Financial Protection Bureau. 66 were related to personal loans and 34 to debt collection. However, Oportun seems to have addressed most of these complaints.

The lack of Oportun reviews may be down to the troubles the company went through in 2020. Oportun faced a lot of scrutiny for its aggressive debt collection and litigation practices, coinciding with the COVID-19 pandemic. However, they have since significantly altered their practices to cooperate more with those facing hardships.

Privacy & Security Policy

We didn’t find anything to worry about in the company’s privacy and security policies. Oportun only collects information relevant to their products and services, regulatory requirements, and in order to deliver customized services.

Your information may also be used for typical website traffic analytics, targeted digital advertising, or promotions. However, the good news is that you can opt out of this by clicking the “Privacy Settings” link at the bottom of their web page. There’s no indication that they share information with other third-party services.

As for security, the website is encrypted with an SSL certificate, although there doesn’t seem to be any other safeguards in place. Other Oportun.com reviews didn’t point out any security-related issues, however.

Alternatives

Edwards vs Oportun Loans

Edwards provides both small and larger personal loans between $500 and $35,000. They have an attractive APR interest rate ranging between 8.99% and 17.99%. You can also apply for longer terms of up to 60 months.

Avant Loans vs Oportun Loans

In comparison with Oportun, Avant offers larger personal loans of up to $35,000 with longer terms of up to 60 months. You can also receive generally lower APR rates of as low as 9.95%. Generally, Avant Loans are also more forthcoming with information and have more positive consumer ratings.

LendingPoint vs Oportun

Like Oportun, LendingPoint is willing to consider individuals with bad credit scores. It’s also a great option for fast personal loans with funding available within 1 business day. Loan terms range from 24 to 48 months with loan amounts of up to $25,000.

Wrap Up

According to Opportun reviews, the biggest advantage of applying for a personal loan through this company is their low eligibility requirements. Oportun makes it possible for anyone, even non-US citizens/residents with no credit history or poor credit scores to get access to quick cash.

Applying for a loan will only take a couple of minutes and you should receive the funds within 1 business day. If you need some extra leverage, or you want to bring down your rates, you can even get a secured loan with your car as collateral or get a co-signer.

FAQ

What credit score do you need for an Oportun loan?

Oportun doesn’t have any strict credit score requirements. You can get a loan with no credit history or even poor credit, in which case they will consider other factors, such as your income.

What do I need for an Oportun loan?

When applying for an Oportun loan, you will need to provide a valid ID, proof of income, proof of address, and up to 4 referrals. A preapproval step is mandatory but it only involves a soft credit check.

Does Oportun help your credit?

Yes, according to most Oportun reviews, it’s a good credit-building opportunity because of the low eligibility requirements and small loan amounts. However, they only report to 2 of the 3 main credit bureaus.

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