About Lender
Oportun is based in San Carlos, California and is a unique lender that offers installment personal loans to low to moderate income individuals, especially those with little to no credit history. Originally named Progreso Financiero, it rebranded to Oportun, which is the first part of the word ‘oportunidad’ (opportunity in Spanish) to reflect its mission to serve the financially underserved, regardless of language, whether English or Spanish.
The company was founded in 2006 to offer affordable loans and help people build credit. Unlike traditional lenders, Oportun’s approach uses smart algorithms to look at applicants’ income and spending behavior to determine a loan amount. This technology goes beyond just lending; it’s a broader financial wellness framework that includes budgeting, savings and investment opportunities. The savings are automatically deposited into an Oportun savings account so you can manage your money better.
Key Features
-
High Rates. Oportun’s rates are capped at 36% but the starting rates are much higher than other online lenders that may offer APRs starting at 10% or lower. Be sure to compare rates to get the best terms.
-
Origination Fee. Oportun may charge an origination fee up to 8% of the loan amount, deducted from the loan funds before disbursement. Make sure the net loan amount is enough after the fee is deducted.
-
Inflexible Payment Date. Oportun allows you to choose from a few payment dates that align with your pay schedule initially but once you make that choice, the payment date is set in stone and you can’t change it during the repayment period like some lenders do.
Pros and Cons
Pros
Soft Credit Check for Pre-qualification. Oportun allows you to pre-qualify with a soft credit check that doesn’t affect your credit score.
Co-sign and Limited Secured Loan Options. Offers co-sign and limited secured loan options to increase chances of approval and possibly better rates.
Welcomes Credit Newbies. Especially for those new to credit or with thin credit history.
Small Loan Amounts. Offers loans as small as $300 for immediate short-term needs.
Community Development Financial Institution (CDFI). Federally recognized to promote community development which is reflected in their services and support.
Cons
Origination Fee. May charge an origination fee up to 8% of the loan amount, deducted from the loan funds before disbursement.
High Rates. Rates are below 36% but starting rates are higher than other online lenders.
Fixed Payment Date. Once set, the payment date can’t be changed during the repayment period to accommodate any changes in your financial situation.
Reliability
Positive Reviews. Oportun has received many positive reviews, especially in their local storefronts. They have over 60,000 five-star reviews on platforms like Google and Trustpilot, showing that many users trust them.
Better Business Bureau Rating. Oportun holds an A+ rating from the Better Business Bureau (BBB), reflecting their commitment to customer satisfaction. They were also named Bankrate’s #1 app for saving money in 2023.
Mixed Ratings. While Oportun has positive feedback, they also have a 3 out of 5-star rating on the BBB website. This reflects a more mixed experience among users.
Complaints. In 2021, the Consumer Financial Protection Bureau received 1,414 complaints about Oportun's personal loans. This shows that some customers have had negative experiences with the company.
Interest Rates. Oportun offers loan rates lower than the 36% maximum considered affordable by experts. However, their rates, which range from 29.00% to 35.95%, are still high compared to other lenders.
Suitable for Certain Borrowers. Oportun can be a good option for borrowers with no credit or in need of small emergency loans. However, the high interest rates and some negative customer experiences suggest caution and thorough research before choosing them.
How to Apply for a Oportun Loan?
-
Go to Oportun Website. Go to the Oportun Personal Loans page.
-
Click Apply Now. Click the “Apply now” button.
-
Enter Personal Info. Fill in your name, address, income and employment info during the pre-qual application.
-
Review Pre-Qual Results. Oportun will show you if you pre-qualify.
-
Fill out Full Application. If pre-qualified, fill out full application. Add any additional info requested.
-
Submit Application. Once all info is complete, submit application for final review and approval.
-
Contact Oportun. If you have questions or need help, contact Oportun for more info.
Conditions and Requirements
Conditions
Eligibility. State of residence and creditworthiness.
Loan Amounts. $300 to $10,000 to fit your needs.
Fees. $5 to $15 or up to 5% of the unpaid balance depending on the situation.
Repayment. 1 to 5 years to fit your repayment schedule.
Usage. Oportun personal loans can be used for any of the following: unexpected expenses, home repairs, medical bills, debt consolidation and more. However, there are limitations. For example, loans cannot be used for student loans or business expenses.
Requirements
Age and Citizenship. You must be at least 18 years old and a U.S. citizen or permanent resident.
Identification. A valid Social Security number or Individual Taxpayer Identification Number and a government-issued photo ID such as a driver’s license or passport.
Residency. You must reside in one of the 12 states where Oportun operates.
Income. Having a steady income is important as it will affect your ability to repay the loan.
Credit Score. Oportun has flexible credit score requirements with a general range of 300 - 700 but they also cater to those with no credit history.
Purpose of Loan. Be prepared to explain what you will use the loan for as personal loans can be used for any of the following: unexpected expenses, home repairs, medical bills, debt consolidation and more. However, there are limitations. For example, personal loans cannot be used for student loans or business expenses.
Ways to Receive the Money
After Oportun approves your loan you can receive the funds through bank transfer, paper check or direct deposit, usually within 1 to 2 business days. These options provide flexibility and convenience so you can get the loan funds in a way that suits you and your situation. If you want to apply for a Oportun personal loan you can do so through their online application.
Products
Personal Loans. Oportun offers personal loans from $300 to $10,000. Use for bills, repairs, deposits and other unexpected expenses. APR 29.00% to 35.95%, fees: origination fee 0% to 8%, late fee $5 to $15, NSF fee up to $15. Repayment terms 1 to 5 years, funding 1 to 4 days post-approval. No minimum credit score, but not available in all states.
Secured Personal Loans. Oportun offers secured personal loans from $2,525 to $18,500, using your car title as collateral. Higher borrowing limit for those who can use their vehicle as collateral.
Oportun® Visa® Credit Card. Oportun Visa credit card offers credit lines up to $1,000 for purchases and is accepted worldwide. No credit history required to apply and includes zero fraud liability and 24/7 support for cardholders.
Other Personal Loans
Reasons for Loan Refusal
Oportun may deny your loan for various reasons including incomplete or incorrect documentation, issues linking a bank account, location restrictions on certain loan products, low credit score, no cosigner, low income or high debt, and requesting too much loan. Make sure to fill out the application accurately and follow Oportun’s underwriting guidelines and be realistic with the loan amount you need.
How to Repay a Oportun Loan?
To pay a loan from Oportun you can log in to your account on their website or text the phone number associated with your account if you’re a member. Oportun personal loans are installment loans with fixed payments. They also allow early payments with no prepayment penalties which can help you save on interest.
OppLoans is a notable financial service provider that offers consumer loans varying from $500 to $4,000. They expedite the funding process to ensure that approved applicants receive the necessary funds promptly, which is advantageous for those dealing with immediate financial concerns. OppLoans offers adaptable repayment conditions, giving customers the choice between 9, 12, and 18-month loan terms. This adaptability allows borrowers to opt for a repayment plan that matches their financial ability, ensuring a seamless and manageable loan journey. RISE Credit is a reliable online lender that provides loans up to $5,000. They have a streamlined application procedure, allowing borrowers to have funds transferred to their accounts as early as the next business day. They present the flexibility of choosing a payment schedule that fits with the financial preferences of the customers, although some state-based restrictions might apply. A notable feature of RISE Credit is its 5-Day Risk-Free Guarantee, which permits borrowers to revoke their loan and return the principal with zero fees or interest within the given period. Additionally, RISE Credit grants customers complimentary access to their credit score and credit monitoring alerts through Credit Score Plus, offering valuable financial insight. OneMain Financial stands as a distinguished and enduring lender, offering personal loans that range between $1,500 to $20,000. Boasting a century’s worth of experience in the financial sector, they have garnered the trust of a vast customer base. Their loan terms include fixed rates and fixed payments, offering a predictable and manageable repayment scenario to borrowers. OneMain Financial emphasizes personalized service, ensuring that the distinct needs of each customer are addressed. With a widespread network of approximately 1,400 branches, they provide easy access and convenience for individuals in search of financial aid. Universal Credit requires applicants to have a minimum credit score of 560, thus excluding those with no credit history. It is appealing for its credit-enhancement features, making it suitable for individuals with fair or poor credit looking to better their scores. Providing larger loan amounts than Oportun and next-day funding upon approval, it emerges as a solid choice for significant, urgent financial needs. Universal Credit extends its loan services across all 50 states and Washington, D.C., offering a wide geographical coverage.Loans like Oportun
OppLoans
Rise Credit
OneMain Financial
Universal Credit
Editorial Opinion
Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability. Carefully review all the terms and conditions of your payday loan contract. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.Important
How to Choose a Lender
Additional Resources
- Full Oportun Account Review
- How to Apply for an Oportun Loan
- How to Repay an Oportun Loan
- Oportun Mobile App
- Oportun Customer Reviews
- All Oportun Coupons and Promo for December 2024
- Oportun Loans for December 2024
