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Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Oportun

Finanso.Multilogin™

About lender

Oportun was founded in 2006 to help people build their credit history and provide average and low-income borrowers with affordable loans as the primary mission. The company’s headquarters are in San Carlos, California.

Oportun is a US-based lender offering quick personal loans and credit cards. It features affordable installment loans for borrowers with various credit scores at reasonable APRs. Oportun allows online applications and can provide you with funds on the same day you request them.

Oportun is a private lender mainly focuses on unsecured personal loans from $1,000 to $10,000. It targets low and moderate-income borrowers with US or non-US citizenship, zero or low FICO credit scores, and even people who went into bankruptcy. As the company works with foreign citizens, it serves English and Spanish-speaking customers, and its site has both versions.

Oportun has three products:

  • unsecured personal loans from $300 to $10,000;

  • secured personal loans from $2,525 to $20,000;

  • credit cards from $300 to $1,000.

Oportun sets itself up as a lender for affordable loans with reasonable APR rates and a personal approach to customers. Oportun personal loans, its main product, are available for most borrowers’ categories. You can prequalify online without a hard credit check. When your prequalification is ready and you are almost sure you are eligible to get your loan, Oportun initiates a hard credit check.

What is more, Oportun promotes its personal loans as a way to build a credit history. The thing is that Oportun regularly sends updates on your credit payment behavior to credit bureaus. If you don’t miss deadlines and repay your loan accurately, you have a chance to establish or fix your prior credit history for bigger loans like mortgages in the future.

Oportun offers two personal loan types: secured and unsecured. A secured loan requires your car as collateral and is only available in California, Texas, and Florida. If you are lucky to be a resident of these three states, you have a chance to get a bigger loan: from $2,525 to $20,000. Unsecured loans range from $300 to $10,000 and may include an APR from 6,99% to 35.99%.

Both loan types can be issued within a day. You prequalify, then Oportun performs a hard credit check, and you get your funds the same or the next day unless there are any issues with your documents.

Besides a loan, you can get an Oportun Visa credit card for trivial expenses up to $1,000. This credit card doesn’t require any credit history. It is accepted worldwide and has APR rates varying from 24.90% to 29.90%, with a 25 days grace period. This product is provided in collaboration with WebBank, a Utah-based financial institution.

You can apply for a loan or a card in one of Oportun's offices, over the phone, or online.

Pros and Cons of Oportun

To provide our audience with unbiased information on the lender, we don’t solely focus on a company’s positive sides. Here is the list of Oportun pros and cons:

Pros:

  • Quick application. Oportun accepts online personal loans and credit cards applications and can grant a loan on the application day.

  • Credit history establishment. Oportun can grant you a loan without credit history or with a low FICO score that may help build a credit history.

  • Competitive APR rates. Oportun offers an affordable APR for borrowers with a low credit score compared to many other personal loan lenders.

  • No damage to credit history. Oportun offers prequalification through a soft pull that doesn’t affect your credit history.

Cons:

  • High APR for good credit history. Oportun’s APR is higher than a borrower can get if their credit score is strong enough.

  • Low credit limit. The maximum loan you can borrow is $20,000, provided you have a car as collateral.

  • Loan origination fee. Oportun charges an origination fee or a tax stamp for all personal loans. The fee is added to the APR and depends on the state where you live.

Overall, Oportun's advantages and disadvantages depending on the borrower's type. While borrowers with high FICO scores might find its offers unprofitable, it might become a lucrative option for people with bad credit.

Loan terms and conditions

Oportun loan conditions vary depending on a state and a borrower’s credit history. The loan amount and duration also matter for a final offer you get from Oportun. Besides, the lender is willing to give bigger loan amounts to returning customers, while a first-time applicant can count on significantly smaller offers.

First loan

If you have never been an Oportun customer before, you can count on the following loan conditions:

  • A $700$6,000 unsecured personal loan without collateral in all states where Oportun operates. The APR might vary from 6,99% to 35,95%, depending on your state, credit term, and FICO credit score.

  • A $2,525$20,000 secured personal loan for Arizona, Florida, and California residents. The APR might vary from 6,99% to 34,95%, depending on the state, credit term, and FICO credit score.

  • A $2,525 — $18,000 secured personal loan for Texas residents. The APR might vary from 6,99% to 34,95%, depending on your credit history and loan length.

Loans for returning customers

If you have already established good credit history at Oportun, you can usually borrow more funds. Typical unsecured loan amounts for a second or following loan vary from $2,000 to $9,000. The APR rates can also be lower than the standard 34,95% offered to bad credit borrowers.

Still, the loan conditions remain a personal matter, and you will get the final offer only after the hard credit check. For example, if you apply for a loan in Arkansas and have an exceptional FICO score of 750-850, you may qualify for a $10,000 loan with a 7,99%27,99% APR. If you take this loan for 24 months, you will need to repay it in biweekly payments of $208 - $252.

However, if your FICO score is less than 580, you will barely get approved for a loan exceeding $5,000. Your APR rate might start from 30,49% if you borrow money for the same 24 months period. It can turn into a minimum of 32,49% if your loan length is longer, like 48 months, the maximum loan length available in Arkansas. Compare it to Kentucky with a 60-month maximum duration and a 35,95% APR cap.

At the same time, a borrower in Florida can have no more than $5,000 within an unsecured personal loan. The APR cap in the state is 35,95%.

So, your loan conditions can vary.

Funding a loan

Oportun usually grants loans within a single business day. After submitting your loan documents for a hard credit pull, you typically get a reply within ten minutes. The funding process may take up to two hours, and Oportun typically sends you loan funds to your checking account.

Additional services

Oportun offers credit cards with lines from $300 to $1,000 and APR rates varying from 24.90% to 29.90%. The lender doesn’t disclose particular credit lines and APRs requirements and offers to prequalify for a card online. Like with a personal loan, you can manage your card via your online account and repay your debt via any convenient method: online payments, cash, or payments over a phone. Credit cards are available for all customers except Colorado, Washington DC, Iowa, Maryland, Wisconsin, and West Virginia citizens.

If you don’t want to apply online for some reason or want to speak to Oportun loan agents personally, you are welcome to any of 264 retail locations serving customers in English and Spanish.

FAQ

What is Oportun?

Oportun is a private online lender offering installment personal loans for everyone, including bad or zero credit history US and non-US borrowers.

Who owns Oportun?

Oportun Financial owns Oportun. Oportun, Inc’s CEO is Raul Vazquez.

How do you qualify for Oportun?

Oportun borrowers must be at least 18 (21 in Nebraska) and be residents of the following states: Arizona, Arkansas, California, Florida, Idaho, Illinois, Kansas, Louisiana, Minnesota, Missouri, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Texas, Vermont, Washington, Wisconsin, or Wyoming. You can have a bad credit history as there is no minimum credit score requirement. However, you need to prove that you have a regular income. You can qualify if you don’t have US citizenship.

How much can you borrow from Oportun?

Oportun’s loans start from $300 and can reach $20,000 for secured loans.

Is Oportun a legitimate company?

Yes, Oportun officially works under the licenses issued by every state where the lender operates.

Company documents

Terms of use
Accessibility
Privacy

At Oportun, we built our own AI-driven platform to facilitate that change. By looking at more than just a customer’s credit score or income, we’re able to offer affordable credit to the people often excluded from the financial mainstream. 

© Oportun

Financial products

Oportun
Credit card
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
lines up to $1,000
Rate
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Effective interest rate on the product

24.9%-29.9%
Term
i

Loan term for the financial product

up to 60 months

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Calculate loan payments in Oportun

Oportun calculator will allow you to calculate an approximate payment schedule for the loan

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What to focus on before applying for a loan with Oportun

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between Oportun and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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