Oportun provides an accessible financial platform for individuals with no credit or poor credit histories, offering personal loans, auto loans, and credit cards. Through an Oportun account, users can manage their loans, make payments, and track their credit-building progress. While the user-friendly interface and credit-building features are praiseworthy, the relatively high APRs could be a downside. Nonetheless, Oportun's mission to serve underserved communities makes it a noteworthy option for those looking to establish or improve their credit.
Key Features
- Affordable loans. Borrowers are offered affordable loans with fixed payments and no prepayment penalties. This means that borrowers can pay off their loans early without incurring any additional fees.
- Easy application process. The loan application process is quick and easy. Borrowers can apply online or in-person at one of Oportun's branch locations. The company also offers bilingual customer support to help borrowers with any questions they may have.
- Credit building. Oportun reports loan payments to credit bureaus, which can help borrowers establish a credit history and improve their credit scores over time.
- Flexible payment options. The company offers flexible payment options, including automatic payments, online payments, and payments by phone or mail. Borrowers can also make additional payments or pay off their loans early without incurring any additional fees.
- Financial education. Oportun has free financial education resources to help borrowers make informed financial decisions. These resources include online courses, one-on-one financial coaching, and educational materials.
How To Register an Account?
Oportun provides two options for applying for a loan: online and in-store. The online process involves filling in personal details, income, expenses, choosing loan amount and term. Upon submission, Oportun reviews the application to determine eligibility for a loan. If approved, a loan offer will be sent with details including the amount, interest rate, and term. Once the offer is accepted, the loan funds will be disbursed either by direct deposit or check.
Alternatively, one can visit any of Oportun's branch locations to apply for a loan in-person by providing identification documents, proof of income, and address. If approved, the loan funds can be received on the spot via check or prepaid debit card. There are no hidden fees or charges, and bilingual customer support is available. After accepting a loan offer, the time it takes to receive funds varies depending on the funding method selected, but typically takes 1-2 business days.
Step-by-step Registration
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Visit Website Oportun or download Mobile App.
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Choose the type of loan you're interested in. Oportun offers personal loans and secured personal loans.
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Pre-Qualify. Click on the "Apply now" button. Fill in the necessary details to get prequalified, which usually includes basic personal and financial information. This step doesn't impact your credit score.
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If pre-qualified, you'll be prompted to complete the full application. This will likely include providing more detailed personal, financial, and employment information.
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Provide the required documentation such as proof of income and a government-issued ID.
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If approved, review the loan terms, including the interest rate, loan amount, and repayment schedule.
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If you agree to the terms, accept the loan to finalize the process.
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Once your loan is approved, the funds are typically deposited into your bank account within 1 to 2 business days, or you may receive a paper check.
How To Login in Oportun Account?
To log in to your personal account, please follow these steps:
- Go to the Oportun website.
- Click on the "Log in" button in the top right corner of the page.
- Enter your registered email address and password in the fields provided.
- Click on the "Log in" button.
If you have forgotten your password, you can click on the "Forgot password" link on the sign-in page and follow the instructions to reset your password. If you are having trouble logging in, you can contact Oportun customer support for assistance.
How Do Oportun Loans Work?
Oportun lending products are designed to be affordable, accessible, and helpful for individuals who may not qualify for traditional loans due to their credit history. Here's how Oportun loans work:
- Choose the loan product. The company offers personal loans and credit cards for a variety of purposes. Choose the product that best fits your needs.
- Submit an application. You can apply for an Oportun loan online or in-person at one of their branch locations. Provide your personal information, income details, and choose the loan amount and term that you prefer.
- Provide identification. Oportun requires a valid ID, such as a driver's license or passport, to confirm your identity.
- Provide proof of income. You'll need to provide proof of income, such as a pay stub or bank statement, to show that you have the ability to repay the loan.
- Evaluate the loan offer. If approved, you'll receive a loan offer with the loan amount, term, interest rate, and other details. Review the offer carefully to make sure you understand the terms and conditions.
- Get funding. If you accept the loan offer, Oportun will disburse the loan funds to you either via direct deposit or by check.
- Repay the loan. Oportun loans have fixed payments and terms ranging from 7 to 46 months. Make your payments on time to avoid late fees and to build your credit history. The company also reports loan payments to credit bureaus, which can help you establish or improve your credit score over time.
Other Loans
Loan Funding Times
The time it takes to receive loan funds from Oportun may vary depending on the funding method you choose and the time it takes for your bank to process the deposit. However, in most cases, you can expect to receive your loan funds within 1-2 business days after accepting the loan offer. Here are some more details on funding times for each option:
- Direct deposit. If you choose to receive loan funds via direct deposit, Oportun will typically deposit the funds into your bank account within 1-2 business days after you accept the loan offer. However, the exact time may vary depending on your bank's processing times.
- Check. If you choose to receive loan funds by check, the company will typically mail the check to you within 1-2 business days after you accept the loan offer. Once you receive the check, you can deposit it into your bank account or cash it at a check-cashing store.
Who Are Oportun Loans For?
Oportun loans are designed to be accessible and affordable for individuals who may not qualify for traditional loans due to their credit history. Loans may be a good fit for:
- Individuals with limited credit history. The company does not require a credit score for loan approval, making it an ideal option for individuals who are building their credit history.
- Individuals with low credit scores. Oportun considers factors such as income, employment history, and payment history to determine loan eligibility, making it a good option for individuals with low credit scores.
- Individuals who need access to funds quickly. The company offers fast loan funding options, with funds typically disbursed within 1-2 business days after accepting the loan offer.
- Individuals who prefer personalized customer service. Oportun offers in-person customer support at their branch locations, as well as bilingual customer support over the phone and online.
How To Delete an Account?
To delete your Oportun account, you can contact their customer service team either by phone or email. Here are the steps:
- Phone. Dial the toll-free number 1-866-488-6090 to speak with a customer service representative. Explain that you would like to delete your account and ask for assistance with the process.
- Email. Send an email to [email protected]. In the email, explain that you would like to delete your account and ask for assistance with the process.
- Verify your identity. A customer service representative may ask you to verify your identity by providing personal information, such as your name, address, and date of birth, or by answering security questions.
- Follow instructions. A customer service representative will provide you with instructions on how to delete your account or may assist you in deleting the account over the phone or via email.
- Confirm account deletion. Once the account is deleted, you will receive a confirmation from Oportun that your account has been deleted.
Note that deleting your Oportun account will not affect any existing loans or obligations you may have with Oportun. If you have any open loans with Oportun, you will still be responsible for making payments until the loan is paid off in full.
How To Reset a Password?
To reset your password for your account, you can follow these steps:
- Go to the Oportun website.
- Click on "Log in" in the top right corner of the page.
- Click on "Forgot password" on the log-in page.
- Enter the email address associated with your Oportun account, your last name, and press the “Reset password” button.
- Follow the prompts to verify your identity, such as by answering security questions or entering a verification code sent to your email address.
- Once your identity is verified, you will be prompted to create a new password for your account.
- Enter and confirm your new password.
- Click on "Reset Password" to complete the process.
Once you've reset your password, you can use your new password to log in to your Oportun account. If you continue to have issues logging in, you can contact Oportun customer support for assistance.
Editorial Opinion
Important
Methodology
At Finanso, we conducted an exhaustive review of over 100 lending institutions, evaluating them on 35 distinct metrics spread across six primary areas: loan accessibility, client engagement, service quality, interest rates, and condition transparency. In each domain, vital factors like interest rates, loan amounts, credit score prerequisites, income requirements, application charges, and fund disbursement speed were meticulously assessed. Valuing our user base highly, we also scrutinized customer service quality, user testimonials, and extra features to aid in informed decision-making. Our endeavor aims at delivering insightful suggestions and expert counsel to help you choose a lender perfectly aligned with your unique financial needs.
Additional Resources
- About Oportun
- How to Apply for Oportun Loan
- How to PayOff Oportun Loan
- Oportun Mobile Apps
- Oportun Reviews
- All Oportun Coupons and Promo for November 2023
