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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's pay off

Finanso.Multilogin™

Repayment of loan

Oportun offers various options for paying off a loan. Their typical conditions imply equal payments every two weeks within the repayment period, varying from 18 to 60 months. You can repay your loan in the following ways:

  • Automated payments. You can set auto payments in your Oportun online account, in its offices, or by phone. You need to indicate your account number and routing number for a savings account, checking account, or debit card details. Your installments will be charged automatically on every due date.

  • Over the phone. Call Oportun agents and provide them with your account and routing numbers;

  • Cash. You can visit one of the Oportun offices to pay in cash, check, or money order. Oportun can’t provide you with change: all excess funds will appear on your credit account instead. Besides, you can pay via CheckFreePay, MoneyGram, and PayNearMe. Such payments are available in various stores and corners, including Walmarts, CVSs, 7-Elevens, etc. You might need to pay fees unless you live or hold a loan in California, New Mexico, New Jersey, or Wisconsin.

  • Online payments. You can make one-time payments via a debit card through the PayNearMe system, a bill pay through your bank, or via your Oportun account.

Conditions of loan extension

Oportun doesn’t extend the maturity date of your loan. Still, it can provide a borrower with the payment due date extension. If you feel you can’t repay the next installment, you need to contact Oportun customer support to discuss the issue. Typically, the lender can approve a 5-7 days extension with no fees. If you miss a payment without any notice, you will be charged a late payment fee. It is lesser $10 or 5% of the payment amount for every delay exceeding ten days.

Early payoff

If you want to finish your debt payoff earlier than your credit maturity date, Oportun allows you to do it without fees. If you can afford to pay more money than your confirmed installment, it may help establish a good credit history. At first, prepayment on your loan might negatively affect your credit score and decrease it. However, the score will grow higher as your loan is fully paid off. So, you can maintain your credit score by repaying according to your loan agreement, without delays and prepayments, or opt for early payoff.

FAQ

How do I make a payment on Oportun?

Oportun offers several repayment options. They are automatic payments from your bank account or debit card; cash payments in Oportun offices or any point of sale accepting CheckFreePay, MoneyGram, or PayNearMe; online payments via a debit card or bank account; payments over a phone.

What happens if you don't pay back Oportun?

Oportun charges a late payment fee if you delay payment for more than ten days. If a borrower keeps defaulting on a loan, Oportun will start calling and sending email reminders. After a time, the lender can file a lawsuit. Besides, Oportun reports to national credit bureaus, which affects your credit score if you default your loan.

Can you pay off Oportun early?

Yes, you can repay your loan before its term ends, and Oportun doesn’t charge any prepayment penalties.

Can Oportun sue you?

Yes, Oportun can file a lawsuit against a borrower if they don’t repay the debt in time. It concerns all types of loans, even if they don’t exceed $1,000. If a borrower loses in a small claims court, the maximum judgment won’t exceed $2,500.

Financial products

Oportun
Credit card
Rating by Finanso®
i

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
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Loan term for the financial product

up to 60 months

Calculate loan payments in Oportun

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

Loan amount
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Enter the desired loan amount

USD
USD
300 $
10000 $
Loan term
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Specify the loan term for the calculation

months
days
18
60

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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