Oportun Reviews

Oportun describes itself as a “digital banking platform” that aims to help a broad range of borrowers with personal loans and credit cards. It offers both unsecured loans and secured car title loans with rates capped at 35.99%. Loans have 12- to 48-month repayment periods. You can get pre-qualified in minutes without any effect on your credit score. Having a credit history is not required for qualification.

Oportun loans are available in 41 states as of the time of publishing, with physical locations in select areas. The company, founded in 2005, is based in San Carlos, California, and has made nearly 5 million loans and provided more than $12 billion in credit.

If you’re interested in an Oportun personal loan, the easiest way to proceed is online. First, you can get pre-qualified with no effect on your credit score in just a few minutes. If you decide to formally apply, be ready with the following:

• Photo ID (e.g., driver’s license, passport)
• Proof of income (e.g., pay stubs, bank statements)
• Proof of address (e.g., piece of mail with your current address, lease agreement, mortgage statement)
• Contact information for up to four personal references, including friends, family members or employers
• Vehicle title, registration and pictures (for a secured loan)

Applying for a personal loan from Oportun usually takes under 10 minutes if you have all the necessary documents. If you are approved, you’re likely to get funds the same day. Oportun disburses the funds either by check or direct deposit into your bank account.

Once you have the funds, you have 12 to 48 months to pay back the loan, depending on the terms of your loan. The easiest way to make payments is via autopay — you can set this up in your online account, over the phone or at an Oportun location — but you can also make payments over the phone or in person at an Oportun store or at many retailers, including Walmart, CVS and Family Dollar.

Oportun’s products include unsecured personal loans, secured personal loans and a Visa credit card.

Personal loan features include:

• Unsecured loan amounts ranging from $300 to $10,000
• Annual percentage rate cap at 35.99%
• Repayment period from 12 to 48 months
• Secure application

Secured personal loan features include:

• Loan amounts from $2,525 to $20,000
• APR cap at 36%
• Most vehicles 25 model years or newer with fewer than 250,000 miles accepted
• 21-month minimum term

Credit card features include:

• Credit lines up to $1,000
• Variable APR from 24.9% to 29.9%
• No security deposit fees
• Zero fraud liability

Oportun’s APR on personal loans is capped at 35.99%. There are no application fees, and there is no prepayment penalty if you choose to pay off your loan early.

Oportun does charge an origination fee at the time your loan is approved; the fee depends on the state where you live. The company also charges fees for late payments and returned checks; check your loan agreement to learn the specific fee amounts.

Oportun is a legitimate lender that’s been in business over 15 years and became a public company in 2019. Its personal loans provide fast access to cash that you can use for nearly anything. It’s a good option for applicants who don’t have the best credit score or lack a credit history. However, the APR on an Oportun loan can be as high as 35.99%, so it’s worth comparing offers from other lenders first to find the loan with the lowest cost of borrowing.