Oportun

Oportun

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Written by Courtney Hamar

About Oportun

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Oportun is a lending company that offers unsecured and secured personal loans to all types of borrowers, including those without credit. You can use the loan funds for home improvements, car repairs, medical bills, a vacation, unexpected expenses or other purposes. Oportun lets you know if you’re pre-qualified in minutes with no effect on your credit score, and you can get funds as soon as the same day you apply. Oportun personal loans are available online in most states and in person in select areas.

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    Pros

    • Pre-qualify with no hard credit check
    • Unsecured and secured loans
    • No application or prepayment fees

    Cons

    • High APRs on some loans

    Bottom Line

    Oportun provides inclusive and affordable personal loans. You can apply for an unsecured loan of up to $10,000 in under 10 minutes and get same-day funds. Terms range from 12 to 48 months.

    What is Oportun?

    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.

    How does Oportun work?

    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 products

    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 fees

    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 FAQ

    How much can I borrow from Oportun?

    Oportun offers unsecured personal loans from $300 to $10,000. Its secured personal loans are available in amounts from $2,525 to $20,000.

    Does Oportun hurt my credit?

    You can get pre-qualified for an Oportun loan without it affecting your credit. However, if you decide to move forward with the personal loan, Oportun will do a hard credit inquiry, which can temporarily lower your score. Oportun also reports to the credit bureaus, so missing a payment can drop your score.

    How long does it take to get a loan from Oportun?

    The full Oportun application takes about 10 minutes if you have the right documentation gathered. Most applicants who are approved get same-day funds.

    What credit score do you need for Oportun?

    One benefit of Oportun is there is no minimum credit score required. If you have a low credit score or no credit history, you may still qualify for a personal loan from Oportun.

    Where is Oportun available?

    At the time of publishing, Oportun personal loans are available in all states except Colorado, Connecticut, Iowa, Maine, Maryland, Massachusetts, Nevada, New York and West Virginia.

    What can I use an Oportun loan for?

    You can use an Oportun loan for almost anything. This includes bills, home improvements, car repairs, vacations and unexpected expenses.

    Is Oportun legit?

    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.

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    Oportun Company Information

    Company Name:
    Oportun
    Website:
    oportun.com