Oportun Personal Loan Review

• Easier to qualify for: It can be hard to get a loan if you have bad or no credit. Oportun doesn’t have a minimum credit score requirement. It may even approve you if you’ve declared bankruptcy in the past.
• Relatively low rates for bad credit: Some lenders take advantage of bad credit borrowers by charging triple-digit interest rates. Oportun’s maximum annual percentage rate (APR) sits at 35.99%. Many financial experts agree a rate higher than 36% could be a sign of a predatory lender.
• Small loans: Most personal loans start at $1,000. You can borrow as little as $300 with Oportun. Avoiding unnecessary debt by getting a small loan will help you pay less overall interest.
• Charges an origination fee: Oportun may keep a portion of your loan before it sends it to you (Up to 10.00%). This is called an origination fee.
• Reports to all three credit bureaus: Not all bad-credit lenders report to the credit bureaus (Equifax, Experian and TransUnion). If you make your payments on time, an Oportun loan could improve your credit score.
• Rates and terms are a bit vague: Oportun doesn’t specify its minimum APR or how long you’ll have to pay off what you borrow. You’ll have to prequalify for more details.
• Best if you’re looking for an alternative to a payday loan: Some borrowers turn to payday lenders for small bad-credit loans. Payday loans can come with rates as high as 400%. Oportun could be a good alternative, since its maximum APR is 35.99%.

Oportun pros and cons

You can still qualify for an Oportun loan if you have good credit, but this lender specializes in bad-credit loans. See where you stand by getting your free credit score with LendingTree Spring. Then, review the pros and cons to decide if Oportun is right for you.

Oportun requirements

Oportun is a community development financial institution (CDFI). CDFIs are certified by the Department of Treasury and follow a mission to help underserved, low-income communities. As a result, you might qualify for an Oportun loan even if you have bad credit, no credit or bankruptcies.

Oportun also offers secured loans in some states (Arizona, California, Florida, Illinois, New Jersey and Texas). A secured loan requires collateral. In Oportun’s case, collateral is your car.

Using collateral is risky. If you don’t pay back what you borrow, Oportun can repossess your car. However, Oportun’s secured loans come with higher loan amounts ($2,525–$18,500).

If you have good credit or better (680+), you might find a cheaper loan with a more traditional personal loan lender. Also, Oportun isn’t available in all states, including:

If Oportun’s loan options won’t work for your borrowing needs, be sure to shop around for a lender that helps you meet your financial goals and can offer you the best-fitting rates, terms and amounts.

How to get a personal loan with Oportun

Applying for an Oportun personal loan is simple. Here’s what to expect:

Prequalify for a loan

Prequalifying for a personal loan lets you see how likely it is that Oportun will approve you, and at what rate. It’s not a guarantee that you will qualify when you formally apply, but it’ll give you a good idea.

Prequalification doesn’t hurt your credit, since it only requires a soft credit pull. You’ll typically provide basic information about yourself and your finances, including your annual income and employment status.

With Oportun, you can prequalify (and apply) in person, by phone or online. Note that Oportun doesn’t have brick-and-mortar locations in every state that it does business in.

Formally apply

Once you’ve decided you’d like to move forward, you’ll have to formally apply. This process is like prequalification, but more in depth. It also requires a hard credit pull, so you may see your credit score go down a few points.

You’ll need to provide the following documentation to get an Oportun loan:

• Government-issued ID
• Proof of address and income (a utility bill and a pay stub, for instance)
• A list of your recurring monthly debts (credit card bills, other loan bills, etc.)

Secured personal loans require additional documentation, including your car title, registration and pictures of your car. As long as you have the proper documentation, the application process should take about 10 minutes.

Receive your funds

If Oportun approves you, you can opt to get your money via paper check or direct deposit (depending on your state). Generally, direct deposit is the fastest way to receive your funds.

In some cases, Oportun might let you add a second person to your loan. This is called a joint loan.

A joint loan can increase your chances of loan approval. That’s because the second person (or co-borrower) is equally responsible for the loan as you. They also have equal rights to the funds.

How Oportun compares to other personal loan companies

Even if you believe Oportun aligns with what you’re looking for in a personal loan, it never hurts to shop around and compare other lenders. Here’s how Oportun stacks up against similar personal loan lenders.

How we rated Oportun personal loans

To come up with our star rating for personal loan companies, LendingTree considered 22 data points across three categories:

• Accessibility: We paid attention to whether lenders offered loans to nontraditional borrowers, as well as those without excellent credit scores. We also checked if lenders offered soft credit pulls and whether they were transparent about eligibility criteria other than credit scores.
• Rates and terms: We wanted to know if lender rates, terms, amounts and fees were not only transparent but also competitive.
• Repayment experience: We based this category on lenders’ reputations, customer support availability and unique benefits.

The data points reflect every step of the process to shop and apply for, borrow and repay personal loans. A five-star lender, for instance, has flexible eligibility requirements, offers you the chance to prequalify without commitment and supports you in zeroing your balance.

The 22 data points, culled from the lenders themselves, determine the overall rating. We score lenders consistently, sometimes awarding partial points, so that you can make apples-to-apples comparisons when shopping around.

LendingTree isn’t paid for conducting these reviews, and lenders don’t have control over their content. With our reviews and ratings, we aim to give our users the objective and exhaustive information they need to make the best possible decisions.