Oportun Personal Loans Review 2024
Updated August 19, 2024 at 5:11 pm
“With its flexible borrowing requirements, Oportun could save the day for bad-credit borrowers in need of a personal loan, but watch out for high APRs and fees.” — Rebecca Safier
Our Methodology Newsweek Vault’s loan experts evaluated multiple data points to help our readers make sense of their borrowing options across student loans and personal loans. To narrow down the best available offers, we weigh the product pros and cons across five core categories, including:
•Application process
•Eligibility requirements
•Interest rates
•Loan amounts (minimum and maximum)
•Repayment flexibility
Personal Loans
Vault Verified
Expert take
Oportun provides unsecured personal loans from $300 to $10,000 in most states and secured personal loans in California. It doesn’t require a prior credit history to qualify, making it a worthwhile option for borrowers with thin or bad credit. But good-credit borrowers may be able to find more affordable borrowing options elsewhere.
Pros
- Accepts people with bad credit
- Lets you apply with a co-signer
- Can borrow as little as $300
- Option to prequalify online
Cons
- Charges an origination fee
- Interest rates can be high
- Not available in every state
- Secured loan option only available in California
Vault’s Viewpoint on Oportun
Oportun is best for borrowers with bad credit or a limited credit history who may have trouble qualifying for personal loans elsewhere. While the lender doesn’t disclose a minimum credit score, it’s willing to work with borrowers who don’t have much credit or have had a bankruptcy in the past.
Oportun can fund loans quickly and lets you borrow as little as $300, an amount that’s much smaller than many other lenders offer. It also lets you apply with a co-signer, which could potentially help you access better rates or higher loan amounts.
But interest rates can be high, starting at 26.49% and going up to 35.99%. While these rates are more affordable than what you typically find with a payday loan, some lenders offer personal loan rates starting below 10% for good-credit borrowers.
About Oportun
Oportun is an online and storefront lender with locations across the country. It offers unsecured loans in most states, and California residents can also borrow a secured loan that uses their car as collateral.
You can use an Oportun personal loan for various purposes, including home improvements, car repairs, debt consolidation, medical bills, weddings or vacations. If you get approved for an Oportun personal loan, the lender will send your funds via check or direct deposit into your bank account.
You’ll repay your loan in monthly installments over a set period. Oportun gives you the option of making payments online or in-person at an Oportun store or another location that provides CheckFree Pay, MoneyGram or PayNearMe, such as Walmart or CVS.
Here are some details about Oportun personal loans:
| Loan amount | Unsecured loans: $300 to $6,000 for first-time customers; up to $10,000 for returning customers Secured loans: $2,525 to $18,500 |
| Fees | Origination fee: 8% of your loan amountLate payment fees: $10 for payments less than $1,000; $15 for payments over $1,000 |
| Minimum credit score | No minimum |
| Repayment schedule | 12 to 45 months |
| Funding speed | 1 to 3 business days for direct deposit; 5 to 7 business days for check |
| APR | 26.49% to 35.99% |
| Loan availability | Not available in Colorado, Connecticut, Iowa, Maine, Maryland, Massachusetts, New York, West Virginia and Washington, D.C. |
Who Should Get a Personal Loan With Oportun?
An Oportun loan may be a good fit if:
- You have bad or thin credit: Qualifying for a personal loan with subpar credit can be challenging, but Oportun has flexible credit requirements. It considers various factors when evaluating your application for a loan, rather than requiring a minimum credit score for approval.
- You’re looking for a small loan amount: Some lenders require that you borrow at least $5,000 when taking out a personal loan, but Oportun offers loans starting at just $300.
- You want to improve your credit: Oportun reports your personal loan payments to the credit bureaus, helping you improve your credit over time with on-time payments.
Who Should Consider an Alternative Personal Loan to Oportun?
On the flip side, an Oportun loan may not be your best option if:
- You have good credit: Having good credit means you have many options for personal loan lenders, including loans with lower interest rates and no origination fee. Shop around to find the best loan offer.
- You’re looking for a large loan amount: Oportun loans max out at $6,000 for new borrowers and $10,000 for returning customers. But other lenders offer personal loans up to $100,000 or even $200,000.
- You don’t live within the lender’s footprint: Oportun isn’t available in every state. You’ll need to look elsewhere if you’re in one of the eight states it doesn’t serve or Washington, D.C.
Getting a Personal Loan Through Oportun
You can apply for an Oportun personal loan online. According to the company, applying takes less than 10 minutes if you supply all the required documentation. Here’s more about the process, including how to qualify and the steps you can take to apply.
How To Qualify for a Personal Loan With Oportun
Oportun considers your credit and other factors when evaluating your application for a loan. For an unsecured loan, you’ll need to provide the following documents:
- Valid photo ID, such as a driver’s license or passport
- Proof of income, such as pay stubs or bank statements
- Verification of your address, like a piece of mail
- Up to four personal references from friends, family members or employers
If you’re looking to borrow a secured Oportun loan, you must be the only listed owner of your car and own it outright, meaning you don’t owe any more money on a car loan. The title has to be free and clear with no lien on it, and your vehicle must be an eligible make, such as a Ford, Honda or Toyota, among others. Ineligible vehicles include electric cars, leased cars and cars registered in a different state than the one you live in.
Some documents that you’ll need to include to borrow a secured loan include:
- Original vehicle title
- Vehicle registration
- Driver’s license
- Pictures of your car
- Bank account and routing number
How To Apply for a Personal Loan With Oportun
To apply for a personal loan with Oportun, these are the steps you’ll need to take:
- Start by prequalifying. Oportun gives you the option of checking your rates through prequalification. This step only takes a minute or two and provides preliminary offers without impacting your credit score or obligation to borrow. But your final loan offers may change after you officially apply.
- Fill out a loan application. If you move forward with a loan offer, you can fill out an official application. You’ll add details to your income information and provide required documentation, such as pay stubs, ID and proof of address. If you’re applying with a co-signer, that person must also provide their information.
- Receive your funds. If Oportun approves your application, you can sign your final loan agreement and receive your funds via direct deposit into your bank account within three business days. Or you can request a check for the proceeds, but this approach may take longer.
- Pay back your loan. You’ll make payments on a monthly basis to repay your Oportun loan. You have the option of paying online, over the phone or in person at an Oportun branch or CheckFreePay, MoneyGram or PayNearMe location. Consider signing up for automatic payments from your bank account so you don’t miss any bills.
How Does Oportun Stack Up to Its Competitors?
Before picking a lender, it’s worth shopping around to find a loan with the best rate, few or no fees and flexible repayment terms. Here’s how Oportun compares to some other personal loan providers.
Oportun vs. Upstart
Similar to Oportun, Upstart doesn’t require good credit to qualify for one of its personal loans. It accepts scores starting at just 300 and considers applicants who don’t have sufficient history to generate a credit score.
Upstart offers higher loan amounts than Oportun, funding requests from $1,000 to $50,000. You can choose repayment terms of three or five years on an Upstart loan and may have to pay an origination fee up to 12% of your loan amount. Rates range from 6.40% to 35.99%.
Unlike Oportun, Upstart does not offer a secured loan option and doesn’t allow you to apply with a co-signer.
Oportun vs. Upgrade
Upgrade offers personal loans from $1,000 to $50,000 and accepts credit scores starting at 560. Interest rates range from 8.49% to 35.99%, and you can choose repayment terms from two to seven years. Upgrade also charges an origination fee between 1.85% and 9.99% of your loan amount.
Like Oportun, Upgrade allows you to apply for an auto-secured loan, which could help you qualify for a better interest rate. While Oportun requires that you’re the sole owner of your car, Upgrade accepts jointly owned vehicles.
Oportun vs. Avant
Avant provides personal loans from $2,000 to $35,000 for various purposes, including home improvement, emergency expenses and debt consolidation. Interest rates range from 9.95% to 35.99%, and you can choose loan terms from one to five years. Avant personal loans also come with an administrative fee up to 4.75%. Avant requires a minimum credit score of 580.
Frequently Asked Questions
Is It Hard To Get a Loan From Oportun?
It may be easier to get a loan from Oportun than some other personal loan lenders since Oportun is willing to work with borrowers who have bad credit, thin credit or have faced bankruptcy in the past. Oportun gives you the option of prequalifying online to see if you can get approved for a loan with a soft credit check that won’t impact your score.
Is Oportun Legit?
Oportun is a legitimate loan company that provides unsecured and secured personal loans, a credit card and a savings app. Oportun loans are originated by Oportun Inc, Oportun, LLC or Pathward®, N.A depending on your state of residence. Oportun also uses 128-bit SSL encryption to provide a secure online loan application. If you’d like to find out what other customers have to say about their experience with this lender, you can check out Oportun reviews on sites like TrustPilot and the Better Business Bureau.
Does Oportun Give You Money Right Away?
Oportun can fund personal loans quickly. According to the company, it takes 10 minutes or less to apply for a loan. Once your loan is approved, you can receive your funds via direct deposit in one to three business days.
Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. We may earn a commission from partner links on Newsweek, but commissions do not affect our editors’ opinions or evaluations.
