Oportun Personal Loan Review
35.95%
12 to 54 months
$300-$10,000
None
LendingTree rating: 3.7/5
- Eligibility and access: 5/5
- Cost to borrow: 2.3/5
- Loan terms and options: 3.3/5
- Repayment support and tools: 5/5
- Easier to qualify for: Oportun doesn’t have a minimum credit score requirement, making it a good fit if you have bad or no credit. It may even approve you if you’ve declared bankruptcy in the past.
- Relatively low rates for thin and bad credit: Some lenders take advantage of bad credit borrowers by charging triple-digit interest rates. Oportun charges a flat rate of 35.95% for unsecured loans (or loans that don’t require collateral). Many financial experts agree that a rate higher than 36% could be a sign of a predatory lender.
- Small loans: 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 as an origination fee (Up to 10.00%).
- 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.
- Allows for cosigners: If you think you might have trouble getting approved for a loan on your own, Oportun allows for cosigners in some instances. Not all lenders do.
- Best if you’re looking for an alternative to a payday loan: Some borrowers turn to payday lenders if they have thin or bad credit. Payday loans can come with rates as high as 400%. Oportun could be a good alternative. Its maximum APR is 35.95% and it does not have a minimum credit score requirement.
Oportun pros and cons
You can still qualify for an Oportun loan if you have good credit, but this lender specializes in lending to borrowers with no credit or bad credit. 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.
| Pros | Cons |
|---|---|
Provides loans to borrowers who may have been turned down by other lenders Lower rates than many other bad credit lenders Offers free financial coaching and programs to help you save money on common bills Can use your car as collateral for bigger loan amounts in some states Offers service in English and Spanish | Can likely find lower rates elsewhere if you have good credit or better Secured loans not available in all states If you use your car as collateral and default on the loan, your car could be repossessed |
Oportun requirements
Credit history
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 no credit, bad credit or bankruptcies.
Rather than having strict requirements, Oportun evaluates each borrower on their ability to repay based on how much they earn compared to their housing costs and other expenses.
- Minimum credit score requirement: None
- Minimum income requirement: No fixed minimum
Collateral
Oportun also offers secured loans in some states (Arizona, California, Florida, Illinois, Nevada, New Jersey, Texas and Utah). 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. Even so, the risk might be worth it for the right person. Oportun’s secured loans can come with better rates, terms and higher loan amounts compared to its unsecured loans.
Oportun secured loans
- APR range: 33.95%–35.95%
- Loan terms: 24 to 64
- Loan amounts: $2,525–$18,500
Availability
Oportun‘s unsecured personal loan is available nationwide. Secured loans are only available in the states mentioned above. You cannot use an Oportun loan to pay for college expenses, investing, gambling or illegal activity.
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 monthly income, phone number and home address.
Once you’ve provided the necessary information, you’ll be given a loan offer to review.
Application tip
With Oportun, you can prequalify — and apply — in person, by phone or online. However, be aware that Oportun doesn’t have brick-and-mortar locations in every state where it does business.
Formally apply
If you decide 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 pay stub, for instance)
- A list of your recurring monthly debts (credit card bills, other loan bills, etc.)
- Car title and registration, if getting a secured loan
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 select a payment plan before signing your loan agreement and waiting for your funds.
You can get your money near instantly if you opt to get it sent to your debit card. You can also receive your money via direct deposit, usually the next business day. Paper checks are also available.
How Oportun compares to other personal loan companies
Even if you believe Oportun is what you’re looking for in a personal loan, it never hurts to shop around and compare other lenders. Here’s how Oportun personal loans stack up against Upstart personal loans and First Tech Credit Union personal loans.
| Lender | Oportun | Upstart | First Tech Credit Union |
|---|---|---|---|
| LendingTree’s rating | 3.7/5 | 4.6/5 | 4.1/5 |
| Minimum credit score | No minimum credit score | 300 | Not specified |
| APRs | 35.95% | 6.70%-35.99% | 6.99%-18.00% |
| Loan amounts | $300-$10,000 | $1,000-$75,000 | $500-$50,000 |
| Repayment terms | 12 to 54 months | 36 or 60 months | 6 to 84 months |
| Origination fee | Up to 10.00% | 0.00% - 12.00% | None |
| Funding timeline | Get money as soon as the same day | Get money as soon as one business day | Get money as soon as the same day |
| Bottom line | Oportun may be the easiest to qualify for, since it doesn’t have a credit score minimum. However, you'll probably find lower rates elsewhere if you have strong credit. | Like Oportun, Upstart accepts bad credit. It also has a low minimum APR. This could make it a solid option no matter what end of the credit spectrum you are on. | First Tech requires at least fair credit, but you could enjoy an ultra-low rate of 18.00% even if you just barely qualify. You must join the credit union to borrow. |
How we rated Oportun
We evaluate personal loan lenders on more than just interest rates. Our goal is to show how accessible, affordable, transparent and supportive each lender really is.
Our categories
Every lender is scored out of 5 stars, with 5 stars being the highest rating. LendingTree loan experts determine this score using dozens of underlying data points across four weighted categories covering the full borrowing journey.
Our process
We gather data directly from lenders through their websites, disclosures and direct communication with company representatives. Our editorial team verifies and updates information regularly. We value transparency and award less favorable scores when lenders obscure or omit details.
In some cases, our editors may apply a small adjustment (no more than 4% of the overall score) to account for factors not captured by the methodology. This could include J.D. Power customer satisfaction surveys, recent regulatory actions or features that stand out in ways our rubric doesn’t measure directly.
Our editorial team applies the same scoring model and standards to every lender. Lenders cannot pay to influence our ratings.
Frequently asked questions
Oportun does not have a minimum credit score for its personal loans. Still, that doesn’t mean it automatically approves everyone. When you apply, Oportun will review other factors, including your current level of debt and how much you make per month.
Oportun lets you check rates without hurting your credit in just a few minutes. If you want to move forward with your offer, you should get an approval decision within 10 minutes.
It depends on which payment method you choose. It can take anywhere from one to three business days to receive the funds through direct deposit. A paper check can take longer.