Oportun Personal Loan Review

• 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 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 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.
• Rates and terms are a bit vague: Oportun doesn’t specify its minimum APR or how long you’ll have to pay off the loan. 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 doesn’t disclose its personal loan requirements. However, here’s some more information to help you determine whether it makes sense to apply with this lender.  

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 bad credit, no credit or bankruptcies. 

If you have good credit or better (670+), you might find a cheaper personal loan with a more traditional lender.

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. However, Oportun’s secured loans come with higher loan amounts ($2,525-$18,500). 

Availability 

Oportun isn’t available in every state. (You can check the company’s list of locations to see if they operate where you live.) Notably, depending on where you live, your loan may be originated by a company called Pathward, rather than Oportun, Inc.

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.)

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 select a payment plan before signing your loan agreement and waiting for your funds.

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. 

Although Oportun claims you can receive funds as soon as 24 hours after approval, the process may take up to three business days with direct deposit. A paper check will likely take even longer. 

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.

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 both transparent and 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 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.