Oportun loans are personal loans for people with no credit or limited credit. Fixed monthly payments and no prepay penalties. Oportun will help you build credit by reporting to major credit bureaus. Simple application process. Quick approvals and flexible loan amounts for any financial need or emergency.

Pros and Cons

Pros

1. Pre-Qualify With A Soft Credit Check. See your loan offers without affecting your credit score.

2. Co-Sign And Limited Secured Loan Options. For borrowers with lower credit scores or limited credit history.

3. New To Credit. Oportun lends to people who are new to credit. First-time borrowers welcome.

4. Small Loans. For small amounts for emergencies or unexpected expenses.

Cons

1. Origination Fee. Adds to the total cost of the loan.

2. High Rates. Oportun’s rates are higher than traditional lenders.

3. No Payment Date Flexibility. Can’t change your payment date.

How to Apply for an Oportun Loan?

1. Pre-Qualify On Oportun’s Website. Click “Apply Now” under “Personal Loans” on Oportun’s website. Enter your ZIP code, name, birthdate and contact info and click “Next”. No hard credit pull at this stage.

2. Preview Loan Offers And Accept The Best Fit. Qualified applicants will see the maximum loan amount they’re approved for. But the APR and repayment term won’t be shown at this stage. Choose the loan offer that fits your budget.

3. Submit An Application. Complete the formal personal loan application which may require additional documents such as W-2s or pay stubs. Hard credit pull will be done before final approval. Approved borrowers can choose from 3 repayment plans.

4. Make A Plan To Repay The Loan. Since Oportun reports to all 3 credit bureaus, on-time payments will help build your credit score and missed payments will hurt it. Consider setting up automatic payments and monitoring your budget to manage loan payments.

Conditions and Requirements

Conditions

1. Interest Rates. 29.00% - 35.95%

2. Origination Fee. 0% - 8%

3. Late Fee. $5 - $15 or 5% of the unpaid amount

4. Nonsufficient Funds Fee. Up to $15

5. Loan Amount. $300 - $10,000

6. Repayment Terms. 1 - 5 years

Requirements

1. Age and ID. Must be 18 or 19 years old and have a valid ID.

2. No Minimum Credit Score. Oportun doesn’t require a minimum credit score. About half of Oportun’s new customers have no credit score when they apply for a loan.

3. Minimum Monthly Net Income. Must have a minimum monthly net income of $500. Proof of regular income from sources such as employment, alimony, retirement, child support or Social Security payments is required.

4. Debt-to-Income Ratio. Oportun doesn’t have a debt-to-income ratio limit. They review borrowers’ debt payments and other living expenses to approve and determine the loan amount.

How to Choose a Lender

1. Check Licensing. Make sure the lender is licensed in your state. Verify this information with your state regulator or attorney general. This is crucial to avoid illegal lenders and protect your consumer rights.

2. Check Membership In Reputable Associations. Look for lenders that are members of reputable associations like the Community Financial Services Association of America. Membership in such organizations means they are reliable and follow industry standards.

3. Review Terms And Conditions. Review all the terms and conditions of the loan contract. Read the fine print to understand the lender’s policies, fees and your obligations as a borrower.

4. Interest Rates And Total Loan Cost. Examine the interest rates on the loan and make sure your contract has a detailed breakdown of the total cost of the loan. This will help you understand the full financial impact of borrowing and compare offers from different lenders.

5. Understand Your Right Of Rescission. Take advantage of your right of rescission which allows you to rescind the loan within 3 days after signing the agreement. Or use the “cooling off” period to review the contract and make an informed decision before committing to the loan.

Oportun. Apply Online