Best Personal Loans from Oportun® of December 2024

Oportun® Review

If you have credit problems, you can find it challenging to receive a loan. Even if you are accepted for a loan, you may face high interest rates and non-flexible payment terms. As such, there are a number of loan companies that specialize in offering personal loans to those with poor or no credit. Today we are going to talk about one of these companies — Oportun®.

Oportun® focuses on providing personal loans and credit cards to those with poor or no credit. Oportun® is known for the AI-driven platform that uses machine-learning algorithms to match customers to loans. Oportun® loans do not have any credit or income requirements, and they also offer free financial education resources. Since 2006, Oportun® has disbursed $10.5 billion in credit over 4.3 million loans and has helped over 900,000 people establish a credit history.

Oportun® Loan Types

You can use Oportun® personal loans for:

• Home improvements
• Car repairs
• Rental deposits
• Medical bills
• Vacations
• Unexpected expenses

Oportun® personal loans typically start at $300 and go up to $6,000 for new customers, $7,500 for returning customers, and $10,000 for secured loans. The maximum allowed loan amount differs depending on the state. For example, in Florida, the maximum amount for an unsecured personal loan is $6,000, while in California, qualified borrowers can receive up to $20,000 with a secured loan. Typical loan terms are between 1 - 4 years.

Oportun® loans do not have an application or prepayment fee, but they do charge an origination fee that depends on your state and is calculated as part of your APR. You can make your loan payment online, send a check, or make a payment at one of Oportun’s physical locations.

Loan specifications

You can apply for the following types of loans: home improvement, car repairs, rental deposits, medical bills, vacations, unexpected expenses.

As you can see from the table the maximum loan amount is $10,000, and the APR starts at 20.05% for the best graded borrowers. The loan period varies from 1 to 4 years.

Oportun®: Pros and Cons

Applying for an Oportun® Loan

Oportun® has a quick online loan application process. First, you are required to enter basic information such as your name, address, phone number, date of birth, and email address.

Oportun’s application takes only about 10 minutes if you have the correct documents. Once you apply, Oportun® will run a soft credit check, though you can still apply if you don’t have an established credit score. Next, Oportun® will show you a list of loans you qualify for with terms, rates, and amounts. If you accept, they’ll perform a hard pull, and you will need to provide the following documents:

• Valid photo ID (e.g., driver’s license, passport, non-U.S. ID card, etc.)
• Bank statements, pay stubs, or other proof of income
• Piece of mail with current address
• Up to four personal references

Once you are approved, Oportun® will provide you with your loan funds. Most customers receive their funds on the same day.

Conclusion

Oportun® is a decent lending option for those with poor or no established credit. Oportun® does not have any income or credit requirements, they offer small loan amounts, and you can use the loans for several different purposes, such as home improvement, paying medical bills, etc.

However, their loan terms are not transparent, and you may get stuck with a high APR. Additionally, Oportun® loans are relatively inflexible as you cannot choose your payment schedule or dates.

Oportun® does let you establish a credit score, but they only report to two credit bureaus, so the benefits of establishing credit are slightly blunted.

Overall, Oportun® may not be the best lending institution, but it certainly is not the worst either. The financial education resources are helpful for anyone, and you don’t have to be a customer to access them. The small loan amounts are a good feature, and the fact that you don’t need a credit score lowers the bar to entry for many applicants.