Grace Enfield, Content Writer
@grace_enfield
Yes, you can pay off Oportun personal loans early, which is a smart idea because if you pay your loan early it will save you money on interest. Oportun does not charge a prepayment penalty, meaning that you will not be charged extra if you pay off the loan sooner than you’re required to.
Example of How Much You Can Save By Paying Off a Oportun Personal Loan Early
- Situation: A $10,000 loan with a repayment period of 3 years, an APR of 18% and an origination fee of 0%.
- Normal Payments: You will spend approximately $3,015 on interest.
- Early Pay Off: If you pay off the loan in 2 years, you will save about $1,033 on interest.
To estimate the cost of your Oportun personal loan with different repayment schedules, check out WalletHub’s free personal loan calculator.
People also ask
Does Oportun do a hard inquiry?
Yes, Oportun does a hard inquiry when you get approved and accept a loan offer. This credit report inquiry will likely drop your credit score by about 5 to 10 points, but you'll be able to get back on track with a few months of on-time payments.
Oportun's hard inquiry will stay on your credit report for two years, but it won't affect your credit after one year, and the impact may subside before then. To see...
read full answer by Rick Bormin, Personal Loans ModeratorDoes Oportun verify income for personal loan applications?
Yes, Oportun will verify your income when you apply for a personal loan. If you do not have any income, you can apply for an Oportun personal loan with a co-signer, and Oportun will verify that person's income instead.
Oportun may verify income by requesting financial information like pay stubs, bank statements, or W-2 forms. In other cases, they'll just use credit report information. Either way, you will also have to meet other Oportun...
read full answer by Grace Enfield, Content WriterHow can you get Oportun personal loan pre-approval?
You can get Oportun personal loan prequalification through the Oportun website. Oportun prequalification allows you to see your odds of approval for a personal loan from Oportun, as well as your potential interest rate, and the process will have no impact on your credit score.
How to Get Oportun Personal Loan Prequalification
- Go to the Oportun website.
- Click on the "Go" button after filling in your ZIP code.
- Enter whether...
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