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.
Yes, Oportun does a hard inquiry when you apply for a loan. 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 how your individual credit score may be affected by a hard inquiry, you can use the … read full answercredit score simulator on WalletHub.
It's worth noting that some people may be uncertain about whether Oportun does a hard inquiry because there's only a soft inquiry during the pre-qualification process. Soft inquiries do not impact your credit score. But that's just the first step, and a hard inquiry is required when you officially apply.
If not having a hard inquiry is important to you, lenders that don't do a hard pull at all include Integra Credit, NetCredit, and Opploans.
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 requirements to be considered for loan approval.… read full answer
Oportun Personal Loan Requirements
Be at least 18 years old
Be a US citizen or permanent resident
Have a Social Security number or ITIN
Must live in one of these states: AZ, CA, FL, ID, IL, MO, NJ, NM, NV, TX, UT, WI
You have a good chance of getting approved for a loan from Oportun if you meet all of these requirements.
If you want a better idea of what other personal loans you may qualify for with your income, you can use WalletHub's free pre-qualification tool.
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.
Click on the "Go" button after filling in your ZIP code.
Enter whether you received an email offer, your name, email address, date of birth, phone number and more.
Once you receive your Oportun prequalification status, you can choose whether or not to actually submit an application. Getting pre-approved does not mean you're guaranteed to be approved if you apply, but your approval odds will be very high.
If you want to consider more options first, you can try out WalletHub's free personal loan prequalification tool, which checks for prequalification with multiple personal loan providers at the same time.
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