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.
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.
Yes, an Oportun personal loan does affect your credit score, both when you apply and during the entire time that you are paying the loan off. Initially, an Oportun personal loan will affect your credit score in a negative way, but the long-term impact can be very positive, assuming you repay the loan on schedule.… read full answer
How an Oportun Personal Loan Affects Your Credit Score
Hard pull: When you apply for an Oportun personal loan, Oportun will do a hard inquiry into your credit history, which will temporarily drop your credit score by about 5-10 points in most cases.
Increased debt level: Taking out an Oportun personal loan will naturally increase the amount of debt that you have. Since your debt level is one of the components of your credit score, you can expect that to have a negative impact initially.
Account diversity: One positive way that getting an Oportun personal loan can impact your score right away is by adding more diversity to the types of accounts you have open. Your "credit mix" is one of the components of your credit score, and the more types of accounts you have, the better - as long as you handle them responsibly.
Payments: The biggest factor in how an Oportun personal loan affects your credit score is whether you pay on time. If you make on-time payments, your score should steadily increase as a result. If you pay late or fail to make payments altogether, you can expect your credit score to drop.
The bottom line is that while an Oportun personal loan does affect your credit score, most of the way that your score changes depends on how responsible you are with the loan. If you'd like to estimate how certain actions might affect your credit score, you can use WalletHub's free credit score simulator
To apply for an Oportun personal loan, first check for pre-qualification and then enter your personal and financial information on the online application. Next, verify the accuracy of the information, submit the application and wait to receive a decision.
How to Apply for an Oportun Personal Loan
Check for pre-qualification.… read full answer Pre-qualification is a way to check your approval odds and potential rates before applying for an Oportun personal loan. It doesn’t hurt your credit. You can check for pre-qualification on the Oportun website.
Enter your personal information on the application. Oportun requires the following personal information on the application: your full name, date of birth, phone number, email address and home address.
Enter your financial information on the application. Oportun requires the following financial information on the application: a form of photo ID, Social Security number or ITIN, and monthly take-home pay.
Double check the application for accuracy. To ensure that your Oportun personal loan application gets processed as quickly as possible, make sure that all the information is correct and complete before you submit it.
Submit your application. Oportun will typically provide a decision on your application within a few minutes.
If you are approved for an Oportun personal loan, you will generally receive the funds within 1 to 2 business days after approval. After that, it’s your responsibility to make monthly payments until you have fully paid back your loan, including 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.
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