No, Oportun is not a payday loan. Payday loans typically have very small loan amounts, fees equivalent to an APR of 400% and short repayment periods, whereas Oportun offers affordable personal loans of $300 - $12,000 with APRs up to 36% maximum and repayment periods of 6 - 46 months.
Key Facts About Oportun Personal Loans
Loan Amounts: $300 - $12,000
APRs: 36% maximum
Repayment Periods: 6 - 46 months
Funding Timeline: 1 - 2 business days
Origination Fee: Depends on the customer
Late Payment Fee: Depends on the amount of time late
Credit Score Requirement: None
Residency Requirement: Live in AZ, CA, FL, ID, IL, MO, NJ, NM, NV, TX, UT or WI
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