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 credit 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.
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.
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.
It takes 1 to 2 business days to get money from an Oportun personal loan, in most cases. That includes both the time it takes to get approved and the time it takes for the funds to be delivered after approval. Keep in mind that this is a typical applicant's experience, and in some cases it could take longer.… read full answer
How to Get Money From Oportun as Fast as Possible
Fill out the application carefully. You should make sure that all information you enter on the application is correct and complete. That will eliminate any potential delays from Oportun having to request additional information.
Check your credit report for errors. Before you apply, you should verify that everything on your credit report is accurate, as any incorrect negatives on there could impact your chances of approval. If you find any errors, you should dispute them right away to get them removed.
Apply online. Online applications have the fastest processing times since they are automated and streamlined.
Get an electronic funds transfer. Oportun offers loan payouts through an electronic funds transfer to your bank account or by paper check. The transfer is the faster option.
Once you get approved for an Oportun personal loan, the money will be delivered through an electronic funds transfer to your bank account.
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