Oportun is a personal loan provider that offers $300 - $12,000 in funding, APRs up to 36% maximum, (depending on your creditworthiness), and repayment periods of 6 - 46 months. Oportun does not require you to have a credit score to qualify.
Key Facts About Oportun Loans
Loan Amounts: $300 - $12,000
APRs: 36% maximum
Repayment Periods: 6 - 46 months
Funding Timeline: 1 - 2 business days after approval
Origination Fee: Depends on the customer
Late Fee: Depends on the amount of time late
Income Requirement: Not disclosed
Residency Requirement: Live in AZ, CA, FL, ID, IL, MO, NJ, NM, NV, TX, UT, and WI
No, Oportun does not approve everyone for personal loans, even though there’s no minimum credit score requirement. To qualify for an Oportun personal loan, you need to be at least 18 years old, own a valid bank account and have enough income to make the monthly payments, among other requirements. Even if you meet all the requirements, you still may not get approved.… read full answer
Oportun Personal Loan Requirements
Age Requirement: 18+
Credit Score Requirement: Not disclosed but accept applicants with limited or no credit history
Income Requirement: Not disclosed
Citizenship Requirement: U.S. citizen, permanent resident or immigration visa holder
Bank Account Requirement: Verifiable bank account
Identification Requirement: Social Security number
Residency Requirement: Live in AZ, CA, FL, ID, IL, MO, NJ, NM, NV, TX, UT, WI
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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