- No credit score required
- No prepayment fees
- Allows co-signers
- Funding in as little as 1 business day
- Relatively high max APR (36%)
- Not transparent about fees
- Small loan amounts: 36% maximum
- Only available in 12 states
Oportun Review Summary
Oportun is a lender that offers expensive personal loans for people with bad credit, though the company is not transparent about their overall rates and fees, which vary by state. Oportun does not disclose an overall minimum APR but has an APR cap of 36%, which is considered relatively high compared with competitors. Oportun’s main draw is that they don’t require you to even have a credit score to apply, and they will accept applicants who have bad credit. However, their loans are small, only $300 - $12,000 and they only operate in 12 states.
Below, you’ll see how WalletHub rates Oportun loans in our three major categories: Terms, Requirements & Application, and Reviews & Transparency. We used values provided for California – the most populous of the 12 states in which Oportun is active – to do this evaluation, as we were unable to obtain much information on overall terms from Oportun.
Oportun Personal Loan Terms
|Loan Amount||$300 - $12,000|
|Loan Terms||6 - 46 months|
|Origination Fee||Depends on the customer|
|Late Fee||Depends on the amount of time late|
|Minimum Credit Score||None*|
|Minimum Income||Not disclosed|
|Time to Receive Loan Money||As soon as the same day you apply|
Oportun Loan Rates, Fees & Other Terms
Category Rating: 30% (1.5 out of 5)
- APR range: Oportun does not disclose an overall range for their personal loan interest rates. However, Oportun does cap personal loan APRs at 36%, according to company representatives. Oportun has fixed APRs, so rates won’t vary over time.
- How rates are determined: The actual rate you will get depends on your credit score, debt-to-income ratio, and the state where you live, among other factors.
- Fees: Oportun does charge origination fees for personal loans, but the company does not state any specific amounts. Similarly, they do not disclose their late fees, but representatives have said these fees depend on how many days you are late. There are no fees for paying off a loan early.
- Loan amounts & timelines: Oportun offers personal loan amounts ranging $300 - $12,000. Their payoff terms are 6 - 46 months.
Oportun Loan Requirements & Application Info
Category Rating: 96% (4.8 out of 5)
- Minimum credit score: Oportun does not have a minimum credit score requirement. They even accept applicants with limited or no credit history.
- Minimum income: Oportun does not specify a minimum income requirement, though you will have to provide proof of income during the application process.
- Age: You must be at least 18 years old.
- Citizenship: You must be a U.S. citizen, permanent resident, or hold an immigration visa.
- Residence: You must live in one of the 12 states where Oportun operates (AZ, CA, FL, ID, IL, MO, NJ, NM, NV, TX, UT, and WI).
- Identification: You must have a valid photo ID and a Social Security number or Individual Taxpayer Identification Number.
- Pre-qualification: Oportun lets you check your approval odds and potential rates online before you actually apply. This process will not hurt your credit score.
- Ways to apply: If you decide to apply, you can do it online, by phone (1-866-488-6090), or by visiting an Oportun branch.
- Co-signing: Oportun allows you to add a co-signer to your application.
Oportun Loan Reviews & Transparency
Category Rating: 56% (2.8 out of 5)
- Better Business Bureau: Oportun, Inc. got BBB accreditation in 2016 and currently holds an A+ rating.
- Consumer Financial Protection Bureau: There are around 50 complaints about Oportun in the database managed by the CFPB. Some complaints include people being denied after pre-qualification and not being able to work out a hardship payment plan.
- WalletHub: Oportun has an average user rating of 4.1/5 across 25 reviews on Wallethub.
- Transparency: Oportun is far less transparent than most personal loan providers. They’re not very open about overall interest rates or fee ranges. Customers can use the company’s pre-qualification tool to estimate their own terms, though.
Oportun has a positive reputation, but their lack of transparency about loans brings their score down considerably.
Summary: Oportun Loans Scores by Review Category
|Rates, Fees & Other Terms||1.5/5|
|Requirements & Application Info||4.8/5|
|Reviews & Transparency||2.8/5|
Oportun Loans vs. Popular Competitors
|APRs||36% maximum||7.99% - 29.99%||9.95% - 35.99%|
|Loan Amounts||$300 - $12,000||$5,000 - $50,000||$2,000 - $35,000|
|Loan Terms||6 - 46 months||24 - 60 months||24 - 60 months|
|Minimum Credit Score||None*||Bad*||Bad*|
In order to provide the most accurate Oportun personal loan review, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.
- The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back. For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company. For Oportun, that was California.
- The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
- The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.
The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.