Oportun Review Summary: Oportun loans are expensive, 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%. 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 to $9,000.
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 - $9,000|
|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||1 - 2 business days|
Oportun Loan Rates, Fees & Other Terms
Category Rating: 1.5/5
Oportun offers only a small amount of funding, with loans ranging from $300 to $9,000 for 6 to 46 months. These small amounts, combined with Oportun’s high costs, are responsible for the low score in this category.
Oportun does not clearly disclose an overall range for the interest rates of their personal loans. But Oportun caps personal loan APRs at 36%, according to representatives. Oportun has fixed APRs, so rates won’t vary over time.
Oportun charges origination fees, according to representatives, but doesn’t openly state a range for those, either, and will not provide specifics for any state. Similarly, they don’t list their late fees, but representatives said these fees depend on how many days you are late. Lastly, if you pay off your loan earlier than expected, Oportun will not charge you a penalty.
Though Oportun doesn’t disclose overall ranges for their rates and fees across all states, there is a way to get more specific information about what terms you could expect. If you pre-qualify for a loan on Oportun’s website, you will get an estimate of your potential loan costs without hurting your credit score.
Oportun Loan Requirements & Application Info
Category Rating: 4.8/5
Oportun only operates in 12 states: AZ, CA, FL, ID, IL, MO, NJ, NM, NV, TX, UT and WI. So you must live in one of those states in order to take out a personal loan. However, Oportun advertises that you don’t need to have any credit history in order to apply for one of their loans. You may also be able to qualify with bad credit, as Oportun does not give any minimum credit score. They don’t specify a minimum income, either, although you will have to provide proof of income during the application process.
To submit an Oportun personal loan application, you will need to be at least 18 years old. Oportun allows U.S. citizens, permanent residents and people in the country with immigration visas to apply. If you do not have a Social Security number, you can apply with an Individual Taxpayer Identification Number instead.
You can pre-qualify for an Oportun loan without hurting your credit score. This will let you see your chances of approval and the rates you’re likely to get, which is helpful considering Oportun is rather secretive about their ranges for interest and fees. If you’re interested in applying for a loan after pre-qualification, you can apply online, by phone (1-866-488-6090) or by visiting an Oportun branch. Applying for a loan will result in a hard pull of your credit, which means your score will likely drop by a few points. Oportun does allow applicants to apply with a co-signer.
Even though Oportun is not clear about how much they charge borrowers, they score well in this category because they at least let customers pre-qualify. In addition, the company has some features that other lenders lack, such as the acceptance of co-signers and the fact that they allow customers to use an ITIN in place of an SSN.
Oportun Loan Reviews & Transparency
Category Rating: 2.8/5
- 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 4.3 stars out of 5.
- Transparency: Oportun is far less transparent than most personal loan providers. They’re not very open about overall interest rate 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.
Oportun Loans vs. Competitors
|APRs||36% maximum||7.99% - 29.99%||9.95% - 35.99%|
|Loan Amounts||$300 - $9,000||$7,500 - $40,000||$2,000 - $35,000|
|Loan Terms||6 - 46 months||24 - 60 months||24 - 60 months|
|Minimum Credit Score||None*||Fair*||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.