2020 Oportun Loans Review
Oportun Review Summary: Oportun loans are difficult to evaluate because the company is not transparent about their overall rates and fees. The only way to find out any specific information about what rates you might get is by pre-qualifying. Plus, Oportun is only active in 12 states, so not many people can apply in the first place.
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. But their loans are small, only $300 to $9,000, and their APRs are reported to be high, in the range of 30% to 60%+. Below, you’ll find everything WalletHub could gather on Oportun loans and see how they match up against other lenders that accept bad credit.
Oportun Personal Loan Terms
|APRs||20% - 67%|
|Loan Amount||$500 - $9,000|
|Loan Term||12 months|
|Credit Score Requirement||Excellent*|
|How long does it take to receive the funds?||N/A|
Oportun Loan Rates & Fees
Oportun does not clearly disclose the interest rates of their personal loans. There is no listed range on their website, and customer service would not provide an overall range, rather saying it depended on the customer’s profile, state and more. Representatives did provide a few example loans, one of which had an APR around 30% and the other a rate over 60%. One third-party source claims that Oportun’s interest rates range from 20% to 67%, but WalletHub was unable to independently verify that. 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. 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.
In order to get any solid information about Oportun’s potential terms, you will have to pre-qualify for a loan.
Oportun Loan Requirements & Application Info
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. 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. Oportun does not give any minimum credit score. They also don’t specify a minimum income, 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.
Oportun Loan Reviews & Transparency
Oportun is far less transparent than most personal loan providers. They’re not open about overall interest rates or fees. Customers can use the company’s pre-qualification tool to estimate their own terms, though. Below, you can see what other sources have to say about Oportun.
- Better Business Bureau: Oportun, Inc. got BBB accreditation in 2016 and currently holds an A+ rating.
- Consumer Financial Protection Bureau: There are two mentions of Oportun in the complaints database managed by the CFPB, both from late 2018. One complaint is from a person who didn’t want to receive offers by mail and the other is from a person who claims Oportun withdrew incorrect payments and harassed them by phone.
- WalletHub: Because of their lack of transparency, WalletHub can only award Oportun 0.5 stars out of 5.
Oportun Loans vs. Competitors
|APR||20% - 67%||5.99% - 29.99%||9.95% - 35.99%|
|Loan Amounts||$500 - $9,000||$10,000 - $40,000||$2,000 - $100,000|
|Loan Term||12 months||24, 36, 48 or 60 months||24, 36, 48 or 60 months|
|Credit Score Required||Excellent||Good||Bad|
WalletHub scored Oportun loans in seven categories in order to give them an overall rating. Each category contained a number of different metrics, adding to 23 in total. Below you’ll find the full list.
- Requirements: In this category, WalletHub researched the minimum credit and income requirements to get approved for Oportun loans. We also looked at other qualifications like whether non-citizens can apply and whether people can apply without a Social Security number.
- Loan amounts: In addition to checking the biggest and smallest dollar amounts available, we also looked at what lengths of time Oportun offers for payoff.
- APR: Our editors tried to find out the range of interest rates available. We looked into whether Oportun’s rates are fixed or vary with the market.
- Fees: WalletHub looked into what fees Oportun charges on their loans.
- Application process: WalletHub learned about Oportun’s pre-qualification process and how to submit an application. We checked for the ability to apply with a co-signer, and found out how long customers can expect approval and funding to take.
- Transparency: In this category, we judged Oportun based on how easy it is to find out their rates and fees, along with their minimum application requirements.
- Customer satisfaction: To gauge Oportun’s customer satisfaction, we looked at user reviews on WalletHub, Oportun’s BBB profile, and the CFPB’s database of consumer complaints.
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