Oportun Personal Loans

Oportun Personal Loans Review

Oportun Personal Loans is offered by Oportun Inc., a financial services company founded in 2006 and based in Redwood, CA. Oportun Personal Loans is available in 12 states across the USA.

Key Takeaways

• APRs starting at 19.9%. Personal loan interest rates typically range between 5% and 36%. The starting rates for Oportun Personal Loans are on the higher end of the spectrum.
• Same day funding available. In some cases you may be able to access your money the same day you apply.
• Prequalified rate. You can check your prequalified rate at Oportun Inc. with a soft pull that will not affect your credit score.
• Origination fees of $0 to $300.
• Short loan terms. Oportun Personal Loans have loan terms as short as 9 months.

Oportun Pros & Cons

Oportun FAQ

What interest rates and personal loan terms does Oportun offer?

Oportun has higher than average interest rates for lenders reviewed on SuperMoney.

What fees does Oportun charge?

What do you need to qualify for Oportun Personal Loans?

When it comes to credit scores, Oportun Inc. doesn't have a set minimum or maximum. People with all types of credit scores can apply. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

Oportun Personal Loans does not have or does not disclose a minimum annual income eligibility requirement.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Oportun Personal Loans. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Oportun Personal Loans. Permanent resident / green card holders are also eligible to apply. Not all companies will work with visa holders. Oportun Inc. does offer its services to temporary resident visa holders such as F1 or H1B holders. An uncommon feature is for lenders to offer their services to non-residents. Oportun Inc. is one of the few that does. If you are a non-resident looking to access these services through an entity incorporated in the U.S., you are in luck. Oportun Personal Loans will consider you for their services.

To qualify, applicants may need to provide the following documentation:

• Recent pay stubs
• Proof of income
• Recent bank statements
• Proof of citizenship or residence permit

What is the estimated funding time for a personal loan via Oportun?

Oportun will typically provide a credit approval decision in less than an hour and fund the loan within 1 business day.

Does Oportun Personal Loans report your account activity to credit bureaus?

Yes, Oportun Personal Loans reports your account activity to the following credit reporting agencies:

• Experian
• Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

Is Oportun Inc. a legit company?

Oportun Inc. was founded in 2006, it is a well-established company with approximately 2,600 employees that has been in business for 16 years. Based on their "mostly recommended" SuperMoney community rating, they seem to be a reputable company.