Oportun is a direct lender located in San Carlos, California. It helps consumers who aren’t being served by the financial sector. It was originally called Progreso Financiero. However, it changed its name from Oportun. This is where the Spanish word opportunity comes from. Oportun provides personal loans for people with bad credit. Oportun offers personal loans to people with poor credit.
Application Process and Eligibility Requirements
Oportun is known for being flexible in credit requirements. Borrowers can take Oportun loans with credit scores between 300-700. It is also possible to accept borrowers with no credit.
To be eligible for an Oportun Loan, you must meet the following conditions:
- Must be 18 or older
- They live in one of twelve states (AZ, CA FL, ID, and IL),
All applicants must have the following documents:
- Valid photo ID such as a driver’s license, passport consular ID card, or non-U.S. identification card. We accept cards from all countries.
- Documentation about income, such as a statement from a bank or paystub
- A verification address is a document that contains your name and address (cannot be a PO Box).
- You may have up to four references from family or friends, as well as from your employer
The basics: Rates and Terms, Fees, Loan Amounts, and Fees
Oportun offers installment loans that can be extended up to $10,000, but they are not secured. They start at $300 and can be extended up to $10,000. Existing customers who borrowed money from Oportun previously are not allowed to get loans over $10,000.
Oportun loans offer interest rates ranging from 12% to 36% depending on where you live and your financial situation. Oportun loans have origination fees and late charges. However, prepayment is free of charge.
Drawbacks and Benefits of Oportun Personal loans
Borrowers with low credit scores or no credit
Those who wish to apply for an Oportun loan do not need to have a credit history. Oportun loans are available to people with low credit scores.
Lower Interest Rates than other Bad Credit Personal Loans
Oportun has a lower maximum APR than many of its competitors that offer loans to people with bad credit scores. But, loans with interest rates exceeding 36% can be costly and make repayments difficult.
Oportun Credit loans could help you build credit
Another advantage of this lender is that it is reported to TransUnion and Experian, which are the two primary credit bureaus. Borrowers who want to improve their credit scores can use this lender.
Fast Application Process
It is very fast. The application process for loans takes only 10 to 15 minutes. A response is usually available within one day.
Interest Rates Often Over 36%
Oportun offers lower rates than most competitors, but the lender is often charged interest that exceeds 36%. You should not use it for an emergency. Lower interest rates might be offered by a secured credit line or personal loans. Lenders who offer loans to customers with bad credit at rates less than 36%
The Online Application isn’t available in All States
Oportun lets you apply online for the loan. It is a problem that many people need documents to be presented in person, especially when there are competing lenders who do everything online.
Mixed Customer Reviews
According to the Better Business Bureau, most Oportun reviews have had bad experiences with Oportun. Many complaints relate to product or billing issues.
Oportun offers a note: “Our exceptional customer service and value proposition have resulted from a high level of satisfaction and loyalty from customers as demonstrated by our strong Net Promoter Score(r) or NPS of over 80 in 2016. Our NPS ranks us amongst the top consumer-oriented businesses.
Oportun loans might be worth considering for people with poor credit ratings who aren’t looking for payday loan scams. For more options, see our top picks Best personal loans or Best low credit loans.