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Oportun- Best For: Those looking to borrow a large amount of money over a longer period of time.
- Pros: Customers can borrow as much as $10,000 relatively quickly.
- Cons: The high end of Oportun’s interest rates is higher than most credit cards but not quite as high as payday loan lenders.
- APR:
6.99% - 35.99%
- MINIMUM CREDIT:
N/A
- TERMS:
12 - 48 Months
- ORIGINATION FEE:
Not Publicly Disclosed
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Oportun is a newer lender in the personal loan space that allows customers to borrow up to $10,000 at a much better rate than what a payday loan lender would offer.
They might offer larger loan amounts, but are they worth it?
We’ve researched Oportun and put together everything you need to know about them in this Oportun review.
Table of Contents
What Is Oportun?
Oportun is a personal loan lender and credit card issuer that gives customers the ability to borrow between $300 and $10,000 for as long as 48 months.
They provide much larger loan amounts and longer terms than most app-based lenders that have gained popularity as of recently.
It’s fast and easy to get accepted for an Oportun loan, but there’s a good chance they’re not available in your area, as they only originate loans in 12 states.
Oportun Highlights
Oportun offers quick access to large sums of cash, making them a somewhat reasonable option if you find yourself needing cash for a car repair, medical bills, or other emergencies.
Their loans give you the opportunity to finance over the course of several years for a fairly reasonable interest rate, making them a better option than payday loan lenders.
Oportun also offers a credit card product that gives borrowers access to a line of credit of up to $1,000.
Although the maximum credit limit isn’t very high, on a surface level, this card seems like a decent card to build credit with.
Additionally, Oportun also has a bunch of informative articles where customers can learn some of the basics of personal finance.
Oportun At a Glance
| Loan Amounts | $300 - $10,000 |
| APR | Up to 35.99% |
| Minimum Credit | N/A |
| Terms | 12 - 48 Months |
| Origination Fee | Not Publicly Disclosed |
| Funding Speed | 1 - 2 Business Days |
APR
Oportun received a 4 / 10 when it comes to APR because the rates that they charge customers can be quite high, especially for those who have less than stellar credit.
Although their rates aren’t nearly as high as a payday loan, they are higher than credit cards and app-based lenders, like Earnin.
Paying as much as 35.99% for a personal loan can be incredibly detrimental to your personal finance.
Let’s look at a real-life example of just how much an Oportun loan would cost.
For the sake of this example, let’s say you borrow $1,000 from Oportun for just one year.
If your interest rate is at the high end (35.99%), you’ll pay roughly $360 in interest to Oportun.
This is why we always dissuade people from taking out any unnecessary debt and seeking out low-interest rates on any necessary debt.
If you could get away with using a paycheck advance app, like Earnin, you wouldn’t be charged any interest, meaning you could put $360 back in your pocket!
Fees
When it comes to fees, we gave Oportun a 5 / 10, simply because it doesn’t seem like they charge many fees.
However, they aren’t very transparent about how much they charge for each fee.
For example, we know that Oportun charges a late fee, but this late fee varies by state.
This makes them incredibly difficult to rate in this category.
We did do a bit of inferring based on customer reviews though.
Typically it’s very easy to tell when a company is charging very high fees, because there will be plenty of disgruntled customers leaving reviews about said fees.
In the case of Oportun, we didn’t see many of these reviews, so it’s probably safe to assume their fees are reasonable.
However, if you were to apply for an Oportun loan, be sure to read the terms, and see what fees they charge, and how much they charge.
Transparency
Oportun got a 4 / 10 in the transparency category for the same reasoning mentioned above in the “Fees” category.
They simply don’t publicly disclose much about the fees that they charge.
From a business standpoint, this is somewhat reasonable, given that certain fees are likely capped at different levels on a state by state basis.
However, from a consumer standpoint this is incredibly frustrating. We would like to know exactly what they charge to know whether or not it’s worth the time submitting an application and having our credit ran. Knowing what fees are charged is incredibly important for the average consumer!
Flexibility
The 5 / 10 rating we gave Oportun in the flexibility category came from their overall average flexibility.
Much like any other bank issued loan/credit card, they run a customer’s credit to determine their eligibility.
It doesn’t seem like they accept alternative documentation in lieu of a credit check (like most app-based lenders do).
It would be nice to see them accept this kind of information for shorter term loans – this would make them more competitive with the aforementioned app-based lenders.
Funding Speed
We gave Oportun a 5 / 10 in the funding speed category, simply because funding within 1-2 business days is very average.
This is a timeframe that the vast majority of lenders offer.
Although there have been customer reviews mentioning they received funding on the same day as acceptance, this doesn’t seem to be a company wide policy, which is something we’d love to see.
Accessibility
Oportun received a 4 / 10 when it comes to accessibility simply because they don’t originate loans in every state.
As of the time this article is being written, there are 13 states where Oportun won’t originate loans.
Not issuing loans in every state seriously puts a damper on who can access your products.
It is important to note though, that it seems they have been ramping up the number of states they issue loans in.
While doing research for this article, we found claims of Oportun only issuing loans in 12 states from a couple of years ago.
Increasing coverage from 12 to 37 states is quite the increase over just a couple of years.
If you are in a state where Oportun does not issue loans, you may want to check back every few months and see if they’ve added support for your state.
Other Features
As we’ve mentioned before, Oportun does have a couple of other features.
The first of which is their credit card.
Although they say things like “Accepted Worldwide” and “Zero Fraud Liability” in their advertisements, these are fairly common amongst US credit card issuers, so they really aren’t huge selling points.
Additionally, with an interest rate of 24.90% to 29.90%, and credit limits of $300 – $1,000, they don’t have the most attractive product when it comes to the numbers either.
At the end of the day, the Oportun credit card seems like a halfway decent option if you’re looking to build credit, however, it doesn’t seem to offer much to those with established credit.
Lastly, Oportun also has a financial education section on its website.
We really love this, because many lenders out there do not provide any information to their customers on how to grow and prosper financially.
While Oportun by no means offers the answer to every financial question, they do have some good basic financial information that everyone should know.
How to Apply at Oportun
If you like what you’re reading about Oportun, and want to apply, we’ve put together a step by step guide on how to apply below:
Step 1: See if Oportun is Available in Your Area
Enter your zip code to see if Oportun originates loans in your state.
Step 2: Enter Your Personal Information
Enter your name, date of birth, and other personal information.
Step 3: Select Your Purpose for Applying for the Loan
Select one of the prewritten options for the purpose of your loan.
Step 4: Enter Your Address and Mailing Address
Enter your physical address and mailing address (if different from your physical address).
Step 5: Enter Your SSN or ITIN Number and Your Monthly Pay
Your SSN/ITIN and monthly income will help Oportun evaluate your maximum loan amount as well as the interest rate you will be charged.
Step 6: Submit Your Application
Submit your application and wait for a response.
Step 7: Get Access to Your Loan
If approved, enter in your bank details, and get access to your loan in as little as one to two business days.
Oportun Consumer Reviews
On the surface, Oportun seems like it has the potential to be a good source of cash when you’re in a pinch, it’s important to see what actual customers are saying about Oportun.
In order to do so, we’ll be taking a look at Oportun’s Better Business Bureau Page.
For those who aren’t familiar with the BBB and how they evaluate the companies listed on their site, we’ve summarized a couple of their key metrics below:
- A BBB rating represents their own opinion of how likely a business is to interact with their prospective customers.
- Their ratings go from A+ on the high end, to an F on the low end
In the case of Oportun, they are accredited with the BBB and they have an A+ rating.
When it comes to customer reviews, Oportun has received 87 reviews with an average score 2.79 / 5. Believe it or not, the A+ rating and customer score above 1 / 5 is a good indication for the company, as most lenders receive much lower scores on both metrics.
To dive a little deeper, we’ll take a look at some individual reviews, and give our take on the issues that customers are facing.
| Reviewer | Issue | My Take |
|---|---|---|
| Heather M. - 02/20/2022 | Heather said she was in a tough situation with less than stellar credit, and opportun approved her for a $1,000 loan with a reasonable interest rate in about 10 minutes. | While we don’t know what her definition of a reasonable interest rate, it’s good to see happy customers leaving 5 star reviews on their page. |
| Robert C. - 02/14/2022 | Robert says he was a victim of identity theft, and someone took out an Oportun loan in his name. Customer service was not very helpful when he reached out to them. | Identity theft is a terrible thing to deal with. Although it wasn’t necessarily Oportun’s fault your identity was stolen, they should certainly be more accomadative in helping you make things right. |
| Aaron M. - 02/12/2022 | He misplaced the check they sent him, and it took longer than he would have liked to have the check cancelled and reissued. | Although this situation might have put Aaron in a tough spot, we don’t think it warrants the one star review he left. Ultimately, he was the one that misplaced the check. This whole situation could have been avoided by accepting the loan through ACH payment. |
| Blaire K. - 02/11/2022 | Claims they got their loan approved and funds deposited in the same day. | It’s great to hear that they sometimes are a bit faster with funding than the “one business day” timeframe that they advertise. |
| Julio L. - 02/10/2022 | Claims a loan offer was sent to his underage child. | Unfortunately, this just happens sometimes when companies purchase mailing lists. Although it’s not a great look, Oportun likely wouldn’t have issued a loan to someone younger than 18. |
Is Oportun Legit?
Oportun is undoubtedly a legitimate company.
Although there are plenty of shady characters in the financial business, Oportun doesn’t seem to be one of them.
They seem to have plenty of happy customers according to their reviews, and they have been accredited by the Better Business Bureau.
Oportun Pros and Cons
In order to help you make your decision on whether or not Oportun is right for you, we’ve laid out some of our favorite (and least favorite) things about them below:
Pros
- Get Approved Fast: Oportun can approve applicants for loans within the same day (some within the same hour). According to reviews that we read, some people even got their funding in the same day – this is incredibly fast.
- Borrow Up To $10,000: Many of the popular app-based lenders just don’t offer the loan amounts that customers need. Oportun seems to offer larger loan amounts, which can be helpful if you need to fix your car, or an appliance at your home.
- Terms as Long as 48 Months: Oportun has very long loan terms, making it easier to borrow a larger sum of money, while still retaining smaller monthly payments.
Cons
- High Interest Rates: If you have less than stellar credit, there’s a good chance you’ll be paying up when it comes to the interest rate you’re charged. With loans capped at 35.99% interest, certain people will pay more for an Oportun loan than they would for a credit card.
- Not Transparent Around Fees: Oportun isn’t very transparent about the fees they charge – they often say that the fee amount varies by state, which isn’t very helpful. Providing just a range of what they charge for each fee would be significantly more helpful.
- Not Offered in Every State: Oportun is available in 37 states, meaning roughly a quarter of the US cannot borrow through them. This means that there’s a good chance you won’t be eligible. Luckily for us though, they have a tool that makes it very easy to check both availability and the interest rate range they might charge you.
Who Oportun Is Good For
Oportun is good option for someone with a great credit score that needs some extra cash to get them through a tough time.
Those with great credit scores will likely pay a lower interest rate, making Oportun an affordable option for getting cash fast.
Who Oportun Is Not Good For
Oportun is probably not a great idea for someone with less than stellar credit, who needs a smaller amount of money.
If your credit score needs some work, chances are that you’re going to be charged a pretty high interest rate.
In this case, you might be better off seeking out funding from an app-based lender, that way you won’t be charged any interest at all!
Alternatives to Oportun
| Oportun | PersonalLoans.com | CashUSA | BadCreditLoans.com | |
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Oportun Frequently Asked Questions
- What is Oportun’s Minimum credit score requirement?
- Are there prepayment penalties with Oportun?
- Does Oportun offer good interest rates?
Author:
Logan is a practicing CPA and founder of Choice Tax Relief and Money Done Right. After spending nearly a decade in the corporate world helping big businesses save money, he launched his blog with the goal of helping everyday Americans earn, save, and invest more money. Learn more about Logan.
