Item: Oportun
Rating: 3.5

3.5

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3.5

NerdWallet Rating

Est. APR

35.95 - 35.95%

Min. credit score

None

Time to fund

1 day

Loan amount

$300 - $10K

Loan term

1 to 5 years

Origination fee

Up to 10%

Disclosures from Oportun

Overview

Oportun is an online and storefront lender that makes installment loans to applicants with bad credit or limited to no credit history. The lender says it provides loans to other borrowers throughout the credit spectrum, too, but those consumers likely qualify for lower-cost personal loans elsewhere.

This lender is a federally certified community development financial institution, which means it strives toward growing economic opportunity in low-income communities. The lender also offers financial education and a money savings app.

Detailed breakdown

Affordability

(25%)

1.5/5

We review lenders’ annual percentage rate offerings and the competitiveness of each lenders’ APR range. We also assess whether a lender charges an origination fee and any opportunity for borrowers to receive a rate discount.

Customer experience

(20%)

5/5

We consider the experience of the consumer trying to manage a personal loan, which means accessibility of customer service representatives, whether borrowers can choose and change their payment due date, and the ability to track their loan on a mobile app.

Underwriting and eligibility

(20%)

4.5/5

We consider the rigorousness of each lender’s underwriting practices and how widely available their loans are. This category includes whether a lender does a hard credit check before providing a loan, the range of credit profiles they accept and how many states their loans are offered in.

Loan flexibility

(20%)

4/5

We assess how flexible lenders can be with borrowers, including whether they offer multiple loan types, personal loan amounts and repayment term options and whether they offer direct payment to creditors on debt consolidation loans.

Application process

(15%)

3/5

We consider the lender’s full application process, including a borrower’s ability to preview their loan offer via pre-qualification, whether basic loan information such as APR range and repayment terms are available and easy to find online and how quickly a loan can be funded after approval.

Overall

3.5/5

Read more about our ratings methodologies for personal loans.

Where Oportun personal loans stand out

Accepts borrowers new to credit: Oportun says it has a focus on “underserved borrowers and credit-invisible populations.” A credit score isn’t required to get an Oportun personal loan, and a bad credit score doesn’t automatically disqualify a loan applicant.
Small loans available: An Oportun loan can be as small as $300, which is much lower than most personal loans. These loans can be used for small but necessary emergency expenses, like a dental procedure or auto repair. That low minimum makes them an affordable alternative to a payday loan.
Has joint and secured loan options: Loan applicants who don’t qualify on their own may be able to add a co-applicant. Ideally this co-applicant has a higher income and greater disposable income, which could help increase approval odds. Securing an Oportun personal loan with a vehicle can also increase the likelihood of loan approval or getting a larger loan. The maximum loan amount is $18,500 for a secured loan, with a qualifying, paid-off vehicle as collateral. However, only borrowers in the following states can get a secured personal loan through Oportun: AZ, CA, FL, IL, NV, NJ, TX and UT.
Direct payment to creditors with debt consolidation loans: If you’re using an Oportun loan to consolidate debt, the lender will send loan proceeds directly to your creditors, saving you that step in the process.
Options to choose and change your payment date: Before signing a loan agreement, Oportun says it allows borrowers to choose their payment date. Borrowers can also change their payment date multiple times throughout the life of the loan to accommodate changes in income or expenses.

Where Oportun personal loans fall short

High APR compared to other lenders: Unlike other lenders, Oportun only offers one annual percentage rate, rather than a range of rates. The rate for Oportun loans is below 36%, which is the maximum rate that many financial experts consider affordable. However, it is significantly higher compared with other online lenders whose APRs can start below 10%.
No rate discount: Oportun does not discount rates, which reduces the cost of borrowing. Other lenders offer rate discounts for borrowers who enroll in automatic payments or opt to have their loan proceeds sent directly to their creditors when consolidating debt.
Charges an origination fee: Oportun may charge an origination fee up to 10% of the loan amount. The lender takes this fee from the loan before sending the funds, reducing the amount you’ll receive.
Does not offer large loans: The maximum amount a borrower can get on an unsecured personal loan from Oportun is $10,000. Several personal loan lenders have maximum loan amounts of $50,000 or more.

How to qualify

Loan applicants with thin or no credit history may qualify for an Oportun personal loan. This lender does not offer personal loans to residents in CO, CT, IA, ME, MD, NY, WV, WA or Washington, D.C.

Oportun’s borrowing requirements

Minimum credit score: None.
Must have a government-issued ID.
Must have a Social Security number or Individual Taxpayer Identification Number (ITIN).
Must provide proof of residency and employment or income.

» MORE: How to get a personal loan

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Profile of an average Oportun borrower

Loan amount

$3,000

Average APR

35.94%

Loan term

25 months

Monthly income

$4,500

Compare Oportun to the best lenders

3.5	4.5	5.0	5.0
EST. APR 35.95% - 35.95%	EST. APR 8.74% - 35.49%	EST. APR 7.9% - 35.99%	EST. APR 7.74% - 35.99%
LOAN AMOUNT $300 - $10K	LOAN AMOUNT $5K - $100K	LOAN AMOUNT $1K - $60K	LOAN AMOUNT $1K - $50K
MIN. CREDIT SCORE None Check Rates	MIN. CREDIT SCORE None Check Rates	MIN. CREDIT SCORE 600 Check Rates	MIN. CREDIT SCORE 600 Check Rates