MoneyGeek’s Take: Oportun Personal Loan Review

Oportun Personal Loans is an excellent alternative to payday loans as it offers lower interest rates and more flexible payment terms. Though it only offers a relatively small loan amount, this lender helps borrowers with limited or fair credit history with their immediate financial needs.

Last Updated: 6/24/2022
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With Oportun, you can get a personal loan with fixed, affordable bi-weekly payments. A complete application process takes under 10 minutes. As long as you have the complete requirements, you can immediately get the funds the next day of your loan application approval. Depending on the state where you live, your creditworthiness, and if you are eligible for a regular or secured personal loan, you can borrow as low as $300 or as much as $10,000, payable within a 6- to 46-month term.

At a Glance: Oportun Personal Loans


  • Oportune

    • 27.74% to 35.95%APR Range
    • NoneMinimum Credit Score
    • $300 to $10,000Loan Amount Range
    • 6 to 46 monthsRepayment Terms
    • Next DayTime To Recieve Funds

    on Oportune Website

MoneyGeek Breakdown - Oportun Personal Loan Details and Requirements

  • APR

    The annual percentage rate (APR) for personal loans from Oportun ranges between 27.74% up to 35.95%

  • Credit Score Requirements

    Oportun does not have a credit score requirement.

  • Income Requirements

    While Oportun does not provide an income minimum, you will need to provide proof of income when you apply.

  • Loan Amounts

    Oportun offers personal loans from $300 to $10,000, depending on the state where you live, whether or not you are a returning customer and your credit score. Residents of Arizona, California, Texas and Florida are able to apply for a secured personal loan with limits ranging from $2,525 to $20,000.

  • Loan Terms

    Personal loans from Oportun have terms of 6–46 months.

  • Permitted Uses

    You can use Oportun funds on home improvements, car repairs, rental deposits, medical bills, vacations and unexpected expenses.

  • Prohibited Uses

    Oportun does not specify any restrictions on the usage of its funds.

  • Time to Receive Funds

    Once your loan application is approved, you can get the funds the next day.

  • Origination Fees

    Oportun charges an origination fee or a tax stamp when your loan is approved. Fees depend on the state you live in and as part of your APR along with the amount of interest you owe.

  • Late Fees

    Oportun charges a late payment fee but does not specify how this is computed. It also charges a fee for returned checks.

  • Prepayment Penalty Fees

    There are no prepayment fees when paying your Oportun loan.

  • Co-signers and Co-applicants

    Oportun accepts co-signers, which counts as a debt obligation, making the co-signer responsible for the loan if it is not paid off.

  • Perks

    Oportun provides online financial education and hardship program which includes rewriting the loan to lower the interest rate and monthly payments and extending the payment term.

  • Mobile Application

    No mobile app to manage loans

Is Oportun Right for You?

When it comes to choosing your personal loan lender, you need to consider not just the maximum amount you can borrow but also whether or not you can afford the monthly payments and fees included in your personal loan terms. MoneyGeek’s Oportun personal loan review will help you decide whether this lender is the right choice for your financial needs.

Who Oportun Is Perfect For

Oportun is the best choice for borrowers with limited or bad credit history. Because it does not have any credit score requirement, those looking to build or rebuild their credit may qualify for a loan. Oportun even approves those that have declared bankruptcy. While those who require a larger loan than $10,000 should consider looking elsewhere, Oportun is perfect for those seeking a relatively small loan.

Who Should Not Choose Oportun

Taking out a loan with Oportun carries a few disadvantages for some borrowers. For example, if you need a larger loan, you may need to look elsewhere since this lender only disburses a loan amount of up to $10,000 and lower if you are a new customer.

Though marketed as the best alternative to payday loans, it still comes with higher interest rates than other lenders. If you frequently miss your regular payments, Oportun may not be the best choice because of its high APR rate of 35.95%. Although you can qualify even with a low credit score, it’s best to find a personal loan package elsewhere.

How to Apply for an Oportun Personal Loan

This Oportun personal loan review helps you determine whether the loan products from this lender are the best for your needs. Below outlines the steps to apply for a personal loan from Oportun.

1

Prequalify

To prequalify for a personal loan from Oportun, you will need to indicate where you live, your estimated credit score and your preferred loan length. You should also select how much money you need. The calculator will immediately show your APR rates, biweekly payment amounts and how long you will be paying it off.

2

Fill Out Application Form

To go through the application process for an unsecured personal loan, you will need to provide documents, including a valid photo ID, proof of income, verification of address and personal references. Secured personal loans require vehicle title, vehicle registration, driver’s license, pictures of your car and bank account information.

3

Wait for Approval

As long as you have provided complete requirements, you will be able to receive a loan decision within the same day of your application.

4

Review Loan Agreement

Go through your loan agreement. In some cases, your pre-approved loan terms are not the same as your final loan terms.

5

Sign Loan Agreement

Once you are okay with your personal loan packages and have read the fine print, you can sign the loan agreement.

6

Receive or Direct Funds

Oportun disperses funds either through check or direct deposit into your bank account. Options vary depending on the state where you live.

7

Make Payments

To ensure that you make timely payments each month, you can set up auto payment using either your checking or savings account, depending on what works best for you.

What to Do if You Are Rejected From Oportun

Since Oportun will take a look at a borrower’s financial background, there are chances where a personal loan application gets denied. When this happens to you, the best course of action is to check what affected your chosen lender’s decision.

You can call Oportun and ask for specific details about why your personal loan application has been rejected. Determine what affected your profile and try to improve on these factors. This way, you increase your chances of getting approved the next time or elsewhere.

Generally, apart from the lender-specific requirements, you should be able to improve your credit score, have a verifiable income and have an established credit history to have a higher chance of approval.

MoneyGeek strongly recommends not applying to any personal loan lender without improving on these factors, as most lenders conduct a hard credit inquiry which may hurt your score even more.

Frequently Asked Questions About Oportun Personal Loans

MoneyGeek answered frequently asked questions from borrowers that could also help you decide whether to take out a personal loan from Oportun.

Read More on Personal Loans

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