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Personal Loans

Oportun Personal Loans Review

Updated Feb 13, 2024   |   13-min read

Oportun, founded to offer accessible financial services, caters to borrowers traditional banks often overlook. Its mission is to provide inclusive lending, especially valuable for those with a limited credit history.

This lender specializes in personal loans for various needs, such as medical expenses or home repairs. Ideal for individuals with lower credit scores, Oportun is a resource for those rebuilding their credit history.

Oportun can assist borrowers who might not qualify for conventional loans. However, those who qualify for more traditional personal loans will likely find higher loan amounts and lower APRs with other lenders.

Our take on Oportun’s unsecured personal loan

  • Biggest benefit: Accessible to poor-credit borrowers
  • Biggest drawback: Small loan amounts 

Oportun’s unsecured personal loan is notable for its accessibility. Ideal for borrowers with poor or no credit history, it also accepts cosigners. However, its loan amounts and terms are limited compared to traditional lenders.

Oportun fills a crucial niche, but its higher APRs and smaller loans aren’t cost-effective for every borrower. Those eligible for traditional loans might find better terms elsewhere, making Oportun a specific, rather than a universal choice.

This distinction is key for borrowers comparing loan options. Oportun caters to a specific group, offering funds when other doors are closed.

Oportun unsecured personal loan at a glance

We’ve collected the rates and terms of Oportun’s personal loan in the table below.

TermsDetails
Minimum credit scoreNot required; open to those with bankruptcy history
Fixed rates (APR)No higher than 35.99%
Loan amounts$300 – $10,000
Repayment periodBased on loan size, rate, fees, and terms. Payments are fixed installments
Unsecured or securedUnsecured
Joint loansCosigners sometimes allowed
Time to funding after approvalNot specified; typically quick via direct deposit
Repayment assistanceMakes an effort to work with borrowers, but reports missed payments to credit bureaus
FeesNo application or prepayment fees; administrative/tax stamp may apply
Unique featuresLends to those with poor or no credit history, including bankruptcy survivors

How does an Oportun personal unsecured loan work

Oportun’s personal loan offers financial inclusivity, ideal for those with limited credit history. Here’s how it works:

Application process

Apply online or by phone. No minimum credit score is required, welcoming those with past financial challenges. Provide ID and income proof for loans from $300 to $10,000.

Loan terms and repayment

Repayments are fixed installments based on loan size and terms. APR is capped at 35.99%. 

Managing the loan

You can manage an Oportun personal loan online. Assistance is available if you fall behind on repayment, but the lender reports missed payments to the credit bureaus.

Fees and features

No application or prepayment fees apply. Be aware of possible state-dependent administrative fees. Cosigners are an option.

Oportun simplifies lending for diverse financial backgrounds, blending accessibility with structured repayments and online management.

Who’s eligible for an Oportun unsecured personal loan?

Oportun caters to a wide range of borrowers. One of Oportun’s key eligibility criteria is proof of income, demonstrating the borrower’s ability to repay the loan. This approach opens doors for many who might not meet traditional lending criteria.

Oportun accepts co-applicants and cosigners which can help eligibility. This can benefit those with lower credit scores or limited credit history. 

A co-applicant with a stronger financial background may improve your chances of loan approval and help you secure better loan terms.

RequirementDetails
CitizenshipU.S. citizenship not required
Employment statusProof of income required
State of residenceAvailable in 40 states (listed below)

Exclusions: Colorado, Connecticut, Iowa, Maine, Maryland, Massachusetts, Nevada, New York, West Virginia, and Washington, D.C.
Minimum ageNot specified
Minimum credit scoreNot required; open to those with bankruptcy history
Minimum incomeNot specified

Eligible states (as of January 2024): Alabama, Alaska, Arkansas, Arizona, California, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Missouri, Mississippi, Montana, North Carolina,  North Dakota, Nebraska, New Mexico, New Hampshire, New Jersey, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Vermont, Washington, Wyoming, and Wisconsin

Pros and cons of an Oportun unsecured loan

Pros

  • Accessibility for varied credit histories

    Oportun is open to borrowers with no or poor credit history, making it a viable option for those typically excluded by traditional lenders.

  • Small loan amounts

    With loans starting as low as $300, Oportun caters to those needing smaller amounts, which can be hard to find with other lenders.

  • Cosigner option

    The ability to add a cosigner can help your chances of loan approval, which benefits those with weaker credit profiles.

Cons

  • Reference requirement

    The need for personal or employment references might be a hurdle for some applicants, affecting their privacy or comfort levels.

  • Limited loan amounts

    The cap at $10,000 might not be sufficient for borrowers needing larger amounts.

Oportun stands out for its inclusivity, particularly benefiting those with limited credit options. The option to add a cosigner and the availability of small loan amounts are significant advantages. 

However, the higher APRs and the requirement for personal references are notable drawbacks. These factors, coupled with the limitation on maximum loan amounts, suggest that Oportun is better suited for specific borrowing needs rather than a one-size-fits-all solution.

In comparison, competitors Upstart and Upgrade may offer more competitive APRs and higher loan limits, making them potentially better options for borrowers who qualify. 

Our take on Oportun’s secured personal loan

  • Biggest benefit: Accessible for those usually ineligible
  • Biggest drawback: Only available in California

Oportun’s secured loan, which uses a borrower’s vehicle as collateral, can provide a viable alternative for those ineligible for typical loans. However, its availability is limited to California, restricting its wider usefulness.

This loan’s aids Californians with limited options. But due to its geographic constraint, we haven’t assigned it an editorial rating or a best-for designation. It’s ideal for certain borrowers but not a universal solution.

Oportun secured personal loan at a glance

This table provides a detailed summary of Oportun’s secured personal loan. Oportun doesn’t disclosed rates on its website. We’ll explain each aspect further in the following sections.

TermsDetails
Loan amounts$2,525 – $18,500
Repayment periodBased on loan size, rate, fees, and terms. Payments are fixed installments
Unsecured or securedSecured by vehicle title
Time to funding after approvalFunds disbursed within 24 hours after requirements met
Repayment assistanceWill work with borrower, but missed payments reported
Unique featuresAllows using vehicle title for larger loans

How does an Oportun secured personal loan work?

Oportun’s secured personal loan is for borrowers who can use their vehicle as collateral. This loan is best for California residents who may not qualify for traditional unsecured loans.

Application process

Applying for Oportun’s secured loan involves providing vehicle-related documents. Quick funding, often within 24 hours, makes it accessible.

Loan management

Borrowers manage their loans online. This system allows for efficient payment tracking and support access.

Loan terms

Loan amounts vary from $2,525 to $18,500. The repayment is based on the loan size and interest rate, with fixed installments.

Secured loan specifics

Using a vehicle as collateral can lead to potentially lower APRs. Borrowers need to understand the risk to their vehicle.

Who’s eligible for an Oportun secured personal loan?

The key requirement for an Oportun secured loan is proof of income and a vehicle registered in California, the only state where these loans are available.

RequirementDetails
CitizenshipNot required
Employment statusProof of income needed
State of residenceCalifornia only; vehicle must be registered there

Pros and cons of an Oportun secured loan

Pros

  • Higher loan amounts

    Using a vehicle as collateral allows for larger loans than Oportun’s unsecured loan, beneficial for those needing more substantial funds.

  • Competitive APRs

    Oportun claims its APRs are lower than typical title loans, potentially making it a more cost-effective option.

Cons

  • Not eligible if you’re still paying off your vehicle

    The borrower must own the car outright, free from liens, which limits eligibility.

  • Geographical restriction

    The loan is exclusive to California residents.

  • Unclear APR ranges

    Oportun states its APRs are competitive, but the lack of specific ranges makes it hard to compare with other options.

Oportun’s secured loan offers distinct advantages, including higher loan amounts, making it a viable option for Californians with clear vehicle titles. However, its strict ownership requirement and state-specific availability limit its reach. 

The lack of transparency regarding APR ranges further complicates the decision-making process for potential borrowers.

Compared to competitors, Oportun’s secured loan could appeal to those with the necessary vehicle requirements in California. However, for borrowers who seek more transparent terms, Best Egg, our highest-rated lender for a secured personal loan, might offer more accessible options.

What can an Oportun personal loan be used for?

Like most personal loans, Oportun offers freedom in how you can use its secured and unsecured loans.

You aren’t required to inform Oportun of the specific purpose of the loan during the application process, and you can use the funds for multiple purposes, such as:

  • Emergency expenses: Covering unexpected medical bills or urgent home repairs.
  • Debt consolidation: Paying off high-interest debts to simplify finances.
  • Personal investments: Funding education or small business ventures.

What are the costs and fees of an Oportun personal loan?

Understanding the costs and fees associated with an Oportun secured or unsecured personal loan is crucial to gauge the overall affordability. 

Rates and their impact

  • APR: Oportun’s APR for unsecured personal loans can go as high as 35.99%. The APR includes the interest rate plus any additional fees, which influence the total amount you repay.
  • Rate calculation: Borrowers’ rates are determined based on creditworthiness, loan amount, and term length. A higher APR can mean a higher payment over the life of the loan.

Fees

  • Oportun may charge administrative or tax stamp fees, depending on the state. These are calculated as part of the annual APR.
  • Fees are typically included in the total loan amount rather than requiring out-of-pocket payment.

How does this compare?

Oportun’s rates might be higher than other personal loan companies, particularly for borrowers with better credit profiles. This can lead to a higher overall cost of borrowing.

For example, a $5,000 loan with a 35.99% APR and a 24-month term would result in a monthly payment of around $295 and total repayment of $7,080.

This example shows that the interest and fees can increase the total cost over the loan term.

How do you repay a personal loan from Oportun?

Repaying a personal loan from Oportun is structured to provide clarity and consistency for borrowers. Here’s an overview of how the repayment process works:

Payment methods

Borrowers have the flexibility to make payments online, which is convenient and allows for easy tracking of loan balances and payment history. Phone payments and direct bank transfers are also available, catering to different preferences.

Loan terms

The terms of Oportun’s personal loans are fixed—the payment amount and repayment schedule are set and remain the same throughout the loan term. 

Early repayment

Oportun’s personal loans allow the option to pay off the loan early without incurring penalties. This flexibility can be advantageous because it allows borrowers to save on interest costs and can reduce the overall financial burden.

The option for early repayment without penalty and the fixed-term structure are designed to align with a range of borrower needs, balancing predictability with flexibility.

Is Oportun a reputable lender?

To assess Oportun’s reputation, we looked at customer ratings from various review platforms. Here’s a table summarizing the ratings:

SourceCustomer ratingNumber of reviews
Trustpilot4.8 out of 510,818
Better Business Bureau (BBB)2.4 out of 5136
Google4.6 out of 5243

Reviews collected December 28, 2023

Trustpilot and Google users rate Oportun highly, praising the ease of applying and accessibility to loans, especially for those who might have been denied elsewhere. These positive reviews reflect Oportun’s commitment to serving borrowers with diverse financial backgrounds.

However, negative reviews, particularly on BBB, where Oportun has a lower rating, mention predatory behavior, loan denials despite perceived eligibility, and a lack of transparency and timeliness in receiving funds. Such feedback highlights areas where Oportun could improve its services and customer interactions.

These reviews suggest that while Oportun is well-regarded for its accessibility and application process, it has room for improvement, particularly in terms of transparency and customer service. 

Does Oportun have a customer service team?

Oportun provides a customer service team to assist borrowers and prospective clients with various queries and concerns, including questions about loan applications, repayment schedules, and other service-related inquiries. 

Ways to contact Oportun:

  • Email: [email protected]  
  • Phone number: Toll-free at 866-488-6090. Available Monday-Friday 8 a.m. to 8 p.m. Pacific time, and Saturday/Sunday 9 a.m. to 7 p.m. Pacific time
  • Mailing address: For personal loans, send correspondence to P.O. Box 4085, Menlo Park, CA 94026
  • Chat box: Accessible via Oportun’s website for quick online queries.

Multiple contact options ensure customers they can reach out to Oportun in the way that’s most convenient for them.

How to apply for an Oportun personal loan

Oportun offers the opportunity to prequalify for its loan before you submit a full application, which won’t affect your credit.

The prequalification process allows applicants to understand their eligibility without credit consequences, a feature that is particularly beneficial for those with limited or poor credit histories.

Steps to apply for an Oportun loan

  1. Start the process: Visit Oportun’s website and click “Apply now” to begin.
Oportun application screenshot Apply Now
  1. Provide personal information: Fill in basic personal and financial details in the online form.
Oportun application screenshot personal information
Oportun application screenshot personal information 2
  1. Submit required documentation:
    1. For a personal loan: Valid photo ID, proof of income, address verification, and up to four personal references.
    2. For a secured loan: Original vehicle title, vehicle registration, driver’s license, proof of income and address, pictures of the car, and bank details for verification.
  2. Review and submit: Check all the information for accuracy, and submit the application.
  3. Wait for approval: Oportun reviews the application. The duration can vary but is generally prompt.

The ease of Oportun’s online application and the minimal impact on credit scores during prequalification makes it an accessible option for many borrowers. 

The requirements for personal references and vehicle details (for secured loans) are unique and caters to a diverse range of applicants.

What if I’m denied a personal loan from Oportun?

If you’re denied a loan from Oportun, understanding the reasons behind the denial is crucial to navigating forward. Oportun will inform applicants of the reasons for denial, an essential step in addressing any underlying issues.

If denied, you have the option to reapply, especially if your financial situation changes or improves. It’s important, however, to address the reasons for the initial denial to increase your future chances of approval.

Common reasons for denial and solutions include:

  • Insufficient income: If income was a factor, exploring ways to increase earnings or applying with a co-applicant might help.
  • High debt-to-income ratio: Paying down debt can improve this ratio.
  • Inaccurate or incomplete application: Ensure you submit all the requested information—and double-check it—on future applications.
  • Unstable employment history: A more stable job or consistent income history may be required before reapplying.
  • Poor credit history: Work on improving your credit score through responsible credit use and on-time payments.

Oportun may provide additional guidance or resources to help applicants improve their eligibility.

Oportun personal loan FAQ

Can you have more than one Oportun personal loan?

Generally, Oportun allows only one loan at a time per borrower. This ensures manageable debt levels for customers.

Can you pay off an Oportun personal loan early?

Yes, you can pay off an Oportun loan early without penalty, allowing flexibility in financial planning.