Oportun Loan Review 2020 – READ THIS BEFORE Applying!

With Oportun, you can get loans with no credit history. It also allows you to get loans without having a bank account.
Author: Nica

Last Updated: April 1, 2020

Oportun Loan Review -...Oportun is a personal loan financial service provider offering both online and storefront services to patrons across a number of states. Like most other short-term lenders, the company mostly targets individuals with circumstances that make it hard for them to access financing.

But is it your best option? In this comprehensive review, we take a look at both its benefits and downsides. We will also examine the products it has to offer and other important aspects to help inform your choice.

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    Oportun provides short-term personal loans for borrowers who need cash urgently. Though its loans are costly forms of credit, they come in handy as a last resort in emergency situations. It has a higher loan ceiling and lower rates than competitors but is only available in a handful of states.

    What is Oportun?

    Founded in 2005, Oportun is a direct lender with headquarters in Redwood City, California. It claims to have a passion about “providing inclusive, affordable, financial services” for patrons. With this in mind, its target market consists of people who are typically shut out of financing because they have a limited credit history or do not have a credit score at all.

    Initially, the company went by the name Progreso Financiero, but later changed to Oportun – a shortened form of Oportunidad, the Spanish word for opportunity. In the spirit of inclusivity, it welcomes both English and Spanish speakers as applicants, providing equal opportunity for both groups.

    It currently offers services in a total of 12 states and is known for its flexibility. However, it gives relatively high interest rates for borrowers, in view of the risk involved.

    Pros and Cons of a Oportun Loan


    • Offers flexible financing options for people with no credit history, poor credit and no bank accounts
    • Competitive APR range
    • Website supports both English and Spanish
    • Opportun helps borrowers create a good credit history when they maintain good repayment habits
    • There are no fees associated with OportunPath
    • No prepayment fees
    • The lender can approve a borrower who has faced bankruptcy
    • Does not require borrowers to have a bank account
    • It’s a certified Community Development Financial Institution meaning it promotes community development and provides financial education


    • Only available in 12 states
    • Higher APR rates than traditional loans
    • Borrowers have to pay origination fees for personal and auto loans unlike with most other short term lenders
    • The lender reports account behavior to the nationwide credit bureaus so if you miss a payment, it will negatively impact your credit score
    • Though you can apply for a loan online, the option is only available in a few states. Most users have to visit a physical store


    Oportun is an online loans services provider that offers a wide range of short term personal and installment loans. These loan products are tailored for individuals with poor credit scores. It stands out for its extended maximum loan limit and flexible repayment periods, but how does it fair when compared to other short term online loan service providers like Opploans, Rise Credit, and Advance America? Here are their key features compared:


    • Loan amount starts from $300 to $9,000
    • No minimum credit score required
    • Annual rates fall between 20% to 67%
    • Loan should be repaid in a span of 6 to 46 months


    • Borrow limit $1,000 to $4,000
    • Bad credit score is allowed
    • Annual payment rate starts from 99% to 199%
    • Payment period of 9 to 36 months

    Rise Credit

    • Offers loan from between $500 to $5000
    • Bad credit score is allowed
    • Annual rates starts from as low as 36% to as high as 299%
    • Depending on the state, the repayment term ranges from 7 to 26 months

    Advance America

    • Loan limit starts from $100 to $5,000
    • Requires a Credit Score of above 300
    • For every $100 borrowed an interest of $22 is incurred
    • Weekly and monthly payback installments

    How does Oportun work?

    For a person to qualify for an Oportun loan, they typically need to have a credit score ranging between 300 and 700. However, the lender considers borrowers who have no credit score at all.

    The lender offers loans ranging from $300 to approximately $9,000. Notably, the amount an individual qualifies to access will depend on a variety of factors. These include the state in which they reside, their credit history (if any) and previous loans with the same provider among other aspects.

    Not only does the company focus on offering financing but also offers an opportunity for borrowers to establish credit history. This way, they can qualify for more cost-effective loan options in future.

    Unlike most other short-term lenders, Oportun reports customer accounts to the top credit bureaus. This means that you can make it a stepping stone for establishing a good credit history.

    Anytime you make a minimum payment in time, it goes on record and affects your credit score positively. So far, it claims to have assisted over 730,000 people who previously had no FICO score to establish credit history.

    You can apply for any of their products online, over the phone or even in person at one of the brick and mortar stores.

    What loan products does Oportun offer?

    Oportun provides a variety of loan products to suit different applicants in varying situations. Here are some of its products:

    I. Personal loans (from $300 to $9,000)

    Personal loans from the company are repayable in a span of 6 to 46 months with varying plans to suit different budgets. There are no application fees and the prequalification takes approximately 10 minutes if you upload the correct documentation. You will, however, have to pay an origination fee.

    Once you get approval, you can access the funds via direct deposit, as a check or even loaded into a prepaid credit card. In many cases, funds will reflect within 24 hours but could take as few as 2 hours.

    When it comes to repayments, you can make them at any of the stores or at hundreds of other pre-approved locations. These include all outlets that accept PayNearMe, MoneyGram and CheckFree Pay payments such as Walmart, 7-Eleven, K-Mart and others.

    Oportun Loan Review -...

    II. Auto loans (from $5,000 to $30,000)

    Auto loans specifically target individuals who want to buy a new car. You can do this from a dealership or even from a private seller without requiring any fee. In this case, you first need to get prequalified so as to know how much you can spend.

    The lender will handle the paperwork, verify information about the car you want to buy and mail you the registration so that you don’t have to make a trip to the DMV.

    III. OportunPath ($100 top ups)

    A third type of loan that the lender offers is known as OportunPath. Comparable to a payday loan, it is an emergency form of financing specifically meant for times when you encounter unexpected roadblocks financially.

    For instance, it could come in handy when you are in imminent danger of getting an overdraft. It does not require a credit check and has no interest and no fees. Under this package, you get alerts whenever funds run low and get $100 top ups. When your balance is back up, the system carries out an auto payback.

    To qualify for this loan, you simply need to create a profile, connect a checking account and its debit card and then verify identity. You can undertake the entire process via mobile.

    You will get notifications via a text message and when you accept a top up, funds will reflect in minutes 98% of the time. But in 2% of cases, it could take between 1 and 3 days.

    What other store services does Oportun offer?

    Oportun does not offer any other store services apart from the lending options highlighted above.

    Oportun Account Creation and Borrowing Process

    1.Creating an account on the site and borrowing your first loan is quite simple.

    To get started, visit the site and click “Get Started.”

    Oportun Loan Review -...

    2. From the drop-down menu, select the product you are interested in and enter your ZIP code. Note that you need to be in one of the states where the service is available.

    Oportun Loan Review -...

    3. Make a call using the number on your screen if you want to make your application over the phone. Alternatively, click on “Apply Online.”

    4. Create an account by entering your name and the language you prefer.

    Select the reason why you are applying for a loan and then enter your address and when you moved to that address.

    5. Enter your phone number, indicate how long you have had it and whether or not you want to receive texts.

    Enter your date of birth, your ID type, ID number and the date of expiration. Indicate if you file taxes, if you have a social security number or a tax ID number.

    6. Allow Oportun to access your credit report and then enter additional details about housing and your bank account (if you have one).

    If you have other debts, indicate that as well and then provide information on your source of income.

    7. After reviewing your application, submit it for approval.

    It’s essential to be cautious during the sign up process for these products. This is because you can end up owing two to three times what you borrow on the longer-term loans, and many have difficulty repaying the short-term loans without reborrowing.

    Eligibility Criteria for a Oportun Loan

    • Legal US permanent residents or US citizens
    • Age 18 and above
    • Resident of one of the 12 states in which the service is available
    • Official government identification from any country
    • Social security number or tax identification number

    Information Borrowers Need to Provide to Get Oportun Loan

    When applying for a loan on the site, these are some of the information you will need to provide:

    • Recent pay stubs to verify income
    • A photo ID or any other proof of citizenship or residency
    • Contact information for four references
    • Proof of address (e.g. utility bills)

    In case you are applying for an auto loan, you will also need:

    • A valid driver’s license
    • Proof of auto insurance
    • Trade-in information (if it’s a trade-in)
    • Details about the car you want to purchase

    What states are accepted for Oportun loans?

    • Arizona
    • California
    • Illinois
    • Florida
    • Nevada
    • New Mexico
    • Utah
    • Texas
    • Missouri
    • New Jersey
    • Wisconsin
    • Idaho

    What are Oportun loan borrowing costs?

    Take a look at some of the costs associated with Oportun loans:

    • Origination fee or tax stamp (for personal loans) – unknown
    • APR for personal loan – 20% to 67%
    • APR for auto loan – unknown
    • Late payment fees – unknown
    • Returned check fees – unknown

    Oportun Customer Support

    On Better Business Bureau, the service provider has an A+ rating but a majority of customer reviews are negative. Among the top complaints is poor communication with customer support. They therefore have some work to do in improving public perception.

    You can contact the Oportun support team via email or live chat on the website. You could also make a phone call to speak to one of the representatives. They are usually available from Monday to Friday, 8:00 AM to 8:00 PM, Saturdays from 9:00 AM to 7:00 PM and on Sunday from 9:00 AM to 6:00 PM PT.

    Is it safe to borrow from Oportun?

    Yes. Oportun is regulated and licensed in all the states where it is available. It therefore works within the confines of legal requirements.

    Furthermore, the platform uses a combination of two-factor authentication and 256-bit encryption to protect user information and security. It does not store debit card information or bank login credentials.

    Rather, these are immediately encrypted and then transmitted under tight security to third-party partners.

    Oportun Review Verdict

    Oportun is a unique lender in the sense that though it offers financing to bad creditors, it also offers a chance for them to improve their scores. In spite of this obvious benefit, its APR on personal loans is highly competitive.

    Although its rates are higher than those of traditional lenders, this is to be expected from a short-term financier. And given the low entry barriers for accessing services on the site, it seems like a viable option for the financially underserved.

    However, the platform is not transparent in its fees and costs and this makes it difficult to compare rates before applying for a loan. It also has a lot of negative reviews with regard to its customer support and is only available in a few states.

    But all in all, Oportun is a reputable lender in the few regions where it is accessible.

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    Glossary Of Loaning Terms

    A scale showing a high Credit Score
    Credit Score

    A credit score shows your creditworthiness. It's primarily based on how much money you owe to loan or credit card companies, if you have ever missed payments or if you have ever defaulted on a loan.

    A green tick stamp showing Guaranteed Approval
    Guaranteed Approval

    Guaranteed Approval is when, no matter how bad, your credit score its, your loan application will not get declined.

    A stack of coins and notes to show Cash Advance
    Cash Advance

    A Cash Advance is a short-term loan that has steep interest rates and fees.

    A secured padlock and document showing Collateral

    Collateral is when you put up an item against your loan such as your house or car. These can be reposessed if you miss payments.

    A scale with coins showing a high Credit Limit
    Credit Limit

    A Credit Limit is the highest amont of credit a lender will lend to the borrower.

    5 gold stars showing a high Credit Rating
    Credit Rating

    Your Credit Rating is how likely you are to fulfil your loan payments and how risky you are as a borrower.

    A silver cog with a gold star inside

    If you default on your loan it means you are unable to keep up with your payments and no longer pay back your loan.

    A coin with a green arrow showing Interest Rates

    The Interest is a percentage based on the amount of your loan that you pay back to the lender for using their money.

    Piles of coins showing Fixed Interest Rate
    Fixed Interest Rate

    Fixed Interest Rate is when the interest rate of your loan will not change over the period you are paying off you loan.

    A calendar with an exclamation mark showing late payment
    Late Fee

    If you miss a payment the lender will charge you for being late, this is known as a late fee.

    A printed document with a crest showing a Principle

    The Principle amount the borrower owes the lender, not including any interest or fees.

    A tag with a dollar symbol highlighting Prime Rate
    Prime Rate

    This is the Interest Rate used by banks for borrowers with good credit scores.

    A and holding a pile of green cash
    Secured Loan

    A Secured Loan is when you put collateral such as your house or car up against the amount you're borrowing.

    A hand holding cash with an unlocked padlock
    Unsecured Personal Loan

    An Unsecured Personal Loan is when you have a loan based soley on your creditworthliness without using collateral.

    Two hands holding an changing interest rate
    Variable Rate

    A Variable Rate is when the interest rate of you loan will change with inflation. Sometimes this will lower your interest rate, but other times it will increase.

    a credit card with gold coins
    AAA Credit

    Having an AAA Credit Rating is the highest rating you can have.

    A small bridge
    Bridge Loan

    A Bridge Loan is a short term loand that can last from 2 weeks up to 3 years dependant on lender.

    A calendar and tools to show an Installment Loan
    Installment Loan

    An Installment Loan is a loan that is paid back bi-weekly or monthly over the period in which the loan is borrowed for.

    A graduation cap and price tag
    Federal Student Loan

    If you obtain a Federal Student Loan to pay your way through College ten you loan is held with the U.S. Department of Education.

    A graph with a magnifying glass
    Financial Aid

    Financial Aid is funding available to post-secondary education students in America.

    A grey bank building with a green dollar symbol inside

    A Guarantor co-signs on a loan stating the borrower is able to make the payments, but if they miss any or default the Guarantor will have to pay.

    Homes on scales balanced with money
    Home Equity Loans

    Home Equity Loans is where you borrow the equity from your property and pay it back with interest and fees over an agreed time period with the lender.

    London Inter Bank Offered Rate

    LIBOR is the London Inter-Bank Offered Rate which is the benchmarker for

    Gold coins being fed into a larger doller weight
    Debt Consolidation

    Debt Consolidation is when you take out one loans to pay off all others. This leads to one monthyl payment, usually with a lower interest rate.


    What is a credit score?

    A credit score refers to a calculation that shows your likelihood of paying back debts. The most common is the FICO score which ranges between 300 and 850.

    Can I get prequalified for an Oportun loan without affecting my credit score?

    Yes. When the lender prequalifies an applicant, it runs a soft credit pull and this does not in any way affect the FICO score. But when making the final decision, they run a hard credit pull which can affect the score.

    How can I improve my credit score?

    One way is by having different forms of credit, e.g. an installment loan and credit card, and managing them responsibly. But you should only apply for credit when you need it.

    What happens if I cannot make a payment?

    If you are unable to make a payment by your due date, let the customer support team know right away. They will try to make alternative arrangements for you so that a missed payment does not hurt your credit score.

    Does Oportun accept co-signers?

    Yes. In certain cases, the lender accepts having more than one person sign for a loan. But this only applies for personal loans and not auto loans.

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    All trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.

    Nica is a BA Political Science degree holder who fell in love with writing after college. She specializes in financial technology and cryptocurrency. At her young age, she was already able to work with founders who graduated from Harvard, tech startups funded by Y-Combinator, CEOs of multi-million dollar blockchain companies, investment companies in London and many more.

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