Oportun Loans Evaluation


  • No credit score rating required
  • No prepayment charges
  • Permits co-signers
  • Funding in as little as 1 enterprise day


  • Comparatively excessive max APR: 35.95%
  • Not clear about charges
  • Small mortgage quantities: $300 – $18,500
  • Obtainable in restricted variety of states

Oportun Private Loans Evaluation Abstract

Oportun loans are costly, although the corporate isn’t clear about their general charges and charges, which fluctuate by state. Oportun doesn’t disclose an general minimal APR, however has an APR cap of 35.95%, which is taken into account comparatively excessive in contrast with rivals. Oportun’s principal draw is that they don’t require you to also have a credit score rating to use, and so they might also settle for candidates who’ve very bad credit. Nonetheless, their loans are small, solely $300 – $18,500, and so they solely function in 12 states.

Under, you’ll see how WalletHub charges Oportun loans in our three main classes: Phrases, Necessities & Utility, and Evaluations & Transparency. We used values supplied for California – probably the most populous of the 12 states by which Oportun is energetic – to do that analysis, as we have been unable to acquire a lot info on general phrases from Oportun.

2023’s Private Mortgage Affords
Examine Loans

Oportun Private Mortgage Phrases

Oportun image
APRs 10.07% – 35.95%
Mortgage Quantity $300 – $18,500
Mortgage Phrases 6 – 46 months
Origination Price Is dependent upon the client
Prepayment Price $0
Late Price Is dependent upon the period of time late
Minimal Credit score Rating None*
Minimal Earnings Not disclosed
Mortgage Objective Different
Time to Obtain Mortgage Cash As quickly as the identical day you apply
Different Necessities
  • 18+ years previous
  • U.S. citizen, everlasting resident or immigration visa holder
  • SSN or ITIN
  • Reside in AZ, CA, FL, ID, IL, MO, NJ, NM, NV, TX, UT, WI
In response to a number of third-party sources

Oportun Mortgage Charges, Charges & Different Phrases

Class Ranking: 38% (1.9 out of 5)

  • APR vary: Oportun doesn’t disclose an general vary for his or her private mortgage rates of interest.  Nonetheless, Oportun does cap private mortgage APRs at 35.95%, based on firm representatives. Oportun has mounted APRs, so charges received’t fluctuate over time.
  • How charges are decided: The precise fee you’ll get will depend on your credit score rating, debt-to-income ratio, and the state the place you reside, amongst different elements.
  • Charges: Oportun expenses an origination payment of Is dependent upon the client. Oportun doesn’t disclose their late charges, however representatives have mentioned these charges rely on what number of days you’re late. There are not any charges for paying off a mortgage early.
  • Mortgage quantities & timelines: Oportun affords private mortgage quantities ranging $300 – $18,500. Their payoff phrases are 6 – 46 months.

Oportun Mortgage Necessities & Utility Information

Class Ranking: 96% (4.8 out of 5)

  • Minimal credit score rating: Oportun doesn’t have a minimal credit score rating requirement. They even settle for candidates with restricted or no credit score historical past.
  • Minimal earnings: Oportun doesn’t specify a minimal earnings requirement, although you’ll have to present proof of earnings through the software course of.
  • Age: You should be no less than 18 years previous.
  • Citizenship: You should be a U.S. citizen, everlasting resident, or maintain an immigration visa.
  • Residence: To get a mortgage immediately from Oportun, it’s essential to dwell in one of many 12 states the place Oportun operates (AZ, CA, FL, ID, IL, MO, NJ, NM, NV, TX, UT, and WI).
  • Identification: It’s essential to have a sound picture ID and a Social Safety quantity, Particular person Taxpayer Identification quantity or passport.
  • Pre-qualification: Oportun permits you to test your approval odds and potential charges on-line earlier than you really apply. This course of won’t harm your credit score rating.
  • Methods to use: Should you determine to use, you are able to do it on-line, by cellphone (1-866-488-6090), or by visiting an Oportun department.
  • Co-signing: Oportun lets you add a co-signer to your software.

Oportun Mortgage Evaluations & Transparency

Class Ranking: 76% (3.8 out of 5)

  • Higher Enterprise Bureau: Oportun, Inc. received BBB accreditation in 2016 and at the moment holds an A+ ranking.
  • Client Monetary Safety Bureau: There are over 90 complaints about Oportun within the database managed by the CFPB. Some complaints embrace individuals being denied after pre-qualification and never having the ability to work out a hardship cost plan.
  • WalletHub: Oportun has a mean consumer ranking of 4.0/5 throughout 360 critiques on Wallethub.
  • Transparency: Oportun is clear about rates of interest however not as a lot about charges and approval necessities. Clients can use the corporate’s pre-qualification instrument to estimate their very own phrases, although.

Oportun has a constructive repute, however their lack of transparency about loans brings their rating down significantly.

Abstract: Oportun Loans Scores by Evaluation Class

Class Rating
Charges, Charges & Different Phrases 1.9/5
Necessities & Utility Information 4.8/5
Evaluations & Transparency 3.8/5
OVERALL 10.5/15

Oportun Loans vs. Common Opponents


APRs 10.07% – 35.95% 7.99% – 29.99% 9.95% – 35.99%
Mortgage Quantities $300 – $18,500 $5,000 – $50,000 $2,000 – $35,000
Mortgage Phrases 6 – 46 months 24 – 72 months 24 – 60 months
Minimal Credit score Rating None* Dangerous* Dangerous*
In response to a number of third-party sources


To be able to present probably the most correct Oportun private mortgage overview, WalletHub used 17 key metrics grouped into three general sections: Phrases, Necessities & Utility, and Evaluations & Transparency. We rated every part on a scale of 0 to five, with 5 being one of the best, after which averaged the scores of the three sections to supply an general ranking for the mortgage.

  1. The “Phrases” part consists of details about how costly the mortgage is, together with charges and charges. It additionally takes into consideration how a lot customers can borrow and the way shortly they need to pay it again. For corporations the place APR and payment ranges differ significantly by state, we used knowledge from probably the most populous state serviced by the corporate. For Oportun, that was California.
  1. The “Necessities & Utility” part examines how simple it’s to use for a mortgage and the way lengthy it takes to obtain the cash. It additionally appears at precisely who’s eligible to use.
  2. The “Evaluations & Transparency” part measures the mortgage supplier’s repute in addition to how clearly the lender discloses its phrases and necessities. This takes under consideration consumer critiques and knowledge from watchdog organizations.

The common of those three scores displays how shut a mortgage provide is to WalletHub’s definition of a 5-star mortgage. For extra info, please learn WalletHub’s full methodology.

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