Oportun Personal Loan Reviews 2024
- Oportun Personal Loan Pros and Cons
- How to Apply For an Oportun Personal Loan
- Why You Should Trust Us
- Oportun Frequently Asked Questions
Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate personal loans to write unbiased product reviews.
Oportun isn't a great option for most borrowers, and should really only be considered if you have poor or no credit and need a small amount of money. You can get better rates and larger sums elsewhere. When shopping around, remember that the best personal loan for you will depend largely on your credit score, which will determine what you qualify for and can lower your rate.
Oportun Personal Loans Overview
Oportun loans range from $300 to $10,000. The lender offers both secured and unsecured personal loans. The difference between the two is that you need to put up collateral for a secured loan, while you don't need to for an unsecured loan.
Borrowers can use personal loans for a many purposes, including home improvement project loans, medical bills, and even vacations (though be careful before you jump to do so). Loan term lengths range from one to four years. Oportun's APR goes 18.99% - 35.99%, which is similar to other lenders who are accessible to borrowers with bad credit. Your rate will remain locked in for the life of your loan.
Oportun has a partnership with MetaBank to provide personal loans to more states. Depending on where you live, your loan may be originated by one of three entities:
- Personal loans are originated by Oportun Inc. in AZ, CA, FL, ID, IL, MO, NJ, NM, TX, UT, and WI
- Loans are originated by Oportun, LLC. in NV
- Personal loans are originated by MetaBank, Member FDIC, in AL, AK, AR, DE, IN, KS, KY, LA, MI, MN, MS, MT, NC, ND, NE, NH, OK, OR, PA, RI, SC, SD, TN, VA, VT, and WA
Who Is Oportun Best For?
Oportun is best for borrowers who need only a small amount of money and don't have the best credit score. If you need a larger sum to cover an expense, you can find lenders with higher loan amounts elsewhere — some lenders may even lend up to $100,000. Similarly, if you have a good credit score, many lenders will offer you much lower rates than you'll find with Oportun.
Compare Personal Loan Rates
Oportun Personal Loan Pros and Cons
Oportun Personal Loans Pros
- Low minimum loan amount. You're able to get a loan of as little as $300 with Oportun, so it could be a good option if you only need a little bit of money to cover an expense.
- Accessible to borrowers with bad or no credit. Prior credit history is not required to qualify for an Oportun personal loan, so it could be a good option for borrowers looking to establish a credit history.
- Offers co-signed and secured loans. If you have a shakier credit history, co-signed and secured loans offer a path to approval and better rates. To get a co-signed loan, you enlist the help of a borrower with a better credit score to increase your chances of qualifying. Secured loans require collateral to receive them, but they also come with better rates and higher approval chances.
- Prequalification available. When you check your rates with Oportun, the company will do a soft credit check, which lets them see your credit history but doesn't damage your credit score.
Oportun Personal Loans Cons
- Low maximum loan amount. You're limited to borrowing up to $10,000 with Oportun, and you can only get that amount with a secured personal loan. Other lenders offer higher maximum loan amounts, so look elsewhere if you need a larger debt consolidation loan or a larger loan for other purposes.
- High APRs. Oportun has APRs 18.99% - 35.99%, which is a high maximum. If you have a solid credit score, you might find better rates elsewhere.
- Only available in 37 states. You'll only be able to get a loan if you live in AL, AK, AR, AZ, CA, DE, FL, ID, IL, IN, KS, KY, LA, MI, MO, MN, MS, MT, NC, ND, NE, NH, NJ, NM, OK, OR, PA, RI, SC, SD, TN, TX, UT, , VA, VT, WA, or WI.
- Origination fee. Oportun's origination fee varies depending on the borrower and the state of the borrower's residence. It ranges from $0 to $300.
- Returned payment fee. If your payment would overdraw your account and Oportun sends it back to your bank, you'll have to fork over a $15 returned payment fee.
How to Apply For an Oportun Personal Loan
1. Use the form on Oportun's website to prequalify. You'll enter basic information including your name, contact information, birthdate, and zip code to ensure you live in one of the areas where Oportun loans are available.
2. Review the loans available for you and select one. If you qualify, the lender will present you with loan amounts and terms you can choose from. None of this affects your credit score at this point.
3. Fill out and submit a full application. You may be required to provide additional information including W-2s, pay stubs, bank statements, or other documents proving your income and ability to repay the loan. At this stage, Oportun will do a hard credit inquiry, which is likely to temporarily lower your credit score slightly.
4. Receive your funds and begin repaying the loan.
Are Oportun personal Loans Trustworthy?
Oportun is a Better Business Bureau-accredited company with an A+ rating. Oportun has been involved in a recent scandal. A ProPublica investigation found that the company filed thousands of lawsuits against low-income Latino borrowers amid the COVID-19 pandemic to try to intimidate them into keeping up with high-interest loan payments. If this incident worries you, you may consider using a different lender.
Oportun Loan Alternatives
Oportun vs. LendingPoint
Oportun's loan amount range is $300 to $10,000, compared with $2,000 to $36,500 for LendingPoint.
Oportun offers term lengths from one to four years, compared with two to four years at LendingPoint.
Oportun vs. Upgrade
Upgrade offers loan amounts ranging from $1,000 to $50,000, which could make it a better choice if you're looking for a bigger loan as Oportun's range is $300 to $10,000.
You can also get a loan that you can pay off over a longer time with Upgrade. It's term lengths range from two to seven years, compared with one to four years wit Oportun loans.
Quick tip: To make sure you find the best rate available, look for prequalified personal loan offers from multiple lenders in a loan marketplace.
Why You Should Trust Us: How We Rated Oportun Personal Loans
We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths and loan amounts (15% of rating)
- Funding speed (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category's weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan's terms, so they have less of an impact on the overall rating.
Oportun Frequently Asked Questions
What Credit Score do You Need for an Oportun Loan? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.Oportun doesn't list a minimum credit score requirement, and it even considers borrowers without credit histories. The lender could be a good option if your credit isn't in the best shape, as it may be more lenient than other lenders.
Is Oportun a Real Loan Company? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.Yes, Oportun is a legitimate loan company. Loans are originated from Oportun Inc, Oportun, LLC, or MetaBank, Member FDIC, depending on the state you live in.
What credit score do you need for an Oportun loan? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.A prior credit history is not required to qualify for an Oportun personal loan.
How Long Does it Take to Get a Loan from Oportun? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.You'll likely get your money within three business days after being approved for a loan from Oportun.
Ryan Wangman, CEPF Loans Reporter Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Educator in Personal Finance (CEPF).In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership. He graduated from Northwestern University and has previously written for The Boston Globe. Read more Read less 
Elias Shaya Compliance Associate Elias Shaya is a Compliance Associate on the Personal Finance Insider team based in New York City, which ensures content accuracy and editorial independence so readers are always getting up-to-date and objective financial advice.The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Elias is the point person for the loans sub-vertical and works with the editorial team to ensure that all rates and information for personal and student loans are up-to-date and accurate.He joined Insider in February 2022 as a fellow on the compliance team. Read more Read less Top Offers From Our Partners 
Chime® Checking Account Set up Direct Deposit and get your paycheck up to 2 days before your coworkers.** No overdraft fees. No monthly fees. A tooltip Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. **Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date. Start BankingncG1vNJzZmivp6x7o8HSoqWeq6Oeu7S1w56pZ5ufonyxsdGspqeZnGKzqrrAp5qeZ6Cav7S7zZqjZqSflru0e86ppquspaN6sbHRrKanmZxiubCtzaxkq52mnrK4