Oportun Review: An Honest Review of It’s Legitimacy

Oportun is a financial services company that provides personal loans and credit cards to individuals who may not have access to traditional banking services. The company was founded in 2005 and is based in San Carlos, California. Oportun’s mission is to provide affordable financial products and services to underserved communities. In this article, we will review Oportun, including its pros and cons, and services, and answer some frequently asked questions.

Pros and Cons of Oportun:

Pros:

• Flexible loan terms: It offers flexible loan terms that range from 6 to 46 months, giving customers the ability to choose a repayment plan that works best for them.
• No credit score required: It doesn’t require a minimum credit score to qualify for a personal loan. Instead, the company uses alternative data sources to assess a borrower’s creditworthiness.
• Quick funding: Its loan application process is quick and easy, and funds can be disbursed within 24 hours.
• No prepayment penalties: It doesn’t charge prepayment penalties, which means borrowers can pay off their loans early without incurring additional fees.

Cons:

• High-interest rates: Its interest rates can be higher than those offered by traditional banks and credit unions.
• Limited services: It only offers personal loans and credit cards, so customers who need other financial products and services will need to look elsewhere.
• Limited availability: It operates in only 12 states, so not everyone will have access to its products and services.

Oportun Services:

• Personal loans: It offers personal loans that range from $300 to $10,000. Loan terms range from 6 to 46 months, and funds can be disbursed within 24 hours.
• Credit cards: It offers credit cards with credit limits of up to $8,000. The cards come with no annual fees and no security deposit required.

What is Oportun?

Oportun is a financial services company that provides personal loans and credit cards to individuals who may not have access to traditional banking services. The company was founded in 2005 and is based in San Carlos, California. Its mission is to provide affordable financial products and services to underserved communities.

It is a financial services provider that offers consumer loans, including both unsecured and secured loans, in several states throughout the US, including California and Nevada. The company is licensed under the California Financing Law License and has originated NV loans. Oportun offers affordable personal loans to underserved communities and does not charge an origination fee for their loans.

The company allows borrowers to set up automatic payments to make loan repayment easier and also provides free financial coaching to help borrowers consolidate debt and manage their finances. While Oportun reports loan payments to credit report bureaus, they also use alternative data sources to evaluate creditworthiness.

What services does Oportun offer?

Oportun offers two main services:

• Personal loans: It offers personal loans that range from $300 to $10,000. Loan terms range from 6 to 46 months, and funds can be disbursed within 24 hours. These loans can be used for a variety of purposes, such as home repairs, medical expenses, or car repairs.
• Credit cards: It offers credit cards with credit limits of up to $8,000. The cards come with no annual fees and no security deposit required. These credit cards can be used to make purchases and build credit.

It provides consumer loans, including unsecured loans, to individuals in several states, with NV loans originated by Oportun. The company is committed to offering financial support to underserved communities and providing access to affordable credit options. Oportun has a focus on providing a positive customer experience, with a loan process that is designed to be simple and easy to understand.

The company offers loan amounts that can help borrowers achieve their money goals, and the final approval process is subject to credit and other state restrictions that may apply. Loans originated by Oportun are the best way for many people to access the funds they need to achieve their financial goals.

How do I apply for a loan from Oportun?

You can apply for a loan from Oportun by following these steps:

• Visit the Oportun website at oportun.com and select the “Apply Now” button.
• Create an account with your email address or log in if you already have an account.
• Enter your personal information, including your name, address, and phone number.
• Provide information about your income and employment, such as your employer’s name and how long you’ve been employed.
• Choose the loan amount you need and select a loan term that works for you.
• Review and submit your application.
• If approved, sign your loan documents and receive your funds, which may be disbursed within 24 hours.

What are Oportun’s interest rates?

Its interest rates vary depending on the state where you live and other factors such as your creditworthiness and loan term. The interest rates for Oportun loans typically range from 20% to 67%.

It’s important to note that the company aims to provide affordable unsecured loans to individuals who may not have access to traditional banking services. While the interest rates may be higher than those offered by traditional banks and credit unions, they are generally lower than those offered by payday lenders and other alternative lenders. It also offers loan terms that can be customized to fit your budget and repayment ability.

What is the minimum credit score required to qualify for a loan from Oportun?

Oportun does not have a minimum credit score requirement to qualify for an unsecured loan. Instead, the company uses alternative data sources to evaluate your creditworthiness, such as your income, employment history, and payment history. This means that even if you have a low credit score or no credit history at all, you may still be eligible for a loan. However, keep in mind that having a good credit score can improve your chances of getting approved for a loan and may also lead to lower interest rates.

How long does it take to get approved for a loan from Oportun?

The approval process for a loan can vary depending on the specific circumstances of your application. In some cases, you may receive a decision on your application within minutes of submitting it. However, in other cases, it may take longer for Oportun to review your application and make a decision.

If your application is approved, you can typically receive your funds within 24 hours. This is because this lender uses electronic disbursement methods to transfer funds directly to your bank account. If you apply in person at an Oportun location, you may be able to receive your funds in cash.

Does Oportun offer loans to people with bad credit?

Yes, Oportun offers loans to people with bad credit or no credit history. The company uses alternative data sources to evaluate your creditworthiness, such as your income, employment history, and payment history. This means that even if you have a low credit score or no credit history at all, you may still be eligible for a loan. However, keep in mind that having a good credit score can improve your chances of getting approved for a loan and may also lead to lower interest rates.

What are the repayment terms for loans from Oportun?

The repayment terms for loans from Oportun vary depending on the loan amount and the state where you live. In general, loan terms can range from 6 to 46 months. Oportun offers flexible repayment options to help you manage your payments and avoid late fees. You can choose to make weekly, bi-weekly, or monthly payments depending on what works best for your budget.

It’s important to note that it does not charge prepayment penalties, which means that you can pay off your loan early without incurring any additional fees. Additionally, if you are having trouble making payments, you can contact them to discuss alternative payment options, such as a payment extension or a payment plan.

How does Oportun assess creditworthiness?

Oportun uses alternative data sources to assess creditworthiness, rather than relying solely on traditional credit scores. The company considers a variety of factors when evaluating a borrower’s creditworthiness, including:

• Employment history: It may consider your employment history, including how long you have been employed and your income level.
• Payment history: It may consider your payment history for other bills, such as rent, utilities, and cell phone bills, as well as any past loans or credit accounts.
• Bank statements: It may review your bank statements to evaluate your income and spending habits.
• Identification and verification: It may use third-party verification services to confirm your identity and other information provided on your loan application.
• Credit reporting agencies: While it does not require a minimum credit score to qualify for a loan, the company may still review credit reports from one or more credit reporting agencies as part of its evaluation process.

What sets Oportun apart from other lenders?

There are several things that set Oportun apart from other lenders:

• No credit score requirement: Unlike many traditional lenders, it does not require a minimum credit score to qualify for a loan. Instead, the company uses alternative data sources to evaluate creditworthiness.
• Affordable loans: The lender aims to provide affordable loans to underserved communities. While the interest rates may be higher than those offered by traditional banks and credit unions, they are generally lower than those offered by payday lenders and other alternative lenders.
• Flexible repayment terms: It offers flexible loan terms that can range from 6 to 46 months. Borrowers can also choose to make weekly, bi-weekly, or monthly payments depending on what works best for their budget.
• No prepayment penalties: It does not charge prepayment penalties, which means that borrowers can pay off their loans early without incurring any additional fees.
• Credit building opportunities: It offers credit cards with credit limits of up to $8,000. The cards come with no annual fees and can help borrowers build credit.
• Multilingual customer support: It offers customer support in both English and Spanish, which can be helpful for borrowers who are more comfortable communicating in their native language.
• Community involvement: It is committed to supporting underserved communities and has partnered with various organizations to provide financial education and other resources.

Oportun Reviews:

When considering a financial services provider like Oportun, it’s important to consider a range of factors, including the company’s reputation and customer feedback. While Oportun has an A+ rating on the Better Business Bureau BBB and has been accredited since 2016, the high number of customer complaints and negative reviews is worth taking into account.

Many of the complaints center around issues with billing and payment, as well as difficulty reaching customer service representatives. Some customers have also reported that they were not fully informed about the terms and fees associated with their loans. While this lender has a strong mission to provide affordable financial products and services to underserved communities, it’s important to research and considers customer feedback when making a decision about which financial services provider to choose.

Here are some reviews:

Oportun FAQs

Where is Oportun located?

Oportun is headquartered in San Carlos, California. The company has over 300 retail locations in 12 states, including California, Texas, Illinois, Florida, and Arizona. You can find the nearest Oportun location by using the “Find a Store” tool on the company’s website.

What are the hours of operation for Oportun?

The hours of operation for Oportun vary by location. Generally, Oportun locations are open from Monday to Friday from 10:00 am to 7:00 pm, and on Saturdays from 10:00 am to 4:00 pm. Some locations may have different hours, so it’s best to check the hours for your nearest location on Oportun’s website.

What is the maximum loan amount offered by Oportun?

The maximum loan amount offered depends on the state where you live and your creditworthiness. In some states, the maximum loan amount is $10,000, while in others it may be lower. The loan amount you qualify for will also depend on your income and other factors.

How much does it cost to apply for a loan from Oportun?

There is no cost to apply for a loan from this lender. The company does not charge application fees or origination fees. However, if you are approved for a loan, you may be required to pay interest and other fees depending on the loan terms.

Can I apply for a loan from Oportun online?

Yes, you can apply for a loan from Oportun online by visiting the company’s website and filling out the loan application form. You can also apply in person at any of Oportun’s locations.

Does Oportun offer loans in all states?

No, this lender currently operates in only 12 states, including California, Texas, Illinois, Florida, and Arizona. If you do not live in one of these states, you will not be eligible for a loan from Oportun.

Can I pay off my loan early without incurring prepayment penalties?

Yes, it does not charge prepayment penalties. This means that you can pay off your loan early without incurring any additional fees.

How long does it take to receive funds from Oportun?

If your loan application is approved, you can typically receive your funds within 24 hours. This is because Oportun uses electronic disbursement methods to transfer funds directly to your bank account. If you apply in person at an Oportun location, you may be able to receive your funds in cash.

What happens if I miss a loan payment?

If you miss a loan payment, the lender may charge you a late fee. The amount of the late fee depends on the state where you live and the terms of your loan. If you continue to miss payments, your loan may go into default, which can have serious consequences for your credit score and financial well-being.

Does Oportun report loan payments to credit bureaus?

Yes, Oportun reports loan payments to credit bureaus, which can help you build credit if you make your payments on time. However, if you miss payments or default on your loan, it can have a negative impact on your credit score.

Conclusion

Oportun is a financial services provider that offers personal loans and credit cards to individuals who may not have access to traditional banking services. The company uses alternative data sources to evaluate creditworthiness, making it possible for people with low credit scores or no credit history to qualify for a loan.

While Oportun has a strong mission to provide affordable financial products and services to underserved communities, it’s important to consider customer feedback when making a decision about whether to use its services. While the company has an A+ rating on the BBB and has been accredited since 2016, the high number of customer complaints suggests that some customers may have had negative experiences with the company. Ultimately, it’s up to each individual to research and consider their options when choosing a financial services provider.