Personal loans can be useful when you need money for emergencies or to cover planned expenses. When applying for a personal loan, it’s important to choose the right lender to work with.
Oportun offers secured and unsecured personal loans that can be used to pay for a variety of expenses. You might consider Oportun if you’re looking for a smaller personal loan. Before you borrow, it’s helpful to weigh the pros and cons.
Oportun At-a-Glance
Oportun is CDFI-certified lender offering small secured and unsecured personal loans. Borrowers can get prequalified with no credit check and get loans to pay for things like home improvements, auto repairs, medical bills, or unexpected expenses.
Here are a few highlights to know:
- Loan amounts range from $300 to $8,000
- Eligible borrowers can get up to $18,500 when securing a loan with their car title
- No credit check for prequalification
- Co-signers accepted
- Origination fees apply
Compare to Other Personal Loans
Oportun is one option for getting a personal loan but there are plenty of others to consider. When comparing personal loans, it’s helpful to consider minimum and maximum loan amounts, interest rates, fees and repayment terms to find the one that’s right for you. Here are three other possibilities you might weigh when shopping for the best personal loans.
Avant
Avant is an online lender that focuses on personal loans for people with less-than-perfect credit. The typical Avant borrower has a credit score ranging from 600 to 700, though the lender does consider other credit profiles.
It’s possible to borrow up to $35,000 with Avant, with repayment terms stretching from 24 to 60 months. In terms of interest rates, the maximum APR is similar to the max rate that Oportun charges.
SoFi
SoFi is a fintech company and bank that offers personal loans of up to $100,000. You can take up to 72 months to repay a SoFi loan and interest rates are lower than what you’ll pay with Oportun.
That being said, SoFi loans may be better suited to borrowers with a higher credit score. It can be difficult to qualify if you have bad credit. There’s also no option for next-day funding, which may be inconvenient if you need a personal loan for emergencies.
Happy Money
Happy Money offers personal loans specifically for credit card debt consolidation. So, while it could be a good option if you’re hoping to save money on credit card debts, it’s not the best fit if you need cash for emergencies.
You can borrow up to $40,000 with Happy Money, though joint applications are not accepted. Happy Money personal loan rates are lower than what you’ll pay with Oportun and loan terms extend up to 60 months.
Read our full Happy Money review
Pros and Cons of Oportun Personal Loans
Who Is Oportun For?
Oportun could be right for borrowers who need smaller amounts of money for planned or unplanned expenses. You might consider an Oportun personal loan if you:
- Don’t need to borrow more than $8,000
- Are looking for loans up to $18,500 and are comfortable using your vehicle as collateral
- Have poor or no credit and haven’t been able to get approved for other personal loans
- Don’t mind the possibility of paying a higher interest rate and an origination fee
Oportun likely isn’t the best option for someone who has good or excellent credit. The higher your credit score, the more personal loan options you’ll generally have. Good credit can also translate to lower interest rates, fewer fees and better loan terms overall.
Which Personal Loans Have the Best Rates?
Finding the lender with the best personal loan rates and terms for your needs is easy. Use our tool to compare rates and get the loan you need today.
Top Features of Oportun Personal Loans
When comparing personal loans, it’s a good idea to look at how they work and what advantages they might have to offer. Here are some of the best features of Oportun personal loans.
Smaller Loan Amounts
Sometimes, you need a large personal loan but in other cases, a smaller loan will do. With Oportun, you can borrow $300 to $8,000 to cover emergencies or other expenses. Getting a smaller loan can be a good thing if you need cash but don’t want to end up with a large pile of debt.
Get Prequalified with No Credit Check
Applying for loans can ding your credit score if you’re subjected to a hard credit check. With Oportun, you can check your rates and get prequalified for a personal loan without affecting your credit scores.
Secured and Unsecured Loan Options
If you’d like to borrow more than $8,000 from Oportun, you can apply for a secured loan instead. To get a secured loan, you’ll need to offer your car title as collateral. Secured loans are available to borrowers in Arizona, California, Florida and New Jersey. You can borrow up to $18,500 with this option.
Add a Co-signer
Adding a co-signer to a personal loan can make it easier to get approved. You may also get better interest rates and terms if your co-signer has a solid credit score. Oportun allows you to apply for personal loans with a co-signer and once approved, it’s possible to get funding the same day.
No Application or Prepayment Fees
Some lenders charge a fee to apply for a loan and a separate fee if you decide to pay it off early. Oportun doesn’t do that. While there is an origination fee, you won’t pay any application fees or prepayment penalties.
How to Get Started
It’s easy to apply for an Oportun personal loan online. Here’s what you’ll need to complete the application:
- Valid photo ID, such as a driver’s license, passport, consular ID card or a non-U.S. ID card
- Proof of income, which can include current paystubs or bank statements
- Verification of address, such as a piece of mail with your name and address
- Up to four personal references, which can include friends, family, or employers
You can’t apply for an Oportun personal loan with a PO box. If you’re applying with a co-signer, the co-signer will also need to provide the documentation listed above.
If you’re just getting prequalified to check your rates, there’s no hard credit check. However, if you decide to move ahead with the full application then Oportun will perform a hard credit inquiry.
There are a few additional pieces of information you’ll need if you want to apply for a secured personal loan. They include:
- Your original vehicle title
- Vehicle registration (original or copy is okay)
- Valid driver’s license
- Pictures of your car (front, back driver side, passenger side, VIN, and odometer)
- Bank account and routing number
Again, your car will need to be issued in Arizona, California, Florida or New Jersey to qualify for a secured personal loan.
Rating the Features
Are Oportun personal loans the best option? Here’s how the features measure up.
User Experience
Oportun’s website is easy to navigate and there’s a detailed FAQ section if any questions you have aren’t answered on the main personal loans page. The application process is simple and takes about 10 minutes to complete. It may take a little longer if you need to upload additional documents relating to your vehicle when applying for a secured loan.
Fees
Oportun doesn’t charge application fees or prepayment penalties for its loans. However, there is an origination fee which is paid upfront when you’re approved.
The percentage used to calculate the fee is not disclosed. So you won’t know what you’ll pay until you apply for the loan. Oportun also charges fees for late payments and returned checks.
Rates
Getting the lowest rate possible on a personal loan matters, since your rate can determine your total cost of borrowing. Oportun has a higher maximum APR but that’s because these loans are geared toward people with less-than-perfect credit scores. Again, if you have good credit it’s possible to find personal loans with lower rates elsewhere.
Variety
You have two loan options with Oportun: secured and unsecured. Whether you can get a secured loan will depend largely on whether you live in Arizona, California, Florida or New Jersey and where your vehicle is registered.
Unsecured loans have limits starting at $300, going up to $8,000. Oportun allows you to use loans for a range of expenses, so you have some flexibility when borrowing.
Customer Support
Oportun offers several ways to get in touch with customer support, including:
- Phone
- Secure message
There’s also a chatbot available that can answer basic questions about how Oportun loans work.
Access
You can manage your Oportun loan account online once approved. There’s also a mobile app that is designed to help you plan your budget, spend and save.
Pros and Cons of Oportun
Every personal loan has advantages and disadvantages. Here are some of the pros and cons to keep in mind with Oportun.
Frequently Asked Questions (FAQs)
Here are some commonly asked questions about Oportun loans.
You can use an Oportun personal loan for just about anything, including home repairs or improvements, car repairs or day-to-day living expenses. Oportun loans can also be useful when you have an unexpected expense due to an emergency.
The maximum unsecured loan available with Oportun is $8,000. If you live in an eligible state, you can borrow up to $18,500 with an Oportun secured personal loan.
Oportun offers fast funding. Once approved, it’s possible to get access to loan proceeds the same day.
Bottom Line
Oportun could be a better fit for some borrowers than others. If you need a smaller loan and access to fast funding, it may be worth a look. Getting prequalified first can help you decide if Oportun is the right lender for you. You can also take time to compare the best personal loan rates.
