Who is Opportun best for?

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Oportun is best for people with damaged credit who need to borrow money quickly. Because it’s a payday loan alternative, it has a low minimum loan amount — only $300 — although you can borrow up to $10,000. While not the cheapest lender, it is more affordable than traditional payday loan providers.

Oportun Personal Loan Details

Loan Amount and Conditions

  • loan amount. You can borrow anywhere from $300 to $10,000. If you choose a secured loan (using your car as collateral), you may be eligible to borrow up to $20,000.
  • loan terms. Your repayment period depends on whether you choose a secured loan or an unsecured loan. Oportun’s secured loan terms range from 12 to 51 months, while unsecured loans range from 21 to 66 months.

Personal loan cost

  • April. Oportun does not list an annual percentage rate (APR). The highest APR is 35.99%.
  • Origination fee. This fee can range from $0 to $300 per loan, depending on your loan amount and where you live.
  • Overdue fines. If you are more than 10 days late, you will be charged $10 or 5% of the payment amount, whichever is less.
  • Prepaid fines. Oportun does not charge any advance payment penalty.
  • Management fee. If you borrow more than $5,000, you will be charged an administration fee of $75.
  • Redemption fee. If your payment is refunded by your bank (for example, if you overdrafted your account and did not activate overdraft protection), you will be charged a $15 repayment fee.

Advantages and Features

Some lenders offer special perks, such as free monthly FICO score updates or interest rebates for signing up for autopay. However, Oportun does not provide such privileges.

How to Qualify for an Oportun Personal Loan

Personal loan applications are approved or rejected based on a number of factors. All lenders have their own unique underwriting requirements, but these requirements typically include information from the applicant’s credit profile and other factors that demonstrate ability to repay the loan, such as: B. Income. Meeting the requirements below does not guarantee approval, but they can help you decide if a personal loan is right for you.

Credit requirements

Oportun does not disclose the minimum credit rating you need to qualify for a loan. However, it caters to people with bad credit. According to the company, you can get a loan even if you have filed for bankruptcy in the past.

Income requirements

When you apply for a loan, Oportun verifies your income by checking past bank statements or current payslips. You must earn at least $500 per month to qualify for an Oportun loan.

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Co-signer and co-borrower

If you can’t get a loan based on your credit score, one option is to secure your car as a loan (i.e. get a secured loan). However, if that’s not an option for you, you can use a co-signer instead. Remember, if you don’t, your co-signer will have to repay the loan.

Oportun does not allow co-borrowers.

Secured Loan Requirements

If you’re taking out a secured loan and want to increase your loan amount, Oportun allows you to put your car as collateral – which it can recoup if you don’t pay your debt. Your car must meet its own standards.

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You must be the sole owner of the vehicle (no one else, such as a spouse), and the vehicle must be repaid in full, with no other loans or liens. Also, your car must be at least 25 years old. Excluded vehicle types include:

  • Truck
  • Car rental
  • Electric car
  • A car registered in a state other than where you live.

How to Apply for an Oportun Personal Loan

Applying for a personal loan usually involves pre-qualifying for interest rates, submitting a formal application and waiting for loan approval. Follow the steps below to apply for an Oportun Personal Loan:

  1. Check your tariffs. By providing basic information like your name, address, and Social Security Number (SSN), you can easily qualify for a loan in minutes. Oportun does a gentle credit check that won’t damage your credit. Then you can see what tariffs and conditions Oportun can offer you.
  2. Submit documents and formal application. If you are satisfied with the offer and wish to proceed, you must provide Oportun with valid photo ID, proof of income (payslip or bank statement), proof of address (such as invoice or post) and up to four personal references. Guarantee The loan also requires vehicle ownership, registration information and some photos of your car, such as: B. Your odometer and chassis number.
  3. Collect money. If approved, you can receive money by check or by depositing money directly into your bank account.
  4. Pay off the loan. Oportun offers you a variety of payment methods. It’s best to sign up for Autopay, but you can also mail a check, pay over the phone, or even pay in person at an Oportun branch by check, cash or money order. You can also pay in person at CheckFreePay or MoneyGram locations for no additional fee, or pay a $1.99 processing fee at PayNearMe locations.

It’s time to make money

If you are approved, Oportun can give you your money immediately. According to lenders, most people get their money the day they apply.

Customer reviews

Oportun has many reviews at local stores in the states in which it operates, which are generally positive, with many five-star ratings. However, the company has a significantly lower 3-star rating on the Better Business Bureau (BBB) ​​website, out of 5. Last year, 58 people complained about fraudulent lending activity and overdue or non-payment of loans.

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How Oportun Personal Loans Stack Up

The best personal loans offer competitive rates, flexible loan amounts, and a variety of terms. Here’s how Oportun Personal Loans compare to other popular lenders:

Oportun against LendingClub

If you need to borrow more money, consider LendingClub. The lender offers loans of up to $40,000 with terms of three or five years. It charges a similar interest rate to Oportun, but be aware of higher processing fees, ranging from 3% to 6% of your loan amount.

Oportun and upgrades

With an upgrade, you can borrow $1,000 to $50,000 and choose a term of 2 to 7 years. The upgrade offers a wider selection of other financial products, such as auto loan refinancing and a senior checking account. So, if you want to keep all your financial operations in one place, upgrading might be a good option.

Oportun and avant-garde

According to Avant, most of its loans are to people with credit scores between 600 and 700. Avant’s loans are very similar to Oportun’s, with loan amounts ranging from $2,000 to $35,000 and terms ranging from 2 to 5 years.

Method

We reviewed Prosper using 16 data points across categories such as loan details, loan cost, eligibility and accessibility, customer experience, and application process. We rated Oportun according to the weight assigned to each category:

  • Credit cost: 35%
  • Loan Details: 20%
  • Eligibility and Accessibility: 20%
  • Customer Experience: 15%
  • Application process: 10%

Within each category, we also considered several characteristics, including available loan amount, repayment term, APR range, and applicable fees. We also looked at credit requirements, whether lenders accept co-signers or joint applications, and lenders’ geographic availability. Finally, we evaluated Oportun’s support tools, borrower benefits, and features to simplify the borrowing process – such as prequalification options and mobile apps.

VEZI SI!

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