Oportun Loans Review

Oportun Personal Loans Review Summary

Oportun loans are expensive, though the company is not transparent about their overall rates and fees, which vary by state. Oportun does not disclose an overall minimum APR, but has an APR cap of 35.95%, which is considered relatively high compared with competitors. Oportun’s main draw is that they don’t require you to even have a credit score to apply, and they may also accept applicants who have bad credit. However, their loans are small, only $300 - $18,500.

Below, you’ll see how WalletHub rates Oportun loans in our three major categories: Terms, Requirements & Application, and Reviews & Transparency. We used values provided for California – the most populous of the 41 states in which Oportun is active – to do this evaluation, as we were unable to obtain much information on overall terms from Oportun.

Oportun Loan Rates, Fees & Other Terms

Category Rating: 34% (1.7 out of 5)

• APR range: Oportun does not disclose an overall range for their personal loan interest rates.  However, Oportun does cap personal loan APRs at 35.95%, according to company representatives. Oportun has fixed APRs, so rates won’t vary over time.
• How rates are determined: The actual rate you will get depends on your credit score, debt-to-income ratio, and the state where you live, among other factors.
• Fees: Oportun charges an origination fee of Depends on the customer. Oportun does not disclose their late fees, but representatives have said these fees depend on how many days you are late. There are no fees for paying off a loan early.
• Loan amounts & timelines: Oportun offers personal loan amounts ranging $300 - $18,500. Their payoff terms are 6 - 46 months.

Oportun Loan Requirements & Application Info

Category Rating: 96% (4.8 out of 5)

• Minimum credit score: Oportun does not have a minimum credit score requirement. They even accept applicants with limited or no credit history.
• Citizenship: You must be a U.S. citizen, permanent resident, or hold an immigration visa.
• Identification: You must have a valid photo ID and a Social Security number, Individual Taxpayer Identification number or passport.
• Pre-qualification: Oportun lets you check your approval odds and potential rates online before you actually apply. This process will not hurt your credit score.
• Ways to apply: If you decide to apply, you can do it online, by phone (1-866-488-6090), or by visiting an Oportun branch.
• Co-signing: Oportun allows you to add a co-signer to your application.

Oportun Loan Reviews & Transparency

Category Rating: 76% (3.8 out of 5)

• Better Business Bureau: Oportun, Inc. got BBB accreditation in 2016 and currently holds an A+ rating.

• Consumer Financial Protection Bureau: There are over 90 complaints about Oportun in the database managed by the CFPB. Some complaints include people being denied after pre-qualification and not being able to work out a hardship payment plan.

• WalletHub: Oportun has an average user rating of 4.0/5 across 360 reviews on Wallethub.

• Transparency: Oportun is transparent about interest rates but not as much about fees and approval requirements. Customers can use the company’s pre-qualification tool to estimate their own terms, though.

Oportun has a positive reputation, but their lack of transparency about loans brings their score down considerably.

Summary: Oportun Loans Scores by Review Category

Other Key Things to Know

• Age: You must be at least 18 years old.
• Prepayment Fee: Oportun does not have any prepayment fee.
• Residence: To get a loan directly from Oportun, you must live in one of the 41 states where Oportun operates.

Oportun Loans vs. Popular Competitors

Methodology

In order to provide the most accurate Oportun personal loan review, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.

1. The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back. For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company. For Oportun, that was California.

2. The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
3. The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.

The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.