Press "Enter" to skip to content

A Review of Oportun Loans


If you are looking for a personal loan, but you don’t have the best credit score out there, you should consider applying for a loan with Oportun.

Oportun is an online lender that extends installment loans to people who may have low income or a bad credit score. To decide if they want to extend a loan, they will prioritize looking at your income, expenses, and payments like your phone bill and utilities.

Oportun loan offers auto loans, personal loans, and financial coaching to help you reach your financial goals as quickly and efficiently as possible. Let’s take a closer look at Oportun and what they offer, so you can decide if it is the right choice for you.

Loan Information

Oportun offers loans to people who may not have the best credit history.

There are a few important things to consider when you are looking for a personal loan.

  • The interest rate on Oportun personal loans ranges from 19.90% to 35.99%, which is a pretty high rate.
  • They offer loan terms of 6 months to 4 years, which is great if you are just looking for something short-term or if you are looking for a longer loan.
  • The loan amount ranges from $300 to $10,000. The $300 minimum is great if you just need some quick cash to cover an unexpected bill. The $10,000 maximum is awesome if you are wanting to make a larger purchase or if you are trying to consolidate some of your other debts into one payment.

The thing that makes this loan so attractive is the fact that they do not require a minimum credit score for you to qualify. You can be accepted with a less than perfect credit score, though this may result in a higher interest rate.

Oportun Loans

If you are looking to build your credit history, you will be able to do so by making your loan payments on-time every month.

Requirements and Application

Oportun is currently only available in 12 states. If you live in Arizona, California, Florida, Idaho, Illinois, Missouri, New Jersey, New Mexico, Nevada, Texas, Utah, or Wisconsin, you can apply for a personal loan.

To qualify for a loan, you must be at least 18 years old and a U.S. citizen or permanent resident, or have an immigration visa. You will be able to apply with a Social Security number or an Individual Taxpayer Identification Number.

They also offer prequalification—meaning you can check to see if you qualify for a personal loan without causing any damage to your credit report.

If you decide that an Oportun loan is a great fit for you, you can apply online, over the phone, or at an Oportun branch if there is one near you. Applying will result in a hard hit on your credit report, so your score will probably drop a few points. If you do not get approved, you may try again with a co-signer.

Benefits of an Oportun Loan

There are some benefits to applying for and receiving an Oportun loan. They provide fast funding, free financial coaching, credit reporting, and a focus on the community they work for.

Fast Funding

If you are applying in-person at a branch, you will be able to walk out the door with your loan that very same day if you are approved. If you are applying online or over the phone, the loan will be processed that same day, but you will likely receive it in your bank account the following business day.


Oportun is a certified Community Development Financial Institution, meaning they have a primary mission of promoting community development. This means that they have to provide financial education, as well as other requirements, to the community.

Free Financial Coaching

Borrowers can get free financial coaching through a partnership Oportun has with UnidosUS, an organization that serves and advocates for Latino communities.

They also have an entire database full of partnerships with nonprofit and government resources on their website. This database is incredibly helpful for finding things such as child care and job hunting. This database can also help point you in the direction of help for a financial emergency.

Credit Reporting

Oportun reports all of your payments to Experian and TransUnion, but unfortunately not Equifax. If you make your payments on time, it will result in a positive impact on your Experian and TransUnion credit scores.


If you make payments that are late or skip payments entirely, your credit score will be negatively impacted. Oportun claims it has helped more than 830,000 people establish a solid credit history.

Can You Afford a Personal Loan?

It is highly recommended to make sure that you can afford your loan payment before applying for and accepting a loan. Your payment should be no more than 5% of your monthly income, and Oportun helps you stay within this percentage.

If you apply for a loan amount that Oportun considers too much for your current income, they will offer a lower amount with a payment that you can easily afford. They will work with you to get to the right amount.

How to Qualify

Oportun is one of the few lenders that does not require that you have a bank account when you apply. At least half of their applicants do not even have a credit score. You can decide to receive your loan as a check, on a prepaid debit card, or have it transferred to a bank account.

You need to have proof of income handy when you apply. This can be a bank statement or a pay stub, so you have options to provide them.

It is also noted that if you have a low credit score, Oportun will check databases that collect information on consumers with less than desirable credit scores. Lastly, you must live in one of the 12 states (see above) that Oportun does business.

If you accept a loan and decide that you want to pay it off before the loan term is complete, they will not require that you pay a fee for doing so. This makes the loan highly desirable, as some lenders will require that you pay a prepayment penalty fee.

Loan Example

On average, a person who will qualify for an Oportun loan makes about $43,000 a year and has typically been at the same job for about seven years.

On average, a borrower will take out a loan of around $3,885 with a repayment term of 32-months. If the interest rate on the loan is 30%, the monthly payments would be $178, with the interest total being $1,805. After the loan is paid off at the end of the 32 months, the total amount paid for the loan would be $5,690.

In conclusion, we think Oportun is an ideal company for those with lower credit score, but, with any lender, make sure you do your due diligence and shop around.