Oportun Personal Loans Review 2022
Personal Finance Insider writes about products, strategies, and advice to help you make smart decisions with your money. We may receive a small commission from our partners, such as American Express, but our reports and recommendations are always independent and objective. Terms apply to offers listed on this page. Read our editorial standards.
Oportun personal loan amounts and interest rates
Appropriate loans range from $300 to $10,000. The lender offers both secured and unsecured personal loans. The difference between the two is that you need to provide collateral for a secured loan, while you don’t need it for an unsecured loan.
Borrowers can use personal loans for many purposes, including home improvement projects, medical bills, and even vacations (but be careful before you jump in). Loan terms range from one to four years. Oportun’s APR goes up to 35.99%, which is similar to other lenders available to borrowers with bad credit. Your rate will remain locked for the duration of your loan.
Oportun has a partnership with MetaBank to provide personal loans to more states. Depending on where you live, your loan can come from one of three entities:
- Personal loans are issued by Oportun Inc. in AZ, CA, FL, ID, IL, MO, NJ, NM, TX, UT and WI
- Loans are issued by Oportun, LLC. in NV
- Personal Loans are issued by MetaBank, Member FDIC, in AL, AK, AR, DE, IN, KS, KY, LA, MI, MN, MS, MT, NC, ND, NE, NH, OK, OR, PA, RI, SC, SD, TN, VA, VT and WA
Advantages and disadvantages of Oportun personal loans
Who is Opportun for?
Opportun is best for borrowers who only need a small amount of money and don’t have the best credit rating. If you need a larger sum to cover an expense, you can find lenders with higher loan amounts elsewhere – some lenders can even lend up to $100,000. Likewise, if you have a good credit score, many lenders will offer you much lower rates than you’ll find with Oportun.
Opportun personal loan comparison
Oportun’s loan amount range is $300 to $10,000, a smaller range than that offered by LendingPoint or Upgrade. LendingPoint has loans between $2,000 and $36,500, and Upgrade has a range of $1,000 to $50,000.
LendingPoint has the most restrictive terms, offering terms between two and four years. Oportun durations are one to four years, and the upgrade range is between two and seven years.
All three lenders charge origination and late fees.
Is Oportun trustworthy?
Oportun is a Better Business Bureau accredited company, and Oportun has an A+ rating of the BBB. The BBB is a non-profit organization focused on consumer protection and trust. The BBB measures companies by evaluating their responses to customer complaints, the truthfulness of advertising and the transparency of business practices.
Keep in mind that excellent BBB ratings do not guarantee a great relationship with Oportun. You can also read customer reviews and ask friends and family about their experiences with the company.
Oportun has been involved in a major recent scandal. A ProPublica Survey found that the company filed thousands of lawsuits against low-income Latino borrowers amid the COVID-19 pandemic in an attempt to bully them into keeping up with high-interest loan payments. If this incident worries you, you can consider using another lender.
Frequently Asked Questions
What credit rating do you need for an Oportun loan?
Oportun does not list a minimum credit score requirement and even considers borrowers with no credit history. The lender might be a good option if your credit isn’t in top shape, as they may be more lenient than other lenders.
Is Oportun a real loan company?
Yes, Oportun is a legit loan company. Loans are from Oportun Inc, Oportun, LLC, or MetaBank, Member FDIC, depending on which state you live in.
How long does it take to get a loan from Oportun?
You will likely receive your money within three business days of being approved for a loan from Oportun.