Oportun Personal Loan Reviews 2023

Our experts answer readers’ personal loan questions and write unbiased product reviews (here’s how we assess personal loans). In some cases, we receive a commission from our partners; however, our opinions are our own.

The bottom line: Oportun isn’t a great option for most borrowers, and should really only be considered if you have poor or no credit and need a small amount of money. You can get better rates and larger sums elsewhere. When shopping around, remember that the best personal loan for you will depend largely on your credit score, which will determine what you qualify for and can lower your rate.

Who Is Oportun Best For?

Oportun is best for borrowers who need only a small amount of money and don’t have the best credit score. If you need a larger sum to cover an expense, you can find lenders with higher loan amounts elsewhere — some lenders may even lend up to $100,000. Similarly, if you have a good credit score, many lenders will offer you much lower rates than you’ll find with Oportun.

Oportun Personal Loans Details

Oportun 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 put up collateral for a secured loan, while you don’t need to for an unsecured loan.

Borrowers can use personal loans for a many purposes, including home improvement projects, medical bills, and even vacations (though be careful before you jump to do so). Loan term lengths range from one to four years. Oportun’s APR goes 18.99% – 35.99%, which is similar to other lenders who are accessible to borrowers with bad credit. Your rate will remain locked in for the life of your loan.

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Oportun has a partnership with MetaBank to provide personal loans to more states. Depending on where you live, your loan may be originated by one of three entities:

  • Personal loans are originated by Oportun Inc. in AZ, CA, FL, ID, IL, MO, NJ, NM, TX, UT, and WI
  • Loans are originated by Oportun, LLC. in NV
  • Personal loans are originated 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

Oportun Personal Loan Pros and Cons

Oportun Personal Loans Pros

  • Low minimum loan amount. You’re able to get a loan of as little as $300 with Oportun, so it could be a good option if you only need a little bit of money to cover an expense.
  • Accessible to borrowers with bad or no credit. Prior credit history is not required to qualify for an Oportun personal loan, so it could be a good option for borrowers looking to establish a credit history.
  • Offers co-signed and secured loans. If you have a shakier credit history, co-signed and secured loans offer a path to approval and better rates. To get a co-signed loan, you enlist the help of a borrower with a better credit score to increase your chances of qualifying. Secured loans require collateral to receive them, but they also come with better rates and higher approval chances.
  • Prequalification available. When you check your rates with Oportun, the company will do a soft credit check, which lets them see your credit history but doesn’t damage your credit score.

Oportun Personal Loans Cons

  • Low maximum loan amount. You’re limited to borrowing up to $10,000 with Oportun, and you can only get that amount with a secured personal loan. Other lenders offer higher maximum loan amounts, so look elsewhere if you need a larger debt consolidation loan or a larger loan for other purposes.
  • High APRs. Oportun has APRs 18.99% – 35.99%, which is a high maximum. If you have a solid credit score, you might find better rates elsewhere.
  • Only available in 37 states. You’ll only be able to get a loan if you live in AL, AK, AR, AZ, CA, DE, FL, ID, IL, IN, KS, KY, LA, MI, MO, MN, MS, MT, NC, ND, NE, NH, NJ, NM, OK, OR, PA, RI, SC, SD, TN, TX, UT, , VA, VT, WA, or WI.
  • Origination fee. Oportun’s origination fee varies depending on the borrower and the state of the borrower’s residence. It ranges from $0 to $300.
  • Returned payment fee. If your payment would overdraw your account and Oportun sends it back to your bank, you’ll have to fork over a $15 returned payment fee.
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How to Apply For an Oportun Personal Loan

1. Use the form on Oportun’s website to prequalify. You’ll enter basic information including your name, contact information, birthdate, and zip code to ensure you live in one of the areas where Oportun loans are available.

2. Review the loans available for you and select one. If you qualify, the lender will present you with loan amounts and terms you can choose from. None of this affects your credit score at this point.

3. Fill out and submit a full application. You may be required to provide additional information including W-2s, pay stubs, bank statements, or other documents proving your income and ability to repay the loan. At this stage, Oportun will do a hard credit inquiry, which is likely to temporarily lower your credit score slightly.

4. Receive your funds and begin repaying the loan.

Oportun Frequently Asked Questions

Is Oportun Trustworthy?

Oportun is a Better Business Bureau-accredited company with an A+ rating. Oportun has been involved in a recent scandal. A ProPublica investigation found that the company filed thousands of lawsuits against low-income Latino borrowers amid the COVID-19 pandemic to try to intimidate them into keeping up with high-interest loan payments. If this incident worries you, you may consider using a different lender.

Compare Oportun Loans

Oportun vs. LendingPoint

Oportun’s loan amount range is $300 to $10,000, compared with $2,000 to $36,500 for LendingPoint.

Oportun offers term lengths from one to four years, compared with two to four years at LendingPoint.

Oportun vs. Upgrade

Upgrade offers loan amounts ranging from $1,000 to $50,000, which could make it a better choice if you’re looking for a bigger loan as Oportun’s range is $300 to $10,000.

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You can also get a loan that you can pay off over a longer time with Upgrade. It’s term lengths range from two to seven years, compared with one to four years wit Oportun loans.

Quick tip: To make sure you find the best rate available, look for prequalified personal loan offers from multiple lenders in a loan marketplace.

Why You Should Trust Us: How We Rated Oportun Personal Loans

We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:

  • Interest rate (20% of rating)
  • Fees (20% of rating)
  • Term lengths and loan amounts (15% of rating)
  • Funding speed (15% of rating)
  • Borrower accessibility (15% of rating)
  • Customer support (7.5% of rating)
  • Ethics (7.5% of rating)

Each category’s weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan’s terms, so they have less of an impact on the overall rating.