Oportun personal loans review: Loans for poor credit or no credit borrowers

Oportun offers unsecured personal loans to borrowers across the credit spectrum. Borrowers with less-than-stellar credit can get more favorable terms compared to payday loans and other bad credit options.

But if you have great credit, you’re likely to get better terms with a different lender. Here’s what you should know about Oportun personal loans before you apply.

Oportun

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Fixed APR

28.99% to 35.99%

Loan amounts

$300 to $18,500 (depending on loan type)

More details

• Interest rates: 28.99% to 35.99%.
• Loan amounts: $300 to $8,000 (unsecured); $2,525 to $18,500 (secured).
• Repayment terms: 1 to 5.33 years.
• Min. credit score: Does not disclose.
• Discounts: None.
• Fees: Origination fee, late fees.
• Funding time: As soon as the same day.

Oportun overview

Founded in 2005, Oportun has disbursed $15.5 billion in personal loans to millions of borrowers. The lender provides loans in 42 states, though loans originated in most states are provided by its partner, Pathward. The company also offers a savings account and an unsecured credit card for borrowers with poor credit or no credit. California residents can apply for one of its secured personal loans.

In 2021, the company announced it was subject to an investigation by the Consumer Financial Protection Bureau (CFPB) following reports that Oportun aggressively sued Latino borrowers in Texas during the coronavirus pandemic — a time when most other lenders halted or slowed their collection-related legal actions. In 2023, the lender announced that the federal agency did not recommend enforcement action against the company.

How to qualify for an Oportun personal loan

Oportun doesn’t disclose specific eligibility criteria for borrowers. However, some details suggest borrowers with bad credit or no credit can get approved:

• You don’t need a credit history to apply.
• A bankruptcy on your credit report isn’t a deal-breaker. 
• The lender considers information beyond your credit history.

For example, if you connect your bank account during the application process, you may be able to receive a higher loan amount. If you’re unsure about eligibility, you can get pre-qualified for a loan with no impact to your credit score. In some cases, the lender may also allow you to add a co-signer to your application.

How to apply for an Oportun personal loan

You can apply for an Oportun personal loan online in under 10 minutes, or you can visit one of the lender’s stores. Here are the steps you’ll follow for online applications:

1. Get pre-qualified. You’ll start by providing some basic information about yourself, including your name, date of birth, Social Security number, address and income. 
2. Compare your offers. If you’re pre-qualified, you’ll provide a few more details, including your employment information. After that, you’ll be able to view offers. 
3. Submit an official application. If you want to proceed, pick an offer and complete the application. You’ll need to provide a copy of a valid photo ID; proof of income, such as pay stubs or bank statements; proof of address, such as a piece of mail showing your name and address; and up to four personal references.
4. Accept the loan offer. Once the lender completes the underwriting process, it will provide a final decision. If you’re approved, review the loan terms carefully before signing. If you apply in person, you can receive a check the same day. If you apply online, you’ll typically receive the direct deposit within three business days.

Pros of an Oportun personal loan

• Accessible to borrowers with poor credit and no credit.
• Low maximum APR.
• Offers small-dollar loans. 
• Allows co-signers.

Cons of an Oportun personal loan

• Lacks transparency about rates and fees.
• High origination fee.
• Low maximum loan amount.

Oportun perks and special features

As a bad-credit lender, Oportun offers a lot that other lenders in the space don’t. Here are some of the more prominent advantages.

Provides small-dollar loans

Many online lenders offer personal loans starting at $1,000 or higher. With Oportun, however, you can borrow as little as $300, making it worth considering if you have a minor financial need and don’t want to deal with more expensive short-term loan options.

Accessible to borrowers across the credit spectrum

You don’t even need to have a credit history to get approved for a loan, and it’s even possible to qualify if you’ve filed for bankruptcy. That’s because Oportun uses information beyond your credit history, including your bank account data, to make a decision.

If you’ve struggled to get approved for other bad-credit personal loans, Oportun could be a good fit.

Offers lower costs and more flexibility than payday loans

Oportun primarily focuses on borrowers with bad credit or no credit history who may turn to payday loans because they feel like they have no other choice. With Oportun, however, you’ll get not only a much lower interest rate but also more flexibility. 

For starters, you can borrow up to $10,000, whereas payday loans are often limited to $500 or less. The maximum APR with Oportun is 35.99%, compared to a typical APR of 400% on a payday loan. And instead of just 14 days to repay what you owe, your repayment term can range from 12 to 54 months. 

Still, it’s important to use a personal loan calculator to understand the full costs of an Oportun personal loan.

How Oportun could improve

While there are some clear benefits for borrowers with bad credit, there are also some potential downsides to consider before you apply.

Make website more transparent

While the lender says your APR won’t exceed 35.99%, it doesn’t provide a starting APR, making it difficult to compare for borrowers who have fair credit or better.

Additionally, the lender charges an origination fee, but it doesn’t disclose a range of possibilities. In one example, it showed an “administrative fee,” similar to an origination fee, of 8%. In other words, you need to go through the pre-qualification and application process to get more information about what to expect. 

Raise maximum loan amount

Oportun limits loans to $10,000, which may make it less appealing to borrowers who can qualify for a larger loan somewhere else. Depending on where you go, other lenders offer personal loans of up to $100,000.

Oportun customer service and reviews

If you have a question, you can call Oportun’s customer service line at 866-488-6090. Representatives are available Monday through Friday from 8 a.m. to 8 p.m. PT, and Saturday and Sunday from 9 a.m. to 7 p.m. PT. 

Alternatively, you can email the customer support team at hello@oportun.com, message the Oportun bot on the lender’s website or text the bot at 855-642-2140.

Oportun has an A+ rating with the Better Business Bureau, but its average customer service rating across over 140 reviews is low at 2.4 out of 5 stars. On Trustpilot, the lender has more glowing reviews, with an average rating of 4.8 out of 5 stars across more than 11,500 responses. 

Oportun alternatives: Oportun vs. Upstart vs. LendingPoint

If you’re not getting the terms you’re looking for with Oportun, or you simply want more options to compare, consider Upstart and LendingPoint.

Compared to Oportun, Upstart offers larger loans and more competitive interest rates for borrowers with excellent credit. At the same time, Upstart’s minimum credit score is 300, making its loans available to all types of consumers. Its repayment terms are a bit less flexible, though, and its origination fee goes even higher than Oportun’s, maxing out at 12%.

LendingPoint also offers lower interest rates and more flexibility with loan amounts compared to Oportun, though not as favorable as Upstart. The lender also offers the most flexibility of the three for repayment terms. However, it also charges an origination fee of up to 10%, and you must earn at least $35,000 to get approved. 

	OPORTUN	UPSTART	LENDINGPOINT
Fixed APR	Up to 35.99%	7.8% to 35.99%	7.99% to 35.99%
Loan amounts	$300 to $10,000	$1,000 to $50,000	$2,000 to $36,500
Repayment terms	12 to 54 months	36 or 60 months	24 to 72 months
Min. credit score	None	300	Not disclosed
Best for	Borrowers with poor credit or no credit	Borrowers with excellent credit	Borrowers with fair credit

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^{All rates include discounts where noted by the lender and are current as of Jan. 12, 2024.}

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