Oportun allows you to get a personal loan at fixed bi-weekly rates. The entire application process takes less than 10 minutes. You can get funds immediately after your loan application approval as long as you meet all requirements. You can borrow between $300 and $10,000 depending on your state, creditworthiness, and whether you are eligible for a secured or regular personal loan. This is payable over a 6-to-46-month period.
Oportun, a financial service company located in San Carlos, California was founded in 2005. It offers personal loans and credit cards. You can apply even if you don't have a good credit record. Oportun provides fast disbursement which is the best option for financial emergencies. Oportun's personal loan product offers new customers the opportunity to borrow up to $7,000 depending on where they live and their creditworthiness. Customers who have previously applied for loans can apply for up to $10,000 more. A secured personal loan allows you to borrow between $2,525 and $20,000. This lender offers interest rates up to 35.95%. It conducts a soft credit check. This will not affect your FICO credit score. Once a decision has been made, it only conducts hard credit inquiries. You can also instantly see how much you are able to borrow, what interest rates you have, and how much you will need to pay each month.
PROS & CONS
Pros
- Even if you have poor credit or no credit history, you can still qualify for a loan.
- Soft credit inquiry.
- Fast loan disbursement.
- No prepayment penalties.
Cons
- High-interest rates.
- For small amounts of loans.
- Returning customers only have access to larger amounts.
- Only available in certain states
- There is no option to change the payment date
LENDER DETAILS
How to apply for an Oportun personal loan
This Oportun loan review will help you decide if the loan products offered by this lender are right for you. Here are the steps for applying for a personal loan at Oportun.
1. Prequalify
2. Complete the Application Form
You will need documents to complete the application for unsecured personal loans. These documents include a valid photo ID and proof of income. Secured personal loans will require a vehicle title, vehicle registration, and driver's license, as well as photos of your vehicle and information about your bank account.
3. Wait for Approval
You will receive a decision on your loan application within one day if you provide all required information.
4. Check out the Loan Agreement
Read your loan agreement. Sometimes, pre-approved loan terms may not be the same as final loan terms.
5. Sign the Loan Agreement
6. Receive or direct funds
Oportun can disperse funds by check or direct deposit to your bank account. The options available will vary depending on where you live.
7. Make payments
You can set up automatic payments using your savings or checking account to ensure timely payments.
What to do if you are rejected from Oportun
In this article, you have read a review of oportun loans and know about how to apply for this loan. There are other loans that are also available in the market like opploan & upstart etc.