How to apply for Oportun Personal Loan

Obtaining a Loan with Bad Credit: A Guide to Oportun

Struggling with bad credit? Wondering if you can still get a loan? Look no further! With Oportun, you have the opportunity to obtain a personal loan, regardless of your credit score. The application process is quick and easy, taking less than ten minutes.

If you meet all the requirements, you can receive the funds as soon as the day after your loan application is approved. The loan amount can range from $300 to $10,000, with a repayment period of 6 to 46 months, depending on your state of residence, creditworthiness, and eligibility for an unsecured or secured personal loan.

For new users, Oportun’s personal loan product offers a loan amount of up to $7,000, based on their location and creditworthiness. Returning clients can qualify for a loan up to $10,000 higher. Additionally, if you own a car and reside in California, Florida, or Texas, you may be eligible for a secured personal loan, allowing you to borrow between $2,525 and $20,000.

Continue reading to learn more about Oportun’s loan application process and eligibility requirements.

Who Can Apply for an Oportun Personal Loan?

Oportun does not disclose the minimum credit score required for loan approval. However, their loans are targeted towards individuals with poor credit. Even if you have previously filed for bankruptcy, you may still be eligible for a loan from Oportun.

When applying for a loan, Oportun will verify your income by reviewing old bank records or recent pay stubs. To qualify for an Oportun loan, your monthly income must be at least $500.

If you are having difficulty getting approved for a loan due to your credit, you have the option to use your automobile as collateral for a secured loan. Alternatively, you can consider using a co-signer. It’s important to note that if you default on the loan, your co-signer will be responsible for repayment.

Secured Loan Requirements

If you wish to increase the loan amount, Oportun allows you to use your automobile as collateral for a secured loan. However, keep in mind that if you fail to repay the loan, Oportun has the right to repossess your car. There are specific requirements that apply to your car:

• The car must be fully paid for with no other loans or liens on it.
• You must be the sole owner of the car, with no spouse or other joint owners.
• Your car must be 25 years old or newer.
• Certain car makes are ineligible, such as cargo vans, automobile rentals, electric vehicles, and vehicles with registrations from states other than your own.

If you meet these requirements, you can proceed with the application process for a secured loan.

How to Apply for an Oportun Personal Loan?

Applying for an Oportun personal loan is quick and easy. Simply provide basic information such as your name, address, and Social Security number to prequalify for a loan. A soft credit check will be performed, which does not impact your credit score. After prequalification, you can review the terms and charges associated with Oportun’s loan offers.

If you decide to move forward with the loan, you will need to provide Oportun with a valid photo ID, proof of income (pay stubs or bank statements), evidence of your address (such as a bill or piece of mail), and up to four personal references. For secured loans, you will also need to submit the title, registration, and several images of your car, including the odometer and VIN.

Once your application is accepted, you can choose to receive the funds via check or have them directly deposited into your bank account.

Comparing Oportun Personal Loan and Marcus by Goldman Sachs Personal Loans

If you have a good-to-excellent credit score and are looking for a larger loan, especially for debt payment purposes, Marcus by Goldman Sachs Personal Loans may be a better option. Marcus offers loans up to $40,000.

Oportun Personal Loan Benefits

• Soft credit check for pre-qualification
• Flexible secured loan options and co-signing
• Accessible to credit-first borrowers
• Offers small loans starting at $300

Marcus by Goldman Sachs Personal Loans Benefits

• No fees
• Autopay discounts on rates
• Pre-qualification option using a soft credit check
• Loans for debt consolidation with direct payment to creditors

How to Apply for Marcus by Goldman Sachs Personal Loans?

If you’re interested in applying for a loan from Marcus by Goldman Sachs, follow these steps:

1. Visit the Marcus by Goldman Sachs official website.
2. Provide the required personal information, including your name, address, and Social Security number.
3. Complete the pre-qualification process, which involves a soft credit check.
4. Review and compare the loan terms and offers provided by Marcus.
5. Submit the necessary documents, such as proof of income and identification, to complete the loan application process.
6. If approved, you can choose to receive the funds via check or direct deposit into your bank account.

With these loan options available, you can confidently apply for a personal loan, regardless of your credit score. Choose the option that best suits your needs and financial situation, and take the first step towards achieving your goals.

Written by

Claire Harrison