Oportun Personal Loan Full Review
Need a loan that is easy to get approved for and offers a longer repayment period? Look no further, as you have just discovered the perfect choice.
Are you in need of a personal loan to cover unexpected expenses, medical bills, consolidate debt, or make a dream a reality? Look no further, because Oportun is here to help. Oportun offers a variety of personal financing options, including credit lines and loans up to $10,000, with flexible repayment terms.
More about Oportun
Founded in 2006, Oportun is a fintech company that specializes in providing online loans, with a mission to serve underserved communities. With almost 20 years of operation, Oportun has provided personal loans to over 6 million Americans and has helped establish a credit history for another 1.1 million customers. Oportun has grown to become a trusted financial institution, offering a diverse range of services to help individuals achieve their financial goals. The company manages over half a billion dollars in assets across the United States, with a focus on providing accessible credit.
How an Oportun Personal Loan Works
Oportun’s Personal Loans, also known as Consumer Loans, are designed to be efficient and can be easily requested through their website. These loans are ideal for covering smaller and median financial needs, such as consolidating debt, covering medical bills, or making home improvements. Oportun offers both secured and unsecured personal loans. Unsecured loans allow you to borrow up to $10,000, while secured loans allow you to borrow up to $18,500, provided you can provide a vehicle as collateral. With flexible repayment terms of up to 42 months, Oportun offers competitive interest rates starting as low as 10.74% APR.
One unique feature of Oportun is their option to apply with a co-signer. This can be beneficial for customers with a less-than-perfect credit score, as having a co-signer may result in lower interest rates.
Advantages of Oportun’s Personal Loans
Oportun’s Personal Loans come with several benefits that set them apart from traditional banks. The loans are available to nearly any client, regardless of their credit score, as long as they can demonstrate their ability to repay the loan. Oportun does not charge any prepayment fees, allowing borrowers to pay off their loans ahead of schedule without any additional costs. This transparency and lack of hidden fees allow borrowers to focus on repaying their loans without incurring unnecessary expenses. Additionally, Oportun’s 100% online application process simplifies the borrowing experience, saving borrowers time and effort.
Drawbacks to Consider
While Oportun offers numerous advantages, it’s important to consider a few drawbacks. The APRs for Oportun’s loans range from 10.74% to 35.95%, which can be relatively high compared to other lenders. Borrowers with lower credit scores should carefully consider the interest rates and determine if they align with their financial capabilities. Oportun also charges an origination fee of up to $300 and a returned payment fee of up to $15, which can impact the overall cost of the loan. Additionally, it’s important to note that Oportun’s loans are not available in all 50 states. Currently, customers from Arkansas, Colorado, Connecticut, Iowa, Maine, Maryland, Massachusetts, Nevada, New York, and West Virginia cannot request an Oportun loan.
How to Apply
If you’re interested in exploring Oportun’s personal loans further, click the green button below to access a step-by-step guide on how to apply for this personal loan.
