Looking for a reliable loan provider? Oportun loan can make the difference you seek in your journey to financial stability.
Detailed in this article is everything you may need to know about Oportun Loan. This includes their fees, rates, how they work, requirements, and why they might be the best loan provider for you, as well as the frequently asked questions and the application process.
Having access to credit can be crucial to meeting your desired expectations. However, getting credit from conventional banks has proven to be very complex for individuals who have little or no credit history or other challenges.
Whether you are getting credit for debt consolidation, funding education, or taking care of unplanned expenses, access to the right loan platform can be a game changer and a path to financial stability.
One of the best platforms that stands out among many other credit providers is Oportun.
Oportun offers individuals a pathway to financial freedom by providing loan packages such as personal loans, saving tools, and credit-building credits to build their finances.
The company has become a go-to for people with bad, little, or no credit history because of its ability to give affordable loans with a quick and easy application process.
About Oportun Loan
Oportun is a financial company that offers loan packages that are affordable and accessible to individuals struggling with getting credit from banks because they have little or no credit history.
Most loan providers require that individuals meet certain credit requirements before they can be eligible for a loan.
However, oportun does not have any minimum credit score requirement for individuals to meet, which makes it accessible to everyone, especially those with no credit history.
Since the birth of Oportun in 2005, they have always provided loans to the underserved in the United States.
In addition, the company does not only provide quick, affordable loans; they also help build credit for the future.
Features of Oportun Loan
The features of Oportun loans include:
- Quick Approval and Funding: The process of applying for an opportun loan is simple and fast. The application is approved almost immediately. Once the loan is approved, the funds will be disbursed before the end of the day. This quick approval and funding can be a lifesaver if you need loans urgently.
- Pre-qualify with a soft credit check: Borrowers can pre-qualify for a loan without a serious check of their credit history. This soft check helps them understand the type of loan they may qualify for without having a negative effect on their creditworthiness.
- Access to various loan packages: The lending company offers loans ranging from $300 up to $10,000. Individuals can access any of the loan packages to take care of their urgent financial needs.
- Flexible Repayments: The Company offer the loans in installments with fixed monthly payments, making it easier, transparent, and manageable for borrowers to budget and plan for repayment.
- Offers co-sign loans: Not only that, the loans offered by Oportun are unsecured, meaning that borrowers do not need to provide collateral to secure a loan. Borrowers can also get a co-signed loan if they can provide a family member or friend with a better credit history. This can help them secure a better loan.
About the Oportun Mobile App
Oportun has an app that can be downloaded from either the Google Play Store or the Apple Store.
This app allows users to quickly apply for a loan if they meet all the necessary requirements.
Additionally, the app has a set-and-save feature that allows users to save money automatically.
This feature learns about the user’s spending habits and smartly moves money to a savings account for them.
How to Apply for an Oportun Loan through the Mobile App
Getting a loan from the Oportun mobile app is simple and straightforward.
Follow these simple steps:
- Download the Mobile App: Go to the Apple Store or Google Play Store to search for and download the Oportun Mobile App.
- Create an account: You cannot access the loan without having an account with them. So, sign up on the mobile app, providing them with the necessary primary details like your name, phone number, and other information.
- Follow the instructions on the app to apply for the loan.
You can also apply on the Oportun website with the following process:
- On your mobile browser, visit the Oportun website, locate, and click on ‘Apply Now’ on the personal loan option.
- Provide your personal information, like contact information, birthdate, and other needed information, and click ‘Next’ to pre-qualify.
- Evaluate the loan options and choose the one that suits your financial situation.
- Complete and submit a formal loan application form and provide other additional documents, like W-2s.
- Once the loan is approved, choose and set up a repayment option that suits your financial situation from the options provided.
Applicants can also visit any of their offices in their state to get the loan application form.
Once they provide all the documents and meet the requirements, Oportun will send the loan to their account for use.
Oportun Loan Requirements
While the specific requirements for securing an Oportun loan may differ depending on some factors,.
Some of the common criteria for the company’s loan eligibility include:
- Minimum Age Requirements: You must be 18 years of age or older to qualify for the loan. However, some states in the United States may have higher minimum age requirements. Additionally, you must either be a U.S. citizen or a permanent resident.
- Proof of Identity: Applicants are expected to provide an approved government-issued identification like a driver’s license, passport, or state ID card.
- Proof of Income: The company uses this as a factor to assess your ability to repay the loan. So, you must provide proof of income, which can likely be bank statements showing recent deposits, recent pay stubs, or a tax return for those who are self-employed.
- Residency Verification: You must provide proof of residence, such as a utility bill or lease agreement, for current address verification.
- Bank information: Oportune expects applicants to have an active bank account where the loan will be deposited and withdrawn automatically during repayment. So, you are to provide a valid bank account because it will help with the loan deposit and withdrawal.
- Credit History: Even though they give loans to those with poor credit histories, they still carry out credit checks as part of the loan approval process. However, having low credit may not disqualify you from securing a loan from Oportun.
Oportun Loan Repayment
The loan repayment spans from 6 to 46 months and is made in installments with fixed, equal monthly payments.
Additionally, the monthly payment is low, making it easier, more transparent, and more manageable for borrowers to budget and plan for repayment.
This repayment period is long compared to other lending platforms.
Note that you cannot change the repayment option after you have chosen it.
So, you have to be certain that the option you choose is the best and suits your financial situation.
Oportun Loan Fees
Oportun charges applicants an origination fee that ranges from 0% to 8%, depending on factors like the loan fee, the borrower’s creditworthiness, and the loan terms.
They collect this fee from the loan amount before disbursing the loan.
Oportun Interest Rates
Oportun’s interest rate spans from 7.49% to 35.95% APR, which is considered high compared to other lending institutions.
However, their minimal or no credit score requirement makes it enticing for individuals who have a bad or no credit score.
Penalty for late payment
The lending platform advise applicants to diligently pay up the loan within the stipulated time. They charges a late payment fee of $5 to $15.
This depends on the number of days the borrower is late.
How to contact Oportun Loan
You can contact the lending platform in the following ways:
- Call them at 866-488-6090.
- Send them an email at hello@oportun.com.
Benefits of Oportun Loan
- Accessible to those with less than perfect credit: The company does not care much about the credit score but considers factors like income, rent and utility payments, and how much you have remaining at the end of each month. This means that you can secure a loan even though you have declared bankruptcy in the past, you can still secure a personal loan.
- Operate as a Community Development Financial Institution (CDFI): This means that its main assignment is to promote community development and provide finance to the population that is not able to get loans from banks.
- Provide Loan Packages: The lending company offers loans starting at $300, which can be beneficial to those who only need small loans to take care of emergencies or unplanned expenses. Additionally, they can also offer loan amounts of up to $10,000 for those who need a large loan.
- Accept New Borrowers: They also provide loans to those who are new to borrowing with no credit history, making it appealing to those who do not qualify for loans from banks because they do not have any credit history.
Frequently Asked Questions (FAQs)
Who qualifies for the Oportun Loan?
Anyone with a bad, little, or no credit history can apply for the loan.
How long does it take Oportun to approve a loan?
They approve the loan the same day. However, it takes Oportun one business day to disburse the fund, depending on the loan amount.
How do I know Oportun has approved my loan?
You can check the mobile app or visit their website to know the status of the loan application.
How much of a loan can i get from Oportun?
You can get up to $10,000 from the company if you meet the requirements.
Can I get a student or business loan?
No, Oportun does not offer any other forms of loan apart from personal loans to individuals.
In Conclusion
Oportun Loan provides individuals with little or no credit history with quick loans to fund unexpected expenses and emergencies.
The company serves as a source of hope for individuals who are seeking financial stability.
However, you must meet certain criteria to get a loan.
So, if you are having challenges getting a loan from banks or other platforms, Oportun might be the solution for you.
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