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Personal Finance Loans Personal Loans
Written by Ryan Wangman, CEPF; edited by Richard Richtmyer; reviewed by Elias Shaya
Updated
2023-12-20T16:05:56Z
- Who is Oportun Best For?
- Oportun Personal Loan Pros and Cons
- How to Apply For an Oportun Personal Loan
- Oportun Frequently Asked Questions
- Why You Should Trust Us
Our experts answer readers' personal loan questions and write unbiased product reviews (here's how we assess personal loans). In some cases, we receive a commission from our partners; however, our opinions are our own.
Oportun Personal Loan
Compare rates from participating lenders via Fiona.
Insider’s Rating
2/5
Regular APR
Not available in CO, DC, GA, HI, IA, MA, MD, ME, NY, and WV. Loans in AZ, CA, FL, ID, IL, MO, NJ, NM, TX, UT, and WI are originated by Oportun Inc. California loans made pursuant to a California Financing Law license. NV loans originated by Oportun, LLC. In all other states, loans are originated by MetaBank, N.A., member FDIC. Terms, conditions, and state restrictions apply. See oportun.com for details.
18.99% - 35.99%
Loan Amount Range
$300 to $10,000
Minimum Credit Score
None
Who Is Oportun Best For?
Oportun is best for borrowers who need only a small amount of money and don't have the best credit score. If you need a larger sum to cover an expense, you can find lenders with higher loan amounts elsewhere — some lenders may even lend up to $100,000. Similarly, if you have a good credit score, many lenders will offer you much lower rates than you'll find with Oportun.
Oportun Personal Loans Details
Oportun loans range from $300 to $10,000. The lender offers both secured and unsecured personal loans. The difference between the two is that you need to put up collateral for a secured loan, while you don't need to for an unsecured loan.
Borrowers can use personal loans for a many purposes, including home improvement projects, medical bills, and even vacations (though be careful before you jump to do so). Loan term lengths range from one to four years.Oportun's APR goes 18.99% - 35.99%, which is similar to other lenders who are accessible to borrowers with bad credit. Your rate will remain locked in for the life of your loan.
Oportun has a partnership with MetaBank to provide personal loans to more states. Depending on where you live, your loan may be originated by one of three entities:
- Personal loans are originated by Oportun Inc. in AZ, CA, FL, ID, IL, MO, NJ, NM, TX, UT, and WI
- Loans are originated by Oportun, LLC. in NV
- Personal loans are originated by MetaBank, Member FDIC, in AL, AK, AR, DE, IN, KS, KY, LA, MI, MN, MS, MT, NC, ND, NE, NH, OK, OR, PA, RI, SC, SD, TN, VA, VT, and WA
Oportun Personal Loan Pros and Cons
How to Apply For an Oportun Personal Loan
1. Use the form on Oportun's website to prequalify. You'll enter basic information including your name, contact information, birthdate, and zip code to ensure you live in one of the areas where Oportun loans are available.
2. Review the loans available for you and select one. If you qualify, the lender will present you with loan amounts and terms you can choose from. None of this affects your credit score at this point.
3. Fill out and submit a full application. You may be required to provide additional information including W-2s, pay stubs, bank statements, or other documents proving your income and ability to repay the loan. At this stage, Oportun will do a hard credit inquiry, which is likely to temporarily lower your credit score slightly.
4. Receive your funds and begin repaying the loan.
Oportun Personal Loan
Compare rates from participating lenders via Fiona.
Insider’s Rating
2/5
Regular APR
Not available in CO, DC, GA, HI, IA, MA, MD, ME, NY, and WV. Loans in AZ, CA, FL, ID, IL, MO, NJ, NM, TX, UT, and WI are originated by Oportun Inc. California loans made pursuant to a California Financing Law license. NV loans originated by Oportun, LLC. In all other states, loans are originated by MetaBank, N.A., member FDIC. Terms, conditions, and state restrictions apply. See oportun.com for details.
18.99% - 35.99%
Loan Amount Range
$300 to $10,000
Oportun Frequently Asked Questions
What Credit Score do You Need for an Oportun Loan?
Oportun doesn't list a minimum credit score requirement, and it even considers borrowers without credit histories. The lender could be a good option if your credit isn't in the best shape, as it may be more lenient than other lenders.
Is Oportun a Real Loan Company?
Yes, Oportun is a legitimate loan company. Loans are originated from Oportun Inc, Oportun, LLC, or MetaBank, Member FDIC, depending on the state you live in.
What credit score do you need for an Oportun loan?
A prior credit history is not required to qualify for an Oportun personal loan.
How Long Does it Take to Get a Loan from Oportun?
You'll likely get your money within three business days after being approved for a loan from Oportun.
Is Oportun Trustworthy?
Oportun is a Better Business Bureau-accredited company with an A+ rating. Oportun has been involved in a recent scandal. A ProPublica investigation found that the company filed thousands of lawsuits against low-income Latino borrowers amid the COVID-19 pandemic to try to intimidate them into keeping up with high-interest loan payments. If this incident worries you, you may consider using a different lender.
Compare Oportun Loans
Oportun vs. LendingPoint
Oportun's loan amount range is $300 to $10,000, compared with $2,000 to $36,500 for LendingPoint.
Oportun offers term lengths from one to four years, compared with two to four years at LendingPoint.
Oportun vs. Upgrade
Upgrade offers loan amounts ranging from $1,000 to $50,000, which could make it a better choice if you're looking for a bigger loan as Oportun's range is $300 to $10,000.
You can also get a loan that you can pay off over a longer time with Upgrade. It's term lengths range from two to seven years, compared with one to four years wit Oportun loans.
Why You Should Trust Us: How We Rated Oportun Personal Loans
We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths and loan amounts (15% of rating)
- Funding speed (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category's weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan's terms, so they have less of an impact on the overall rating.
Oportun Personal Loan
Compare rates from participating lenders via Fiona.
Insider’s Rating
2/5
Regular APR
Not available in CO, DC, GA, HI, IA, MA, MD, ME, NY, and WV. Loans in AZ, CA, FL, ID, IL, MO, NJ, NM, TX, UT, and WI are originated by Oportun Inc. California loans made pursuant to a California Financing Law license. NV loans originated by Oportun, LLC. In all other states, loans are originated by MetaBank, N.A., member FDIC. Terms, conditions, and state restrictions apply. See oportun.com for details.
18.99% - 35.99%
Loan Amount Range
$300 to $10,000
Minimum Credit Score
None
Loans Reporter
Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Educator in Personal Finance (CEPF). In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership. He graduated from Northwestern University and has previously written for The Boston Globe. Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services here >>
Jr Compliance Associate
Elias Shaya is a junior compliance associate on the Personal Finance Insider team based in New York City. Personal Finance Insider is Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that readers already know and love. The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Elias is the point person for the loans sub-vertical and works with the editorial team to ensure that all rates and information for personal and student loans are up to date and accurate. He joined Insider in February 2022 as a fellow on the compliance team. Elias has a Bachelor of Science in International Business from the CUNY College of Staten Island. Prior to joining Insider, he volunteered at the New York Presbyterian Hospital, where he worked with the biomedical engineering department. In his spare time, Elias enjoys exploring new restaurants, traveling to visit his family in Lebanon, and spending time with friends.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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