Oportun installment loans review
Get funds up to with no credit history or bank account required.
If you have poor credit or don’t have a bank account, you may find it hard to get a personal loan. Oportun offers installment loans for qualified borrowers who need cash quickly and want to use a service that helps no matter your credit score.
|Product Name||Oportun Installment Loans|
|Loan Term||7.2 to 42 months|
|Requirements||Resident of AZ, CA, FL, ID, IL, MO, NV, NM, TX, UT or WI, proof of income and proof of address, Social Security number or tax identification number, valid government-issued ID, ages 18+|
What is Oportun?
Oportun is a mission-driven company that works largely with the Hispanic communities of the states it services. Formerly called Progreso Financiero, Oportun offers installment loans to people with thin credit files or who have problems maintaining good credit.
You can apply without a bank account and, if you’re approved, get your funds within a few days. Oportun reports your loan repayments to two of the three major credit bureaus, giving you the chance to build your credit while getting the financing you need.
Loans are available for terms of 7 to 42 months, with longer terms the larger the loan amount.
What are the benefits of Oportun?
- Bilingual support. Oportun serves both English- and Spanish-speaking customers on its site and customer support team.
- No bank account required. If you don’t have a bank account but need a loan, you can have your loan funds disbursed via a check or prepaid debit card at any one of Oportun’s locations in your state.
- No collateral required. Because Oportun fulfills unsecured loans, you won’t have to provide collateral for your loan.
- All credit welcome. Oportun offers loans to people with bad credit and people without a strong credit history.
What to watch out for
- Limited number of states. Oportun is only available to residents of 11 states: Arizona, California, Florida, Idaho, Illinois, Missouri, Nevada, New Mexico, Texas, Utah and Wisconsin.
- Repeat borrowing encouraged. To entice borrowers to take out more loans, longer terms and higher loan amounts are available to repeat customers with a good loan history.
- Frequent repayments required. How often you make payments depends on how often you’re paid. This means you may be paying back your loan two or more times a month.
More installment loans you can apply for
Check the websites of any providers you’re interested in to confirm they operate in your state of residence.
Is it safe to apply with Oportun?
Oportun reviews and complaints
|BBB customer reviews||2.54 out of 5 stars, based on 39 customer reviews|
|Customer reviews verified as of||16 October 2020|
Hefty penalty charges are common with many short-term lenders. If you aren’t able to make a payment on time, you’ll likely be charged a late fee and excess service fees. Before borrowing any short-term loan, be sure you’re able to handle the high payments due every paycheck.
Am I eligible?
To apply for a loan from Oportun, you must meet the following criteria:
- Be a resident of Arizona, California, Florida, Idaho, Illinois, Missouri, Nevada, New Mexico, Texas, Utah or Wisconsin.
- Have both proof of income and proof of address.
- Have a Social Security number or tax identification number.
- Have a valid government-issued ID.
- Be at least 18 years old.
How do I apply?
Start the application process by going to the Oportun website. Enter your ZIP code and select whether you want to apply by visiting a store, calling or completing an online application. If you choose to apply online, follow these steps:
- If you received a letter, enter the offer number and your last name.
- Create an account.
- Enter your name, preferred language and how you heard about Oportun.
- Select the purpose of your loan.
- Enter your address and when you moved to your current residence.
- Enter your phone number, how long you’ve had the number and if you want to receive texts.
- Enter your date of birth as well as your ID type, ID number and expiration date.
- Select if you’ve filed for taxes and if you have a Social Security number or a tax identification number.
- Agree to allow Oportun to obtain a credit report.
- Enter your monthly housing bill and information about your bank account.
- Enter other debts, if applicable.
- Enter information about your source of income.
- Review your application and submit it for preapproval.
Oportun will contact you to provide the necessary documentation and confirm your loan terms.
What happens after I get my loan from Oportun?
Once you’ve got your loan, it’s time to start thinking about paying back what you’ve borrowed. Fortunately, Oportun offers a number of convenient ways to repay. You can visit a store location or pay online, by phone or by mail. You can also pay through MoneyGram or similar money transfer locations.
You can set up automatic payments by calling 866-488-6090 or visiting a nearby Oportun location. This makes it easy to be on time with your payments, helping you build your credit for future lending opportunities.
Since Oportun reports your payments to Experian and TransUnion, it’s crucial that you determine a payment plan that works for you and only borrow the amount you need. Otherwise, late payments could result in a lowered credit score and additional fees.
With loans up to $8,000 , you may be able to borrow the amount you need to cover an emergency that crops up. Oportun provides opportunities for borrowers who don’t have a bank account, a solid credit history or who don’t speak English as a first language.
This sets the company apart from other installment loan lenders, but you should still compare your installment loan options to find the best one for your situation.