Oportun installment loans review July 2018 | finder.com

Oportun installment loans review

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Get funds up to $8,000 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.
Min Loan Amount$300
Max. Loan Amount$8,000
  • 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.

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.

Rates last updated July 19th, 2018
Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
Name Product Product Description Max. Loan Amount Turnaround Time Requirements
OppLoans Installment Loans
Installment loans with competitive rates from a top-rated direct lender.
$4,000
1 business day
Open to residents of AL, AK, AZ, CA, DE, FL, GA, ID, IL, IN, KS, KY, MI, MN, MO, MS, NE, NV, NM, OH, OK, OR, SC, TN, TX, UT, VA, WI and WY. Must have direct deposit and meet minimum income requirements.
CashUSA Installment Loans
$10,000
As early as 1 business day
Monthly income of $1,000+ after taxes and valid checking account.
Jora Installment Loans
Installment loans with repayment terms up to 30 months, depending on your state.
$2,600
1–2 days
Must have an active checking account, regular source of income and email address.
Slam Dunk Loans
Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.
$2,500
As soon as next business day
Must be employed, receive regular income, earn at least $800 a month, have a checking account, be 18+ yrs old and a US citizen.
BadCreditLoans.com
With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.
$5,000
Varies
Depending on lender requirements, people from all 50 states may not be eligible for a personal loan.
CashNetUSA Loan
Apply for a short-term loan with an easy online application and dedicated customer service.
Varies by state
1 business day
You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
Blue Trust Loans Installment Loans
Get an installment loan from an online tribal lender. Perks for returning borrowers.
$2,000
As soon as next business day
Must be at least 18 years old and have a verifiable source of income with direct deposit into your checking account.
HonestLoans Installment Loans
Get a flexible installment loan with fast funding through one easy online application form.
$2,500
As soon as one business day
Must be employed and receive regular income, earn at least $800 a month, have a checking account and be an 18+ years old legal US citizen.
MaxLend Installment Loans
Get up to $1,000 as a first-timer, with loans of up to $2,000 and lower APRs for repeat borrowers.
$2,000
As soon as the next business day
Must be at least 18 years old and a US citizen, have a valid bank account and provide a verifiable source of income.

Compare up to 4 providers

A brief warning about short-term loans

Although short-term loan options are convenient and accessible to people without good credit, they are still risky. This is because many short-term loans, including the installment loans offered by Oportun, are given at a high cost. You may be required to pay $10 to $15 for every $100 you borrow, and oftentimes the cost of the loan will be hundreds or even thousands of dollars more than what you initially borrowed.

Consider browsing our list of short-term loan alternatives before making a decision

Is it safe to apply with Oportun?

Yes. Oportun has a valid security certificate and a privacy policy that outlines what information it collects and how it’s used. In its privacy notice, Oportun states that it may share your personal information for everyday business purposes, for its own marketing and for joint marketing with other financial companies. Unfortunately, you can’t limit this sharing. If Oportun needs to transfer your information to a third party due to a consolidation, sale or other business-related activity, you’ll be notified by the company.

What do borrowers have to say about Oportun?

Oportun has been accredited by the Better Business Bureau (BBB) since 2016 and earns an A+ rating. However, the customer reviews on the site are largely negative. Many state that there have been problems processing payments over the phone and that the late fees charged by Oportun have caused the loan to grow out of proportion to what was initially borrowed.

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.

Customers on other sites rate Oportun decently, and many comment on Oportun’s willingness to approve a loan despite bad credit. Low ratings are largely because of poor communication with customer service and the high interest rate Oportun charges.

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:

  1. If you received a letter, enter the offer number and your last name.
  2. Create an account.
  3. Enter your name, preferred language and how you heard about Oportun.
  4. Select the purpose of your loan.
  5. Enter your address and when you moved to your current residence.
  6. Enter your phone number, how long you’ve had the number and if you want to receive texts.
  7. Enter your date of birth as well as your ID type, ID number and expiration date.
  8. Select if you’ve filed for taxes and if you have a Social Security number or a tax identification number.
  9. Agree to allow Oportun to obtain a credit report.
  10. Enter your monthly housing bill and information about your bank account.
  11. Enter other debts, if applicable.
  12. Enter information about your source of income.
  13. 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.

Bottom line

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.

Frequently asked questions

Kellye Guinan

Kellye Guinan is a writer and editor with finder.com and has years of experience in academic writing and research. Between her passion for books and her love of language, she works on creating stories and volunteering her time on worthy causes. She lives in the woods and likes to find new bug friends in between reading just a little too much nonfiction.

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