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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.
Kellye Guinan is a seasoned financial writer with over 500 articles under her belt spanning all things loans from auto to personal to business and everything in between. With four years in the field and five years of research experience, she's able to make complex personal finance decisions easier for anyone to tackle. When she's not up to her knees learning about the latest trends in lending, she spends her time improving her own financial literacy and expertise — and maintaining a Duolingo streak of over 1,300 days.
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.
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.
Oportun reviews and complaints
BBB customer reviews
2.54 out of 5 stars, based on 39 customer reviews
BBB customer complaints
Customer reviews verified as of
16 October 2020
Oportun gets largely negative reviews. Many reviewersstate 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. But some are happy with Oportun’s willingness to approve a loan despite bad credit.
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.
Yes. Oportun will report your payments to Experian and TransUnion. This can help improve your credit score over time, but if you’re late on payments or miss one entirely, it could have a negative impact as well.
Oportun requires that you provide proof of address if you live in one of the following states: Arizona, California, Florida, Illinois, Missouri, New Mexico, Nevada, Texas or Utah.
Oportun states that the name change was influenced by the Spanish word for opportunity. The company’s mission is to provide opportunities to responsible borrowers who may not have other loan options, and the name change reflects that.
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