An Oportun Personal Loan is a type of loan that was launched in 2005 and has been growing in popularity ever since. It’s designed especially for people with bad credit and it works by providing an alternative to those who are unable to get approved for loans from other lenders.
But to make sure you get a loan that is suitable for your needs and situation – just like the Oportun Personal Loan, it is important to know if you qualify for it. The following are the requirements set by Oportun for applicants who want to acquire their personal loans. Keep in mind that qualifying doesn’t guarantee any approval from the company.
Credit Score Required: Oportun didn’t disclose the required credit score a borrower must have to avail of their personal loan. But a lot of people know that Oportun is geared toward individuals with bad credit – which means that the credit score requirements are lower than the usual.
Income Required: Oportun requires borrowers with a monthly income of $500 to be qualified. The income is verified through the submitted past bank statements or current pay stubs of the applicant.
Secured Loan Required: The major requirement to avail the Oportun secured loan is collateral – a car to be specific. The collateral can be repossessed to Oportun in case the borrower failed to deliver the obligation upon contract terms. Keep in mind that the collateral should be named to the borrower – or his/her spouse. The car should also not be 25 years old and above.
Prosper Personal Loan Interest Rates and Fees
Interest Rate: Oportun doesn’t have minimum interest rates for both of their secured or unsecured loans. But the maximum rate they have can go up to 35.99%. This is relatively high knowing that the maximum loan amount they have is much lower than other lending companies.
Origination fees: The origination fee charged by Oportun ranges between $0 to $300. The fee depends on the loan amount and which state of residence the borrower lives in. Oportun didn’t say whether the origination fee is a one-time payment or not.
Late payment and prepayment fees: If the borrower is more than 10 days late as opposed to the monthly reimbursement payment date, they have to pay a late payment fee of $10 or 5% of the principal amount, whichever is higher. On the other hand, Oportun doesn’t charge any prepayment fees which is a good thing.
Administrative fee: If a borrower prefers a loan amount of $5,000, they have to pay an administrative fee of $75 – which is deducted upon getting the loan proceeds.
Returned payment fee: Oportun charges returned payment fee if the payment is returned by the borrower’s bank due to an overdraw in an account or certain overdraft protection is turned on. Therefore, a fee of $15 is charged to the borrower.
What people are saying about Oportun Personal Loans?
A lot of people are saying that Oportun Personal Loans is a good option for people with bad credit. It is also considered to be one of the best personal loans because of its straightforward process and for getting the money lightning-quick once approved.
However, there are also some people that say Oportun consists of fraudulent loan activities and nonexistent loan disbursements. So make sure to read everything on the agreement before signing anything.
How to apply for Oportun Personal Loans?
Oportun Personal Loans offers a variety of loan types that are available to borrowers with a wide range of credit scores and loan amounts. Moreover, Oportun Personal Loans provides people with an opportunity to borrow money at low-interest rates and on flexible terms so they can get loans easily in just a few minutes online, without having to go through a lengthy application process or face rejection due to their past credit history.
- To apply for one, it’s important to prequalify first by providing basic information like name, address, and Social Security Number.
- Once done, Oportun will show the borrower the loan rates, terms, and amount available.
- After that, the borrower must submit an application including a photo ID and proof of income for address verification purposes.
- Once the application is approved, it’s time for contract signing and receiving the loan proceeds
Frequently Asked Questions:
Can I receive the funds in just a day?
- Yes. A lot of borrowers say that Oportun offers same-day releasing of loan proceeds once the loan is approved.
Which is better Oportun or LendingClub?
- The loan amount of LendingClub can vary between $1,000 to $40,000 – that’s relatively higher compared to Oportun. However, the former requires a credit score of 600 while the latter doesn’t.
