The personal loan is one of the most common types of credit available to consumers today. The number of people who have taken out a personal loan has been steadily increasing over the years. This is because a personal loan can help individuals meet their short-term financial needs by providing them with cash quickly and easily.
Indeed, a personal loan can help individuals with their financial needs in a number of ways. More example is that they can pay off high-interest credit card debt and get back on track financially. They also have the potential to save borrowers money in the long run by allowing them to avoid paying interest on loans than they would otherwise have to pay on credit cards or other loans with high-interest rates.
One of the companies that offer personal loans is Oportun. Oportun is a lender that offers unsecured and secured personal loans. They offer flexible loan options for individuals with good credit as well as a wide variety of loan types to help borrowers get the funds they need for their unique needs.
Moreover, Oportun Personal Loans offer competitive interest rates and flexible repayment plans – making it easy for you to manage your finances better. The company’s financial product is available in 34 states in the United States of America.
Who is Oportun Best for?
Many people have damaged credit and need to borrow money fast. These people often struggle to find the right lender or have difficulty getting approved. This is why Oportun Personal Loan is a company that focuses on lending money to those who have had a hard time in the past and want a fresh start.
And with Oportun’s fast and reliable service, no wonder why they have helped thousands of people get back on their feet. They are also dedicated to helping people who have damaged credit get the money they need and avoid the consequences of late payments.
What are the purposes of Oportun personal loans?
Oportun personal loans are a type of loan that is available to individuals who are not creditworthy. This type of loan is designed to help people with short-term needs. Oportun personal loans can also be used for anything that would normally be considered consumer debt.
To be specific, the following are the things an individual can acquire using loan proceeds from Oportun:
- Vacations or travel expenses
- Emergency expenses
- Medical expenses
- Home improvements or renovations
However, just like any other lending company, Oportun restricts its borrowers from using loan proceeds for purposes like:
- Education expenses
- Illegal activities such as buying unlicensed firearms, weapons, etc.
Even if there are restrictions, Oportun personal loans are still designed to help people with a low credit score get access to the financial system. It is an easy way for anyone who has a bad or no credit score to borrow money from a bank in order to achieve their goals. Indeed, Oportun personal loans may not be meant for everyone or specific purposes, but they are an option for those who need it most.
Also, there are other lending companies that even investing in stocks, bonds, or cryptocurrency is prohibited as a loan proceed purpose. With Oportun, this is not an issue at all.
Prosper Personal Loan Details
Personal Loan Amount: This may sound shocking to a lot of people, but Oportun personal loan offers a minimum borrowing amount of $300 and it can go up to $10,000. This range of loan amounts is perfect for those who are looking for unsecured loans. On the other hand, secured loans of Oportun allow borrowers to get up to $20,000 as long as they utilize their car as collateral.
Loan Terms: Oportun allows their borrower to choose their loan terms so it is more fit according to their lifestyle. However, the loan terms can vary depending on the type of loan (secured or unsecured). This is because Oportun secured loans have a loan term of 12 to 51 months while their unsecured loans can range from 21 to 66 months.
Advantages and Features
Unfortunately, Oportun doesn’t have many advantages and features like hardship programs, FICO credit score updates, or even co-applicants. The company also doesn’t offer rate discounts if the borrower enrolls in auto payment.
Moreover, the only advantage an individual can get to Oportun is their ability to get a Co-signer and Co-applicant. This allows a borrower to get a high chance of approval based on their credit histories and scores.
Want more information about the loan and how to apply for it? Read on: