Oportun Personal Loans Review 2022

By | November 2, 2023
Oportun Personal Loans Review 2022

Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective. Terms apply to offers listed on this page. Read our editorial standards.

Oportun personal loan amounts and interest rates

Oportun loans range from $300 to $10,000. The lender offers both secured and unsecured personal loans. The difference between the two is that you need to put up collateral for a secured loan, while you don’t need to for an unsecured loan.

Borrowers can use personal loans for a many purposes, including home improvement projects, medical bills, and even vacations (though be careful before you jump to do so). Loan term lengths range from one to four years. Oportun’s APR goes up to 35.99%, which is similar to other lenders who are accessible to borrowers with bad credit. Your rate will remain locked in for the life of your loan. 

Oportun has a partnership with MetaBank to provide personal loans to more states. Depending on where you live, your loan may be originated by one of three entities:

  • Personal loans are originated by Oportun Inc. in AZ, CA, FL, ID, IL, MO, NJ, NM, TX, UT, and WI
  • Loans are originated by Oportun, LLC. in NV
  • Personal loans are originated by MetaBank, Member FDIC, in AL, AK, AR, DE, IN, KS, KY, LA, MI, MN, MS, MT, NC, ND, NE, NH, OK, OR, PA, RI, SC, SD, TN, VA, VT, and WA

Pros and cons of Oportun personal loans

Who is Oportun best for?

Oportun is best for borrowers who need only a small amount of money and don’t have the best credit score. If you need a larger sum to cover an expense, you can find lenders with higher loan amounts elsewhere — some lenders may even lend up to $100,000. Similarly, if you have a good credit score, many lenders will offer you much lower rates than you’ll find with Oportun. 

How Oportun personal loans compare

Oportun’s loan amount range is $300 to $10,000, a smaller range than what LendingPoint or Upgrade offer. LendingPoint has loans between $2,000 to $36,500, and Upgrade has a range of $1,000 to $50,000. 

LendingPoint has the most restrictive term lengths, offering terms between two to four years. Oportun’s lengths are one to four years, and Upgrade’s range is between two to seven years.  

All three lenders charge origination and late fees. 

Is Oportun trustworthy?

Oportun is a Better Business Bureau-accredited company, and Oportun has an A+ rating from the BBB. The BBB is a non-profit organization focused on consumer protection and trust. The BBB measures companies by evaluating their replies to customer complaints, truthfulness in advertising, and transparency about business practices. 

Keep in mind that excellent BBB ratings don’t guarantee a great relationship with Oportun. You may also want to read customer reviews and ask friends and family about their experiences with the company.

Oportun has been involved in a significant recent scandal. A ProPublica investigation found that the company filed thousands of lawsuits against low-income Latino borrowers amid the COVID-19 pandemic to try to intimidate them into keeping up with high-interest loan payments. If this incident worries you, you may consider using a different lender. 

Frequently asked questions

What credit score do you need for an Oportun loan?

Oportun doesn’t list a minimum credit score requirement, and it even considers borrowers without credit histories. The lender could be a good option if your credit isn’t in the best shape, as it may be more lenient than other lenders.

Is Oportun a real loan company?

Yes, Oportun is a legitimate loan company. Loans are originated from Oportun Inc, Oportun, LLC, or MetaBank, Member FDIC, depending on the state you live in. 

How long does it take to get a loan from Oportun?

You’ll likely get your money within three business days after being approved for a loan from Oportun.