More info about Oportun personal loans review
In the United States there are many platforms dedicated to lending money. This time we will review Oportun's personal loans offer.
Oportun's loan conditions
You should know that Oportun Inc. is a Californian financial company that provides personal loans and credit cards for people with low/modest income. It favors applicants with recent history, whose scores have been affected by past mistakes and who need almost immediate liquidity.
The APR offered can range from 27.74% to 35.95%, depending on your financial situation and your means to repay the loan.
Although amounts vary from state to state, they range from $500 to $10,000 ($6,000 and up are for repeat customers). You can also opt for their secured version, add a co-signer or co-borrower.
Oportun's quick loans are available in 35 states: Alabama, Alaska, Arkansas, Arizona, California, Delaware, Florida, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Michigan, Missouri, Mississippi, Montana, North Carolina, North Dakota, New Hampshire, New Jersey, New Mexico, Nevada, Oklahoma, Oregon, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Vermont, Washington and Wisconsin.
Also, repayment terms range from 24 to 53 months, and this lender claims to be able to adjust the terms to your financial circumstances.
You can use the money for any personal need, such as debt consolidation, home repairs, medical expenses, paying overdue bills, sponsoring special events, education, vacations and more.
Oportun Personal Loans Basic Requirements
Oportun's primary mission is to provide the Latino public with more opportunities to build their credit history. In this sense, their personal loans require you to be of legal age in the states where they are available and having a regular credit score is not an impediment to apply for them.
To apply, there are several documents that you must provide:
- Up to 4 references.
- Valid identification.
- Verification of address.
- Proof of recurring income.
- Recent bank statements (if you have them).
Here we feel it is important to add that Oportun personal loans can be applied for by active duty military officers and their dependents. This company has a lot of flexibility on who can access their products:
- Non-residents.
- Temporary residents with an F1 or H1B visa.
- U.S. citizens or permanent residents.
Advantages of Oportun personal loans
Oportun's personal loans are well rated by those who have used their online platform or physical stores to get extra cash. This good reputation is based on positive aspects that distinguish their services, such as:
| Transparency | It cannot be said to be the best because their official website does not offer a detailed account of the contracting conditions. Even so, you have at your disposal their FAQ page to clarify most of the doubts you might have. |
Credit report
| Opportunity allows those with no file or a short time/detailed credit history to access financing. Even if they only report to Experian and TransUnion, they make soft inquiries for pre-qualification. |
| Consumer experience | This is also another strength of this online lender. First, because their applications are processed online, second, because they provide 24/7 attention in various channels, and third, because they offer educational resources. |
| Flexibility | While we've touched on a few of the features of these quick loans, there are more. You get the funds the same day or the next business day, they are available in 35 states, almost anyone can apply, and they give you extensions when you have financial problems. The only catch is that they don't let you change the payment date once you put it on the application.
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Hardship program
| This applies to those who are going through difficult times. The company will often defer monthly payments, extend the term or lower the APR and fees. |
Other Oportun products
If you would like to choose another type of personalized credit, Oportun has two alternatives that may be of interest to you:
Secured Personal Loans
If you own a paid-off car and live in California, Florida or Texas, you can use the title to get funding. Their terms look like this:
- An APR below 36%.
- You can keep driving your car.
- Amounts ranging from $500 to $10,000.
Credit Cards
Taking out this card is not unlike taking out a personal loan and is issued by WeBank. It is characterized by:
- Worldwide acceptance.
- Limit of up to $1,000.
- Zero liability for fraud.
In summary, Oportun personal loans are a certified solution and a good option for those who want to start or improve their credit history and feel they can manage their interest rates.
Oportun, PO Box 4085, Menlo Park, CA 94026
Español: Préstamos personales Oportun