Oportun Personal Loan Reviews 2023

Oportun Personal Loan Reviews 2023

Oportun Personal Loans: A Closer Look

Oportun Personal Loans

Our experts at Insider are here to help answer your personal loan questions and provide unbiased reviews of financial products. We collaborate with various partners, but our opinions are always our own.

Oportun: A Not-So-Ideal Option

Let’s get the bottom line out of the way: Oportun may not be the best choice for most borrowers. This lender is mainly suitable for individuals with poor or no credit who require only a small loan. If you’re in need of a larger sum of money, there are better options available with more favorable rates. It’s important to remember that the best personal loan for you will largely depend on your credit score, which determines eligibility and can affect your interest rate.

Who Should Consider Oportun?

Oportun is best suited for borrowers who are seeking a small loan but have less-than-ideal credit scores. If you require a larger loan to cover expenses, there are lenders who offer higher loan amounts, some even going up to $100,000. Similarly, if you have a good credit score, there are many lenders who can offer you much lower rates compared to what Oportun provides.

The Details on Oportun Personal Loans

Oportun offers personal loans ranging from $300 to $10,000. They provide both secured and unsecured loans, with the former requiring collateral. These loans can be used for a variety of purposes, such as home improvements, medical bills, or even vacations (although caution is advised before committing to a loan for a vacation). Loan terms range from one to four years, and the Annual Percentage Rate (APR) ranges from 26.86% to 35.95%, which is comparable to other lenders who cater to borrowers with poor credit. It’s worth noting that the APR will remain the same throughout the loan’s lifespan.

Additionally, Oportun has partnered with MetaBank to expand their reach and offer personal loans to residents in more states. Depending on your location, your loan may be originated by Oportun Inc., Oportun LLC., or MetaBank.

Pros and Cons of Oportun Personal Loans


  • Low minimum loan amount: Oportun allows borrowers to access loans as small as $300. This is advantageous if you only need a small sum to cover a particular expense.
  • Accessible to borrowers with bad or no credit: Oportun does not require a prior credit history to qualify for a personal loan, making it an attractive option for those trying to establish credit.
  • Offers co-signed and secured loans: If you have a less stable credit history, Oportun offers co-signed and secured loans which increase your chances of approval and may provide better rates. Co-signed loans involve enlisting a borrower with a better credit score to vouch for you, while secured loans require collateral but come with improved rates and higher approval rates.
  • Prequalification available: When you check rates with Oportun, the company performs a soft credit check, allowing them to assess your credit history without impacting your credit score.


  • Low maximum loan amount: Oportun imposes a borrowing limit of $10,000, and this amount is only available through a secured loan. If you require a larger loan for debt consolidation or other purposes, there are alternative lenders offering higher maximum loan amounts.
  • High APRs: Oportun’s APR ranges from 26.86% to 35.95%, with the upper end being quite high. If you possess a solid credit score, chances are you’ll find better rates elsewhere.
  • Limited availability: Oportun operates in only 37 states, specifically AL, AK, AR, AZ, CA, DE, FL, ID, IL, IN, KS, KY, LA, MI, MO, MN, MS, MT, NC, ND, NE, NH, NJ, NM, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, and WI.
  • Origination and returned payment fees: Oportun charges an origination fee that varies depending on the borrower and the borrower’s state of residence, ranging from $0 to $300. Additionally, if a payment would overdraw your account and Oportun returns it to your bank, you will incur a $15 returned payment fee.

The Application Process

To apply for an Oportun personal loan, follow these steps:

  1. Use the prequalification form on Oportun’s website. Fill in basic information such as your name, contact details, birthdate, and zip code to ensure that Oportun operates in your area.
  2. Review the loan options available to you and select one that suits your needs. The lender will present you with various loan amounts and terms to choose from. This step will not impact your credit score.
  3. Fill out and submit a complete application. Additional information may be required, such as W-2s, pay stubs, bank statements, or other documentation to verify your income and repayment ability. At this stage, Oportun will conduct a hard credit inquiry, which may temporarily lower your credit score.
  4. Once approved, you will receive your funds and can begin repaying the loan as agreed upon with the lender.

Trustworthiness and Alternatives

Oportun is an accredited company by the Better Business Bureau with an A+ rating. However, it’s important to note that Oportun has been involved in a recent scandal. A ProPublica investigation discovered that the company filed thousands of lawsuits against low-income Latino borrowers during the COVID-19 pandemic, possibly using intimidation tactics to enforce high-interest loan payments. If this incident raises concerns, you may want to consider alternative lenders.

When comparing Oportun to other lenders, such as LendingPoint and Upgrade, it becomes apparent that Oportun’s loan range and term lengths are comparatively smaller. For larger loan amounts and longer repayment periods, LendingPoint and Upgrade may be more suitable options.

Why You Can Trust Us

At Insider, we thoroughly evaluate and rate all personal loan products on a scale of 1-5, considering seven different categories. These categories, including interest rates, fees, loan amounts and term lengths, funding speed, borrower accessibility, customer support, and ethics, form the basis of our unbiased reviews. Each category’s importance is weighted accordingly, ensuring a comprehensive assessment that guides you towards the best borrowing experience.

When considering personal loans, it’s crucial to weigh your options carefully, taking into account factors such as loan terms, rates, and your own creditworthiness. By doing so, you can make an informed decision and choose the best personal loan that suits your unique circumstances.