The team at Oportun specializes in small-dollar loans. The company is certified by the Community Development Financial Institutions Fund at the U.S.
Department of the Treasury. This lender operates online and also has storefronts in several locations across the states.
Why Get An Installment Loan From Oportun?
It can be challenging to find a lender that takes into account personal circumstances and is willing to lend.
There are several reasons why customers might end their search when they find out about an Oportun installment loan. Here are some of the main reasons to consider Oportun:
- Loans are available based on income, and for applicants that don’t qualify, there is the option of a co-signer
- Payments get reported to TransUnion and Experian so that regular on-time transactions can establish or improve credit history
- Installment loans often get approved for low-income customers, even with limited or no credit history
- Once approved, borrowers can choose their payment date
- Oportun’s services include financial counseling and access to financial education resources
What Does Oportun Offer?
The main product offered by Oportun is the installment loan. It’s available for several purposes, including emergencies or home repairs.
There’s a specific auto loan, and the option to refinance existing ones.
The repayment of the loan could be over a term between 6 and 46 months. Borrowers can choose a plan that suits their budget.
Oportun is also flexible about how the money is received.
The funds could come as a check, a direct deposit, or loaded onto a prepaid debit card.
Oportun is launching a new product, the Oportun Visa Credit Card. It’s managed and used to shop online. Customers don’t need a credit history to apply for the card.
Oportun tries to make the installment loans available to a wider range of borrowers, especially those with low income.
The company doesn’t exclude those with no credit history. Borrowers will need to check that Oportun operates in their state.
There isn’t a strict set of eligibility criteria. However, applicants will need a valid photo ID, proof of income, proof of address, and personal references.
These get provided at the full application stage, and borrowers can pre-qualify online without impacting their credit score.