Oportun Installment Loans Review

Oportun is a company that isn’t new to the business. It started in 2005, and ever since, the mission has been to provide inclusive and affordable financial services to millions of Americans. Think of Oportun as somewhere between a payday lender and a traditional loan company.

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    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.

    Eligibility Criteria

    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.

    Oportun could Pros and Cons


    • Low income and low credit score applicants welcome
    • Funds provided quickly as direct deposit or on a prepaid card
    • Choose between in-person or online applications and payments


    • The rates are quite high
    • Not available in all states

    How To Apply For An Oportun Installment Loan?

    Customers can search for a store location using the website or apply online.

    The first step is entering your zip code to confirm the services are available in your area.

    This is where the service lacks because it’s not widely available in all states.

    The following questions will require your personal details. You’ll also need to provide information about your income and how much you want to borrow.

    After pre-qualification, you can complete the full application and determine a loan amount and term that suits you.

    Rates, Terms, And Fees 

    The installment loans are from $300 to $8,000. Oportun does not state any specific rates on its site, and they differ by state and loan terms. There are no application fees.

    Bottom Line

    Oportun is a lender for those with no credit history and who might not meet other lenders’ eligibility requirements, but they still often reject those on low incomes.

    The terms and rates are better than a payday lender but don’t compare favorably to banks and some of the competition.

    If you want to find a lender that has better APRs and will consider you with a low income, try Prosper, SoFi, or Upgrade.