Oportun

Oportun is a lender that offers loans for borrowers with limited or no credit history. Timely payments help you establish credit. Common uses listed on the lender’s website include auto repairs, security deposits and emergencies.

Pros

• Personal loans from $300 to $10,000
• Auto loans from $5,000 to $35,000
• Financial education and counseling available
• Option to add a co-signer
• No credit history requirement
• Online, phone and in-person application options
• Fixed, affordable payments
• Personal loans for just about any use
• A+ rating with the BBB
• Receive funds fast
• Buy from a dealership or private seller
• Refinance your current auto loan
• Personalize your loan terms

Cons

• Available in a limited number of states
• Late payment fee
• Starting rates are high compared to other lenders
• Repayment terms can only be up to 46 months
• Charges a loan origination fee of $0 to $300

Bottom Line

Oportun personal loans are best for you if you have no credit history, you need short-term cash, and you live in a state where the lender operates.

Types of loans

1. Personal loans – money you borrow for any kind of personal use such as investing in home improvements, paying unexpected medical bills, paying off credit card debt, taking a special vacation, etc.
2. Auto loans – money a consumer borrows in order to purchase a car.

Loan requirements

To get approved for a personal loan with Oportun, you must comply with the following requirements:

• US citizen or permanent resident;
• Age 18 years or older;
• Live in one of the states where Oportun operates
• Have a valid bank account;
• Have a reliable income with steady employment;
• Have a working telephone number and email address.

If you need an auto loan, be prepared to share the following documents:

• A state-issued driver’s license;
• Proof of income, such as current pay stubs or current bank statements;
• Verification of address;
• Up to four personal references;
• Proof of auto insurance.