Oportun Personal Loans. All you need to know about Oportun personal loans: $300 to $10,000.
Learn all about Personal Loans from Oportun. Are they the right fit for you?
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video timeline: Oportun Personal Loans. All you need to know about Oportun personal loans: $300 to $10,000.
00:00 - Intro: Who is Oportun?
00:33 - How much can you borrow from Oportun?
01:09 - How long is an Oportun loan?
01:45 - Frequency of Oportun loan payments
02:12 - Comparison of Oportun's unsecured and secured loans
03:09 - Are unsecured or secured personal loans better?
03:30 - Which states can you get an Oportun secured loan?
03:50 - How much are the origination fees on an Oportun personal loan?
04:31 - Is it hard to get an Oportun personal loan?
04:50 - Will applying for an Oportun personal loan hurt my credit?
05:01 - How Oportun decides who to lend to
05:24 - Does Oportun accept cosigners?
05:54 - Does Oportun charge late fees?
06:07 - Does Oportun charge for a returned payment?
06:25 - What can an Oportun personal loan be used for?
06:48 - Summary of Oportun personal loans
07:55 - How to make sure you get the loan you deserve
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Oportun is a publicly traded company that was formed in 2005 to serve the Latino borrowers in the United States. Even today, they are one of the only lenders where you can toggle between Spanish and English on their website.
Oportun’s unsecured personal loans have a minimum loan amount of $300. So, if you need just a little bit of money to cover a minor emergency, Oportun could be a really good option for you. There are not many places where a borrower can get only $300…and most of those places are payday loans. If you are looking for a more substantial amount of money, Oportun’s maximum loan amount is $10,000. However, Oportun will not lend more than $6,000 to first time borrowers.
The term length of an Oportun loan ranges from 12 months to 54 months. The average term of their loans is 41 months. I think that is too long for a loan of this size. Longer term lengths result in a lower payments, but it means paying interest longer than you should. Oportun does not charge a prepayment penalty, but some reports suggest that making extra payments defaults to pre-paying future payments. That doesn’t save you money on interest. You will want to make sure that your extra payments are going towards principal.
I need to say one more thing about Oportun payments. When you see them, you will probably be pleasantly surprised to see how low they are, but you need to know that they aren’t monthly payments. They tie your payment to your paychecks. So, you will be making payments either twice a month or every other week, depending on how you are paid. When you are deciding whether an Oportun loan can fit into your monthly budget, keep that in mind.
Oportun also offers loans that are secured by the title to your motor vehicle. Secured loans often allow you to borrow more or at a lower interest rate. And that is what you are seeing with Oportun. The average loan amount for Oportun’s unsecured loans is $4,007. The average loan amount for one of their secured loans is $7,156. The average APR of their unsecured loans is 32.9%. The average APR for Oportun’s secured loans is 28.9%. The average term length for their unsecured loans is 41 months. The average term length for the secured loans is 52 months. So, you can see that you generally get better rates, larger amounts, and longer terms if you decide to secure the loan.
Generally, I prefer unsecured loans.
