Are you someone who is going through a tricky financial situation and has a fair credit score, but immediately needs a loan? Maybe that’s been a problem lately, because some of the options with lower rates and interest don’t accept people with below excellent scores. Oportun Personal Loan comes to break that pattern and offer some advantages even for those who don’t have good credit scores.
Using Oportun Personal Loan you can get up to $12,000 to use as you wish, except for illegal activities. You can also get smaller loans starting at $300 to accomplish anything you want. If you are looking for flexibility, large amounts of money and many advantages, you will surely find something to enjoy with Oportun Personal Loans.
Are you ready to understand how to get approved, main advantages and cons of using Oportun Personal Loans? Keep reading to find out everything you need before you try to get a loan of your own and achieve your personal goals.
Oportun Personal Loan
Fixed APR 6.99% a 35.99% Minimum credit score not requiredHow does Oportun Personal Loan works
Founded in 2005 and based in San Carlos, California, Oportun originates unsecured personal loans of up to $12,000 in 30 more states through Oportun’s partnership with MetaBank. Also, one of the important points of this loan servicer is that it has no credit history requirement at all, making the loans an option for person with no or limited credit.
Another interesting point to note is that Oportun offers quick disbursement, which is the best option during a financial emergency, with minimum loans from $300 up to $12,000. If you own a car and live in California, Florida or Texas, you may also qualify for a secured personal loan, which allows you to borrow from $2,525 to $20,000.
Main Advantages for Oportun Personal Loan
Oportun Personal Loan can help you get the financing you need for a variety of purposes and with a few more advantages. For starters, most of their loans have very affordable and lower rates due to the short repayment period. Check out some other pros below:
- Fast loan disbursement
- Small loans starting at $300
- No credit history requirement
- Accepts new borrowers for credit
- Pre-qualify with a soft credit check
- Co-sign and limited secured lending options
- Secured and unsecured loan options available in some states
If you are looking for a great loan for any need, take advantage of Oportun Personal Loan because of all these advantages above.
Cons for Oportun Personal Loan
Certainly Oportun Personal Loan is not perfect. For starters, the rates on this loan are too high, being below 36%, a high figure where compared to other competitors it is as low as 10% – with that said, this can be a bad option if you’re thinking about long payment terms.
Still talking about fees, we have the origination fee, which is charged and taxed at 7% of the loan amount, reducing the loan amount by a few hundred dollars or more. Always be aware before closing deals with lenders.
Finally, the last point is that there is no option to be able to change the payment date, i.e. no flexibility when it comes to payments. Once a date has been chosen, it cannot be changed. Again, other competitors allow this change, something that will not be possible here.
Requirements for Oportun Personal Loan
Finally, to qualify for the Oportun Personal Loan, you must meet the following basic requirements:
- Have a valid ID
- Be 18 years old in most states
- Have at least $500 in monthly income
- Provide proof of income and address
- Provide personal references if requested
- Average annual income of $48,000
After Oportun Personal Loan has verified your information, you can wait for your approval. If all goes well, you will receive the loan money within 48 hours. You can start this process quickly through the Oportun Personal Loan website.
How to Apply
To get this application, the best way to apply is online through the application form provided on the official Oportun Personal Loan website.
Before applying for a loan, make sure you have evaluated your credit report and read all the details in the fine print to avoid confusion when the monthly payment due arrives. Oportun Personal Loan will likely perform an affordability assessment before providing access to funds.
Conclusion
Oportun Personal Loans provide a viable option for individuals who may not have strong credit histories and need quick access to funds. However, it’s important to consider the higher interest rates and fees associated with these loans compared to other options in the market. Evaluating your personal financial situation and comparing rates and terms from multiple lenders is crucial before making a decision.
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