Oportun seeks to be transparent and customer-focused, in order to avoid the negative reputation of the payday loan industry. These courses are free and will help customers understand the financial basics of their finances, and provide skills that can be used to build a stronger financial foundation.
Pros
- +Ethically superior to the average payday loan company
- +Competitive rates
- +Access to financial education services for free
Cons
- Only available in 12 states
Oportun, which was established in 2005, has been working hard to maintain its position as one of the most trusted payday loan providers. Oportun estimates that the borrowers who have opted for Oportun over other payday loan lenders have saved $1.7 billion by approving more small-dollar loans than they did.
Oportun is an online payday loan company that offers short-term loans between $300 and $8,000 to borrowers who are not in the financial mainstream. This includes borrowers with low incomes and credit histories. Oportun wants to be responsible and educate its customers. It also offers the opportunity for borrowers to improve credit scores to help them better position for the future.
Oportun operates in 12 states: Arizona, California Florida, Idaho, Missouri, Nevada, and New Jersey. They also offer credit cards and auto loans.
Oportun is a payday loan provider that can help you manage your finances.
Oportun Review: The cost of loans
- Variable rates of interest apply
- Rates that are much lower than the average
Rates of interest can vary depending on the individual’s financial situation and geographical location. We took a quote from a 45-year-old married man with two children, and no credit rating.
For a period of six months, we requested $500 in cash. The loan would be repaid monthly. The total amount of the repayment was $603, with a total cost of $103, which equals an Annual Percentage Ratio (APR) of 59%. Although it is not the lowest APR, it is still a good idea to shop around for rates.
To keep costs as low and manageable as possible.
Oportun customers need to prove their identity, regular income, some references, a verified home address, and a number within one of the Oportun states. A checking account is not required.
Opportun review: Products
- Repayment plans range from 6 months to 46 months
- Oportun does not charge fees
Oportun has one short-term loan product. Repayment plans range from six to 46 months. CashNetUSA offers a wider selection of loan options.
This is a great choice. Customers can choose to receive their funds via check, prepaid debit card, or direct deposit if they are approved. Prepayments are not subject to penalties or fees at Oportun loans.
Oportun Review: What makes it different?
- It does not require a checking or credit score
- The website offers a lot of free resources
Oportun is different from other loan companies in that it does not require customers have a good credit score or a checking account. Oportun does require references and proof of income. However, this is mainly to make sure that the loan repayments will be affordable.
Oportun reports it collaborates with national credit bureaus to ensure that customers have a good credit rating and can make loan applications in the future.
Oportun offers a wealth of resources that are free for potential and current customers. These resources provide information on loan procedures and offer links to financial coaching organizations like Springfour and Unidos US.
Oportun: User review and usability
- Accredited by the Better Business Bureau
- Many financial services sites have generally positive reviews
Since 2016, According to Better Business Bureau and Oportun reviews holds an excellent rating of A+
. Many financial services sites give it positive reviews.
The online calculator is not available for this company like other payday loan companies. Customers will need to provide some personal information during the quote process. The application process takes less than ten minutes and funds can be available on the same day.
Why should you choose Oportun?
Oportun’s customer service and interest rates are straightforward. Oportun believes in only giving loans to those who can afford them. Oportun looks to have policies (such as proof that income) to make this a reality.
It offers free financial education and management tools to potential customers.
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Payday loans: A note
Payday loans, no matter how attractively packaged they may seem, should be considered a last resort. Payday loans are often associated with high-interest rates and can lead to significant debt and a difficult financial future. Oportun has a more ethical approach to payday loans than others, but it is important to consider the alternatives to payday loans.
First, take some time to explore the options below that could help you get on a solid financial footing.
