Oportun provides personal loans, credit cards, and a savings account app called Digit. You can qualify online for a loan, even with bad credit or a limited credit history. The U.S. Department of the Treasury certified Oportun as a Community Development Financial Institution (CDFI).1
Oportun services personal loans in only 12 states: Arizona, California, Florida, Idaho, Illinois, Missouri, New Jersey, New Mexico, Nevada, Texas, Utah, and Wisconsin. Its positive reputation from the Better Business Bureau (BBB) and easy prequalification process place Oportun at the top of our list for used car loans.
Alternatives to Credit History
Credit history is just one of many factors Oportun uses to assess loan eligibility. In addition to or in place of your credit, Oportun considers these factors:
- Annual income
- Monthly debt
- Ability to pay
- Employment history
Oportun can even approve you if you went through bankruptcy in the past. To apply for a personal loan, you need a government-issued ID, proof of address, proof of income, employer information, and a list of your recurring monthly debt payments.
Secured Personal Loans
Oportun provides the option for a secured personal loan against your car title for car owners in Arizona, California, Florida, New Jersey, and Texas. Securing your loan with your car title gets you more money — $2,525 to $18,500 — compared with an unsecured personal loan. Secured loans also typically offer lower APRs than personal loans do. Your car title will be collateral against the loan, but your car will stay with you and you will continue driving as usual while you make loan payments.
Oportun is a federally certified CDFI, which means its primary mission is to promote community development. You can take advantage of free financial coaching, job assistance, and financial support from Oportun and its partnerships with other organizations.
In 2021, Oportun extended a $2 million low-interest loan to the Opportunity Finance Network to be used to make loans to other CDFIs and promote responsible lending to low- and moderate-income communities.2
HOW MUCH WILL MY PAYMENT BE?
Your monthly payment depends on three factors: your loan amount, loan term, and interest rate. The more money you borrow, the larger your payments will be. Longer loan terms result in lower payments because you’ll pay your loan over a longer time.