bad Credit

Oportun Personal Loans Review 2022 – Forbes Advisor

Oportun Personal Loans Review 2022 – Forbes Advisor
Written by Publishing Team

Personal loan applications are approved or denied based on a number of factors. All lenders have their own unique underwriting requirements, but these usually include information from the applicant’s credit profile and other factors that demonstrate the ability to repay the loan, such as income. Meeting the requirements below will not guarantee approval, but they can help you decide if a personal loan is right for you.

Credit score requirements

Oportun does not disclose the minimum credit score you need to approve a loan. However, it is geared towards people with bad credit. According to the company, you may be able to get a loan even if you have declared bankruptcy in the past.

income requirements

When you apply for a loan, Oportun will verify your income by checking past bank statements or current payment receipts. You will need to earn at least $500 per month to be eligible for an Oportun loan.

Co-signatories and co-borrowers

If you are having trouble getting approved for a loan based on your credit, one option is to mortgage your car as loan security (ie take out a secured loan). But if that’s not an option for you, you may be able to use a shared site instead. Keep in mind that your co-signing partner will be in trouble to repay the loan if you fail to do so.

Oportun does not allow participating borrowers.

Related: Co-borrower vs. Co-signer

Secured loan requirements

If you want to take out a secured loan and increase your loan amount, Oportun lets you pledge your car as collateral – which can be recovered if you fail to pay off your debt obligation. Your vehicle will need to meet its own set of criteria.

You will need to be the sole owner of the car (with no one else present, such as a husband/wife), and you will have to pay it off in full without loans or other liens on it. Your vehicle must also be 25 years old or newer. Non-eligible vehicle types include:

  • cargo trucks
  • rental cars
  • electric cars
  • Cars registered in a different state than where you live

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