Oportun Personal Loans Review 2022 – Forbes Advisor


Personal loan applications are approved or denied based on a number of factors. All lenders have their own unique underwriting requirements, but these typically include information from the applicant’s credit profile and other factors that demonstrate ability to repay the loan, such as income. Meeting the requirements below does 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 be approved for a loan. However, it caters to people with bad credit. Depending on the company, you may be able to get a loan even if you have already declared bankruptcy.

Income requirements

When you apply for a loan, Oportun will verify your income by checking either previous bank statements or current pay stubs. You will need to earn at least $500 per month to qualify for an Oportun loan.

Co-signers and Co-borrowers

If you are having trouble getting loan approval based on your credit, one option is to pledge your car as collateral for the loan (i.e. get a secured loan). But if that’s not an option for you, you may be able to use a co-signer instead. Keep in mind that your co-signer will have to repay the loan if you don’t.

Oportun does not allow co-borrowers.

Related: Co-Borrower Vs. Co-signer

Secured loan requirements

If you want to get a secured loan and increase your loan amount, Oportun lets you pledge your car as collateral, which it can repossess if you don’t repay your debt. Your car will need to meet its own set of criteria.

You will need to be the sole owner of the vehicle (without anyone else, such as a spouse), and it will need to be repaid in full without any other loan or lien on it. Your car will also need to be 25 years old or younger. Ineligible car types include:

  • Utility vans
  • Rented cars
  • Electric car
  • Cars registered in a different state than where you live

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