Oportun Loans

[Anonymous]

Has anyone taken an Oportun loan? I am in the middle of the application process. I passed the pre qualification steps and I passed the pre approval stage. The next step requires a hard inquiry. Just got off phone with customer support and they said that they can’t tell you what amount or APR you’re being considered for and that you’ll find out once they do a hard inquiry and verify your documentation. Further, they said that they can’t say what factors contributed to a pre approval on a soft pull or what factors would result in a denial during the hard pull. Just that income and living expenses play a big role in approvals.

I am trying to consolidate all my debt and Oportun is one of the only companies that didn’t deny me during prequalification. I don’t want a hard inquiry on my report just to get a denial or to find out that my loan offer is $500. Wondering if anyone has gone through Oportun. FICO scores all in the 650s, income is $60k, rent is $825.

[FireMedic1]

Theres really no difference than applying for a credit card. They dont know what your starting credit line or APR will be until the computer or UW can see your reports. Nor can an approval or deinal be given before the HP. It can say 1 thing and end up with another set of terms.  Theres no solid answer to your question to what you'd get before the HP. Especially on loans. Good Luck!

[Anonymous]

Do you have a relationship with a credit union, especially a local smaller one? I’ve found that mine was very able and willing to give at least ballpark numbers with a phone call, given that I could tell them my EX8 score and they know my income.

[tparks5961]

Hey Ane,

I believe Oportun loans are considered a consumer finance accounts.. So you should really ask yourself if its something you need right now.

Consumer Finanace Accounts can be a negative factor in your fico score.. and that loan even when paid off will stay on your report for a very long time.

With a 650 FICO score, you're on the cusp of qualifying for a decent 0% APR offer on a credit card that can do the same thing. What's your current UTI? What state do you live in? How many new accounts have you opened in the past 6 months? How many credit card accounts do you have?

[wife2froggy]

I used them once, high interest but easy terms. They are consumer credit and credit beareaus hate them.

ALSO the jerks will tell you after you've paid off that you're prequalified for a new loan, they'll let you apply, they'll put a hard inquiry on your credit and THEN tell you they have a 90 day waiting period between loans...

So there's that.

And they take FOREVER to report to credit beareaus that you're PIF.

[joltdude]

its very likely there are better options elsewhere....and/or your close to opening up more options as well..

keep looking around... 

-J