Oportun 2022 personal loan review – Forbes Advisor


Personal loan applications are approved or denied based on a number of factors. All lenders have their own underwriting requirements, but these usually include information from the applicant’s credit profile and other factors demonstrating the 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

Timely does not disclose the minimum credit score you need to be approved for a loan. However, it is aimed at people with bad credit. Depending on the company, you may be able to get a loan even if you have already filed for bankruptcy.

Income requirements

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

Co-signatories and co-borrowers

If you are having difficulty getting approved for a loan 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 might be able to use a co-signer instead. Keep in mind that your co-signer will be required 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 allows you to pledge your car as collateral, which it can take back if you don’t pay off your debt. Your car will need to meet its own set of criteria.

You will need to be the sole owner of the vehicle (with no one else, such as a spouse), and it will need to be repaid in full without any other loans or liens. Your car will also need to be 25 years or older. Types of cars not eligible include:

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