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If you’re in need of a personal loan, Opportunity may seem like a great option. But is it really? Oportun is a company that offers personal loans to people with bad credit. They claim to be a safe and secure way to borrow money, but are they? In this Oportun review, we’ll take a closer look at the company and see if they are as reputable as they claim to be.
Oportun was founded in 2005 and is headquartered in San Carlos, California. The company offers personal loans to people with bad credit, and they claim to be a safe and secure way to borrow money. But are they? Oportun has an A + rating with the Better Business Bureau, but they have also been the subject of numerous complaints. Some of the most common complaints include hidden fees, high-interest rates, and poor customer service.
So, what’s the verdict? It may be a reputable company, but they are not without their flaws. If you’re considering taking out a loan with Oportun, make sure you read the fine print and understand all of the fees involved.
Opportunity Pros and Cons
It is a personal loan company that offers loans to people with bad credit. I have read many reviews of Oportun and most of them are negative. Here are some pros and cons of Oportun:
- The biggest pro is that they offer loans to people with bad credit. If you have bad credit, it can be difficult to get a loan from a traditional bank. Oportun is willing to give you a loan even if your credit score is low.
- A con of Oportun is that they are a bit more expensive than other personal loan companies. The interest rate on their loans is higher than average. This means that you will end up paying more in interest over the life of the loan.
- Another con of is that there have been some reports of scams. Some people have reported being charged hidden fees. Others have said that they were promised one interest rate but then were given a higher rate when they actually received their loan.
Overall, we think there are more cons than pros to using this company. we would not recommend them if you are looking for a personal loan. There are other companies out there that will give you a better deal.
How does Oportun work?
They send you direct mail with a “personalized invitation code” and a low-interest rate to lure people in. But when you try to apply, they tell you that the personal invitation is expired, or that the interest rate has gone up. They also require employment history and bank statements going back months, which can be difficult to obtain if you are self-employed or have an unstable income. And even if you do jump through all their hoops, they may still deny your loan for no reason given.
Oportun is just one of many personal loan scams out there that prey on people who are desperate for cash. Be very careful before taking out a personal loan, and make sure you do your research on the lender to make sure they’re legitimate.
How much does Oportun cost?
Opportunity for personal loans come with hidden fees and high-interest rates. For example, a $ 500 loan with an APR of 99% would cost you $ 995 in total after 12 months. That’s nearly double the amount you borrowed!
They charge an origination fee of up to 12%, a late payment fee of up to $ 25, and a returned payment fee of up to $ 15. In addition, their personal loan terms are much shorter than those of other lenders, which means you’ll likely pay more in interest over the life of the loan.
If you’re considering taking out a personal loan with them, be sure to compare the total cost of the loan with other lenders before making a decision. You can use our personal loan calculator to estimate your monthly payments and see how different loan terms would affect the total cost of your loan.
Who Is Oportun Affiliated With?
Unfortunately, Oportun has some negative affiliations that you should be aware of before taking out a loan with them.
One such affiliation is with the Consumer Financial Protection Bureau (CFPB). The CFPB is a government agency that was created in response to the 2008 financial crisis. Its mission is to protect consumers from unfair, deceptive, or abusive practices by companies in the financial industry.
However, the CFPB has taken action against Oportun for engaging in some of these practices itself. In 2016, the CFPB fined Oportun $ 184 million for illegally charging high-interest rates and fees to its customers.
It is also affiliated with a number of scam artist companies. In 2017, the Better Business Bureau (BBB) issued a warning against Oportun for being associated with a company that was accused of scamming people out of thousands of dollars. The BBB warned consumers to be wary of personal loan offers from Oportun because they could be “too good to be true.”
Given these affiliations, you might want to think twice before taking out a personal loan with Oportun.
Opportunity BBB Reviews
Are they reputable? Do they have any negative reviews?
Unfortunately, this company has quite a few complaints filed against them with the Better Business Bureau. Complaints range from difficulty getting approved for a loan, to high-interest rates and fees, to problems with customer service.
Here are some Opportunity BBB Reviews:
Yazeed S 03/16/2022
They said they pre-approved me for ***** but only gave me $ 400. They took $ 357 out of my account for no reason then canceled my card and told me I’ll receive a refund in 30 days. This company misled me to believe that I was going to get a $ *** credit limit. I called to see why they took $ 357 out of my bank account and they told me to just use it up on the card. The card did not work at all. I was misled because they gave me an inquiry when they said I was pre-approved.
Art E 02/24/2022
I have paid my **** on time every month they take the money out of my account then say it was returned. My bank says it was paid and not returned but they charge me a return fee every month, Today I paid my entire balance. If it is returned we will be going to court and I will file charges for theft by deception. I will contact the attorney general in both states. I will contact the *** and the ***** Make no mistake we will go to court. My advice is to run as fast as you can from this company. I have 4 other credit cards and have never had this problem. It also takes them 7 to 10 days to post anything. The other cards are very quick. Capital One is the fastest and easiest to pay. Stay away from this card. It is a nightmare and customer service is a joke.
Robert C 02/14/2022
I was a victim of identity theft and called Opportun to report it as someone tried / possibly opened up an account with my information. I was not able to speak with the **** as they said no one in that **** I can talk to, and I had to deal with customer service who just took my information down and said they would mail me a package to fill out. They did not seem very anxious to help and I have not received the package and am very alarmed that there might be a loan in my name I did not apply for. I already filed a police report and will be contacting the **** unless someone from the fraud **** as Oportun calls me back immediately.
Is Oportun Legit or a Scam?
Unfortunately, there are quite a few negative reviews and complaints out there about this company. Some people have called it a “scam” outright.
So what’s the truth? Is Oportun legit or a scam?
It is a legitimate company that offers personal loans. However, there are quite a few complaints out there about their customer service and high-interest rates. So while they may not be a scam, they’re definitely not perfect.
If you’re considering a loan from Oportun, we recommend doing your research and reading some reviews first. That way, you can make an informed decision about whether or not they’re the right lender for you.
Have you had any experience with Oportun? We’d love to hear about it in the comments! Thanks for reading.
Oportun is a legitimate company that offers personal loans. However, there are quite a few complaints out there about their customer service and high-interest rates. So while they may not be a scam, they’re definitely not perfect. If you’re considering a loan from Oportun, we recommend doing your research and reading some reviews first. That way, you can make an informed decision about whether or not they’re the right lender for you.