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If you need a personal loan, Timely 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 will take a closer look at the company and see if it is as reputable as it claims.
Oportun was founded in 2005 and is based in San Carlos, California. The company offers personal loans for people with bad credit and claims 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’ve also had a lot of 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 it’s not without its flaws. If you are considering taking out a loan with Oportun, be sure to read the fine print and understand all the fees involved.
Advantages and disadvantages of Oportun
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 advantage 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 ready to grant you a loan even if your credit rating is low.
- A disadvantage of Oportun is that they are a bit more expensive than other personal loan companies. The interest rate on their loans is above average. This means that you will end up paying more interest over the life of the loan.
- Another downside is that there have been reports of scams. Some people have reported being charged hidden fees. Others said they were promised an interest rate, but were then 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 that will give you a better deal.
How does Opportun work?
They send you a direct mail with a “custom invite code” and a low interest rate to attract people. But when you try to apply they tell you the personal invitation has expired or the interest rate has gone up. They also require a work history and bank statements dating back several months, which can be difficult to obtain if you are self-employed or have an unstable income. And even if you jump through all their hoops, they can still deny your loan for no given reason.
Oportun is just one of many personal loan scams that prey on people who are in desperate need of money. Be very careful before taking out a personal loan and be sure to do your research on the lender to make sure they are legitimate.
How much does Opportun cost?
Timely 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 almost double the amount you borrowed!
They charge setup fees of up to 12%, late payment fees of up to $25, and returned payment fees of up to $15. Plus, their personal loan terms are much shorter than other lenders, which means you’ll likely pay more interest over the life of the loan.
If you are 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 of those affiliations is with the Consumer Financial Protection Bureau (CFPB). The CFPB is a government agency created in response to the 2008 financial crisis. Its mission is to protect consumers against unfair, misleading or abusive practices by companies in the financial sector.
However, the CFPB took action against Oportun for engaging in some of these practices himself. 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 companies. In 2017, the Better Business Bureau (BBB) issued a warning against Oportun for being associated with a company accused of defrauding thousands of dollars. The BBB has warned consumers to beware of Oportun’s personal loan offers as they may be “too good to be true”.
Given these affiliations, you might want to think twice before taking out a personal loan with Oportun.
Reviews about Oportun BBB
Are they famous? Do they have negative reviews?
Unfortunately, this company has filed several complaints against it with the Better Business Bureau. Complaints range from difficulty getting loan approval, to high interest rates and fees, to customer service issues.
Here is some Reviews about Oportun BBB:
Yazid S 03/16/2022
They said they pre-approved me for ***** but only gave me $400. They withdrew $357 from my account for no reason, then canceled my card and told me I would receive a refund in 30 days. This company misled me into thinking I was going to get a credit limit of $***. I called to find out why they withdrew $357 from my bank account and they told me to just use it on the card. The card did not work at all. I was misled because they gave me a survey when they said I was pre-approved.
Art F 02/24/2022
I 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 full balance. If it’s returned, we’ll go to court and I’ll file a complaint for theft by deception. I will contact the attorney general of both states. I will contact the *** and the *****. Don’t get me wrong, we’re going to court. My advice is to run as fast as you can from this company. I have 4 other credit cards and never had this problem. It also takes them 7-10 days to post anything. The other cards are very fast. Capital One is the fastest and easiest to pay. Step away from this card. It’s a nightmare and the customer service is a joke.
Robert C 02/14/2022
I was a victim of identity theft and called Opportun to report it because someone tried/maybe opened an account with my information. I couldn’t speak with the **** because they said there was no one at that **** I could talk to, and I had to deal with customer service who just took my information and said they would send me a package to fill out. They didn’t seem very eager to help and I didn’t receive the package and I’m very worried there might be a loan in my name that I didn’t request. I have already filed a police report and will contact 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 about this company. Some people called it a “scam”.
So what is the truth? Is Oportun legit or a scam?
It is a legit company that offers personal loans. However, there are quite a few complaints about their customer service and high interest rates. So, while they’re not a scam, they’re certainly not perfect.
If you are considering a loan from Oportun, we recommend that you do your research and read some reviews first. This way you can make an informed decision as to whether or not they are the right lender for you.
Have you had 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 about their customer service and high interest rates. So, while they’re not a scam, they’re certainly not perfect. If you are considering a loan from Oportun, we recommend that you do your research and read some reviews first. This way you can make an informed decision as to whether or not they are the right lender for you.