Personal loan applications are approved or denied based on a number of factors. All lenders have their own specific underwriting requirements, but these usually include information from an applicant’s credit profile and other factors demonstrating the ability to repay the loan, such as: B. Income. Meeting the following requirements doesn’t guarantee approval, but they can help you decide whether a personal loan is right for you.
Creditworthiness requirements
Oportun does not disclose the minimum creditworthiness you need to be approved for a loan. However, it is aimed at people with poor credit ratings. According to the company, you may still be able to get a loan even if you have filed for bankruptcy in the past.
Income requirements
When you apply for a loan, Oportun verifies your income by reviewing either past bank statements or current pay slips. You must be making at least $ 500 per month to be eligible for an oportun loan.
Co-signer and co-debtor
If you are struggling to get approved for a loan because of your loan, one option is to mortgage your car as collateral for the loan (i.e., get a secured loan). However, if this isn’t an option for you, you may be able to use a co-signer instead. Just remember that if you don’t, your co-signer is on the hook to repay the loan.
Oportun does not allow co-borrowers.
Related: Co-debtor vs. co-signer
Secured Loan Requirements
When you need a secured loan and want to increase your loan amount, Oportun can mortgage your car as collateral that can repossess it if you fail to repay your debt. Your car must meet its own criteria.
You must be the sole owner of the vehicle (with no one else, e.g. a spouse) and it must be paid off in full with no further loans or liens. In addition, your car must be at least 25 years old. Ineligible vehicle types include:
- Transporter
- Leasing vehicles
- Electric cars
- Cars registered in a state other than where you live
