Since 2006, Oportun has helped lower income borrowers in the US establish credit through its personal and secured loans. Unlike payday lenders which can charge APRs in excess of 300%, Oportun’s APRs are capped at 35.99%, which makes its loans more affordable for people with bad credit.
Since Oportun is not available in Canada, these alternatives offer equally competitive rates and in some cases, no finance fees or interest. Like Oportun, many have no minimum credit score requirements and offer fast turnaround on loans – sometimes as soon as the same day.
Is Oportun in Canada?
No, Oportun is not available in Canada, but is only offered to US residents. The company is based San Carlos, California and has offices in every state across the US. Oportun hasn’t given any indication that it plans to expand into Canada.
Personal loans like Oportun
Alternative loan broker for fast pre-approval: LoanConnect
Alternative loan broker for debt consolidation: Loans Canada
Unlike Oportun, LoanConnect is a loan search platform that maintains a large database of lenders and matches you with several offers based on your unique profile. Get your loan as soon as the same day.
Easy online application
Quick deposits
High loan amounts of up to $60,000
No collateral required to secure your loan
Interest rates can reach as high as 46.96%
No online quotes provided
Loan amount
$500 – $60,000
APR
8.99% – 46.96%
Term
3 - 120 months
Min. credit score
300
Fees
No application, origination or brokerage fees
Origination fee
0
Turnaround time
Receive funds in as little as 24 hours.
Serviced provinces
All provinces
Alternative loan broker for debt consolidation: Loans Canada
Loans Canada is another broker option that offers loans for all types of borrowers, including people with fair or bad credit. Fill out an application to get matched with lenders that are open to financing you.
LoansLoans.ca offers fast short-term installment loans with no credit check. NCR Financial, the company that operates LoansLoans.ca, has been in business for over 15 years and is registered in Quebec.
Apply online and get approval within one hour
Interest rates can reach as high as 32%, which may be lower than Oportun
Services: All of Canada (except Manitoba)
Small loan amounts between $500 and $1,000
The broker fee can be as high as $300
Loan amount
$500 – $1,000
APR
28% – 32%
Term
3 - 12 months
Min. credit score
300
Fees
Late payment fee (2.66% per month), $45 NSF fee, broker fee
goPeer is a peer-to-peer network that lets Canadians borrow from other Canadians instead of big lenders. Keep looking if you have bad credit because, unlike Oportun, goPeer only offers loans to borrowers with good to excellent credit.
Anonymous application
15-day grace period for unexpected events
No prepayment penalties
High credit score required
Rates as high as 34.99%
Origination fee baked into APR
Loan amount
$1,000 – $35,000
APR
8.99% – 34.99%
Term
36 or 60 months
Min. credit score
600
Fees
Origination fee varies No application or prepayment fees
Turnaround time
Receive a response within 24 hours of your loan application
Oportun may be a good option for US residents that don’t have a credit score or a bank account. It disperses loan funds between $300 and $10,000 via a cheque or prepaid debit card at any physical Oportun location. Oportun offers bilingual support in English and Spanish.
But unlike other lenders, frequent repayments are required. For example, borrowers may be required to make loan repayments every two weeks instead of once a month. Oportun also charges a loan origination fee.
If you’re looking for a Canadian alternative that offers a similar loan product, you may want to consider another personal loan or payday loan lender or use a cash advance app for interest-fee and finance-fee-free payday advances.
Pros of Oportun
Bilingual support. Oportun’s customer support team has bilingual members that speak English and Spanish and its website offers text in English and Spanish.
Bank account not required. If borrowers don’t have a bank account, Oportun can deliver loan funds through a cheque in the mail or at a local branch via a prepaid debit card.
No collateral required. Oportun offers both secured and unsecured loans, so collateral is optional.
All credit welcome. Oportun offers loans to people with bad credit and to those without a credit score.
Cons of Oportun
Origination fees. Borrowers have to pay an origination fee with an Oportun loan.
Repeat borrowing encouraged. Longer terms and higher loan amounts are available to repeat customers, but that can create a cycle of debt.
Frequent repayments required. Borrowers may be required to make bi-monthly payments on an Oportun loan.
How to decide on an Oportun alternative that’s right for you
Since Oportun isn’t an option for us Canadians, it’s important to decide on the right alternative for your needs.
You’ll first need to decide what type of loan to apply for given how much you need. If you need just a small amount to get you through to the next payday, consider a pay advance loan from Nyble or Bree.
If you need to borrow a larger amount and your credit score isn’t in great shape, consider bad credit personal loans from brokers like LoanConnect and Loans Canada or installment loans from lenders like LoansLoans.ca.
It’s usually best to avoid payday loans when possible because they’re one of the most expensive borrowing options on the market and can easily trap borrowers in a cycle of debt.
Chelsey Hurst is a publisher at Finder, specializing in banking and investments. She loves empowering people to avoid financial pitfalls and make better decisions with their money. Chelsey has a Bachelor of Science from Redeemer University, a Master of Science from McMaster University, and has won multiple awards for research communication. In her spare time, Chelsey enjoys cooking and taking long walks in nature. See full bio
Kat Aoki was a personal finance writer at Finder, specializing in consumer and business lending. She’s written thousands of articles to help consumers make better decisions on their home loans, bank accounts, credit cards, cryptocurrency and more. Kat is well versed in working with leading brands in the real estate, mortgage and personal finance industries, and her expertise has been featured on Forbes Advisor, Lifewire and financial comparison sites like iSelect and realestate.com.au. She holds a BS in business administration from California State University, Sacramento and enjoys hiking and yoga in her spare time. See full bio
Kat's expertise
Kat has written 8 Finder guides across topics including:
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