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.
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.
| 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 |
| Loan amount | $300 – $50,000 |
|---|---|
| APR | 9.9% – 46.96% |
| Term | 4 - 60 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 of Canada |
| 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 |
| Origination fee | $300 |
| Turnaround time | Receive funds in less than 24 hours |
| Serviced provinces | All of Canada (except Manitoba) |
| 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 |
| Serviced provinces | All provinces |
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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.
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.
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