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If you are in search of a loan with a low interest rate, the Prosper Personal Loan emerges as an excellent choice to consider.
Advantages and Features
Regrettably, Oportun lacks several advantages and features commonly found in other lending companies. For instance, they do not offer hardship programs, FICO credit score updates, or rate discounts for borrowers who enroll in auto payment.
However, one advantage that Oportun does provide is the option to have a co-signer or co-applicant. This allows borrowers to increase their chances of approval by leveraging the credit histories and scores of their co-signer or co-applicant.
Oportun does not explicitly disclose the specific credit score requirements for their personal loans. However, it is known that Oportun primarily caters to individuals with lower credit scores, indicating that their credit score requirements are typically more lenient than those of other lenders.
To be eligible for an Oportun personal loan, borrowers are required to have a minimum monthly income of $500. Income verification is typically done by submitting bank statements or current pay stubs.
In the case of securing a loan from Oportun, collateral is required, specifically in the form of a car. The collateral vehicle must be owned by the borrower or their spouse and should not be more than 25 years old. In the event of default on the loan, Oportun has the right to repossess the collateral as per the terms of the contract.
