We’re changing, how you borrow

We've Partnered with the Best in the Business

Access loan offers from well-established lenders regulated by the RBI to address your financial requirements

How it works

It Happens Effortlessly, This is How

01

Start Application, Lock Your Offers

02

Get Instant Approval, Through AI powered algorithm

03

Get money in your bank account

That sums it up!

Still curious? Check out some questions we've addressed previously

Our personal loan application process is quick and easy. The process usually only takes around 10 minutes to complete once you’ve gathered the required documents.

To apply for a personal loan, you’ll need to provide the following documents:

  • Government-issued ID (from most countries)
  • Proof of address, such as gas and electricity bills
  • Proof of income, such as paystubs or W-2s
  • Contact information for your employer
  • A list of your recurring monthly debt payments

After you submit your application and these documents, we’ll typically let you know if you’re approved for a personal loan in a matter of minutes.

You may be able apply for a personal loan through Oportun with a cosigner in certain situations. We’ll let you know when you apply if you’re eligible.

A cosigner is someone who adds their name to your personal loan application. This is typically a close friend or family member. You’ll want to choose a cosigner who has a high credit score. Your cosigner’s credit history can strengthen your personal loan application and increase your chances of getting approved.

It’s important to understand that your cosigner can be held responsible for your personal loan payments if you don’t make them on time. Their credit score will also be impacted by the credit activity on your personal loan account. For these reasons, it’s important to make your personal loan payments on time.

Getting prequalified won’t impact your credit score. A prequalification only requires a soft inquiry of your credit report. Soft inquiries allow lenders to see some information from your credit report without impacting your credit score.

If you choose to submit a formal application, a hard credit inquiry will be conducted. Hard inquiries can impact your credit score.

A personal loan is an unsecured installment loan given to the borrower as a lump-sum payment. Unsecured simply means the loan is not backed by collateral such as a home, boat or car. These loans are typically available from a traditional bank, credit union or online lender, and like other installment loans, are paid back in equal monthly payments with a fixed interest rate.

Personal loans can be used for all sorts of expenses, like debt consolidation, home improvement, auto expenses, medical expenses, credit card payoff, small businesses, or large purchases.

Since there’s no collateral, qualifying for a personal loan is ultimately determined by your credit history, income, other debt obligations and monthly cash flow.
While each lender varies, lenders typically look for a minimum acceptable credit score that falls within a range of 600 to 700+.

Business loan is a 1-3 year unsecured loan given by banks, NBFC’s (Non Banking Finance Companies) or P2P lending platforms without asking for any collateral, guarantor or hypothecation of any assets. Entities like proprietorship, partnership, private limited company or public limited company are eligible for this type of borrowing. The usage of a business loan is left to the discretion of the borrower and can be used for working capital purposes, meeting short term cash flow requirements, investments into plant and machinery etc.

Loan eligibility is dependent on primarily the following factors:

  • The credit score of the entity and/or the partner/director/proprietor of the borrowing entity as reflected in your CIBIL or Equifax report or any other credit bureau. Having a good credit score is a necessary but not a sufficient criteria. If the credit score is a border line case then the bank may take a subjective call to limit the loan amount.
  • The last 2 year financials of the borrowing entity. Factors like turnover, partner/director salary, depreciation, interest cost, net profit after tax are some of the key parameters that goes into deciding the loan amount.
  • Ability to service the EMI for the current loan be requested as depicted by the Debt service coverage ratio (DSCR). Banks generally ask for a DSCR of 1.0 to 1.5 depending on case to case basis.

Business Loan is a financial aid provided by banks and NBFCs to attain the funds for expansion or to meet the expenses of the business. What makes Business loan special is that you can use it for any purpose of your business either to use it as your working capital or just to possess a new asset.