u/Engels1922

My sister got an Oportun loan last year for $3500 to fix her teeth. She's been paying for 18 months and still owes $2800. The payment is $185 a month but barely any of it goes to principal.

She showed me her loan agreement and the interest rate is 35.93% APR. She thought it was supposed to be affordable because they market themselves as CDFI certified.

I looked up what CDFI means and apparently it just means they lend to underserved communities. It doesn't mean they're not predatory.

My sister says she can't refinance or pay it off early without penalties. She's stuck.

I have similar credit to her and I'm considering a loan for $2200 for a used laptop for a new job. But after seeing what happened to my sister I'm terrified.