Save for loan payments with Set & Save™

We base your goal amount and timing on your loan’s payment schedule and due date. To make your savings really smart, we automatically move money from your bank account into your Set & Save™ savings account when you can most afford it. Set & Save then sends what it has saved back to your bank account a day before your payment is due. You’ll always know how much we’ve saved, when it’s coming back, and how close you are to being ready.

We analyze the following to help you save:

• Linked bank account balance
• Your past income
• Recent spending such as bills
• Your goals and their targets
• Any savings goals controls that you set (safe saving level, max daily save, goal end dates).

You are responsible for making your loan payment and can choose to pay your bill via the app, our website, via phone or even in one of our retail locations.

V1 feature answer:

No, you make your loan payment yourself — in the app, online, by phone, or in one of our locations. Set & Save™ helps you prepare by saving for you, then moving your saved funds back into your bank account before your loan payment due date. We’ll notify you when your saved funds are ready so you can make your payment on time and stay on track. We’ll be working to provide automated payment options in the future as we keep improving this feature.

V2 feature (inclusive of Automatic payments mode) answer:

It’s your choice. If you select the “Automatic” payment mode on your loan goal, we’ll save toward your next due amount and submit the payment for you right on time. If you choose the “Manual” payment mode you will continue making payments yourself — in the app, online, by phone, or in-store. How you pay is entirely up to you. However you choose to pay, you’ll just want to make sure you have enough funds to cover your payment. If your saved goal amount is short, you can add more to your goal or pay the difference using your usual payment method.

Access Set & Save in the Oportun app.

All Oportun members can sign up for Set & Save but having an automated goal to help save for your loan is currently in early access for only select members. We’re starting with a small group of loan members to make sure everything works smoothly and will keep expanding access to more members.

If you’re participating in the pilot program to save for your loan Set & Save is free for four years as part of your Oportun membership. All other loan members with Oportun have free one-year access to Set & Save. After your loan period end Set & Save is $5 per month and you can cancel anytime.

Oportun holds members’ Set & Save™ funds with partner banks: Citibank, J.P. Morgan Chase, and Wells Fargo. Our banks are FDIC insured, so your saved funds are as well. Oportun is not a bank.

We’ll automatically transfer your saved funds back to your linked bank account one business day before your loan payment is due. If your due date is on a Monday, we’ll send you what we’ve saved on a Friday.

If we see you’re short of your target before the due date, we’ll try to let you know ahead of time. We’ll still send you whatever has been saved toward your loan goal. We’ll continue saving automatically for the next payment cycle. Keep in mind you are still responsible for making your full loan payment on time.

Yes. Your Set & Save funds are held in FDIC-insured accounts through partner banks like CitiBank, J.P. Morgan Chase, and Wells Fargo — insured up to $250,000 per depositor.

Absolutely. You can move your saved money back to your linked bank anytime. There are no fees or penalties for withdrawing from Set & Save from your loan goal. Please keep in mind you are responsible for making your loan payment.

Yes! Set & Save is a great way to effortlessly save for anything from phone bills, car payments, emergency funds, and more.

RTP stands for Real-Time Payments. It’s a fast, secure payment method that enables same-day transfers between banks that support the RTP network. If your bank supports RTP, when Oportun sends money back to your linked checking account the transfer is made instantly rather than taking 1–5 business days like traditional transfer methods.

Currently, more than 1,000 US financial institutions participate in the RTP payment system. The full list of RTP network banks can be found on The Clearing House website. Similar to FedNow, RTP coverage is constantly growing as new financial institutions agree to participate. Currently, around 70% of financial institutions are Real-Time Payment banks, including notable institutions such as:

• American National Bank
• JD Bank
• Bank of America
• Century Bank
• Navy Federal Credit Union
• CitiBank
• Citizens National Bank
• PNC Bank
• Signature Bank
• Fifth Third Bank

Many local credit unions and banks also participate in RTP bank transfers, including State Bank of NW Missouri, Jacksonville Fireman Credit Union, and Indiana University Credit Union.