Oportun expands secured personal loan product to Florida
SAN CARLOS, Calif., July 13, 2021 (GLOBE NEWSWIRE) – Oportun Financial Corporation (“Oportun”), a financial services company and digital platform that provides hardworking people with responsible, affordable, and credit-building alternatives to payday and auto title loans, announced today to expand its secured personal loan product to the state of Florida.
Oportun’s secured personal loans were previously only available in the state of California. The expansion of the secured personal loan product to Florida is part of the company’s commitment to developing new financial products and services that further its mission of financial inclusion for people who have traditionally been excluded from the financial mainstream.
“Just as our traditional personal loans have served the borrowers we serve as an alternative to payday loans, this new product serves as an affordable, credit-building alternative to auto-loan,” said Matt Jenkins, chief operations officer at Oportun. “According to the FTC, auto title loans often have three-digit interest rates and are due in full within two to four weeks via a single balloon payment.”
With its secured personal loans, Oportun can serve customers who would otherwise be denied access to affordable credit. It enables customers to get a higher loan amount at a reduced interest rate compared to an unsecured personal loan. Oportun secured personal loans offer clients fixed and affordable payments; no prepayment penalties or balloon payments; and the ability to build a credit score. Oportun-backed personal loans range from $ 2,525 to $ 20,000.
Further information can be found at https://oportun.com/
Oportun (Nasdaq: OPRT) is a financial services company using its digital platform to provide responsible consumer credit to hardworking people. Using AI-powered models built on 15 years of proprietary customer insights and billions of unique data points, Oportun has extended more than 4 million loans and over $ 10 billion in affordable credit, offering its customers alternatives to payday and auto title loans. Recognizing its responsibly designed products that help consumers build their creditworthiness, Oportun has been certified as a Community Development Financial Institution (CDFI) since 2009.