Oportun Expands Secured Personal Loans 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, today announced that it is expanding 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 been traditionally left out of the financial mainstream.
“Just as our traditional personal loans have served as an alternative to payday loans for the borrowers we serve, this new product serves as an affordable, credit building alternative to auto title loans,” said Matt Jenkins, Chief Operations Officer at Oportun. “According to the FTC, auto title loans often carry triple digit interest rates and are due in full, via a single balloon payment, within two-to-four weeks.”
Through its secured personal loans, Oportun can serve customers who would otherwise be denied access to affordable credit. It allows customers to receive a higher loan amount with a reduced interest rate compared to an unsecured personal loan. Oportun secured personal loans offer customers fixed and affordable payments; no prepayment penalties or balloon payments; and the opportunity to build a credit score. Oportun secured personal loans range in size from $2,525 to $20,000.
For more information, please visit https://oportun.com/
Oportun (Nasdaq: OPRT) is a financial services company that leverages its digital platform to provide responsible consumer credit to hardworking people. Using A.I.-driven models that are 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, providing its customers with alternatives to payday and auto title loans. In recognition of its responsibly designed products which help consumers build their credit history, Oportun has been certified as a Community Development Financial Institution (CDFI) since 2009.
Released July 13, 2021