Oportun Expands Secured Personal Loans Product to Florida

Rhea-AI Summary

Oportun Financial Corporation has expanded its secured personal loan offerings to Florida, previously available only in California. This move aims to provide responsible and affordable credit options for underserved individuals, aligning with Oportun's mission of financial inclusion. The secured loans range from $2,525 to $20,000, offering lower interest rates and fixed payments without balloon payments. This initiative supports borrowers in building their credit history while offering an alternative to high-interest auto title loans.

Positive

• Expansion of secured personal loan product to Florida, increasing market reach.
• Lower interest rates and fixed payments compared to traditional auto title loans.
• Support for financial inclusion for underserved customers.

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• None.

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/
                
About Oportun
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.

Media Contact
George Gonzalez
650-769-0441
george.gonzalez@oportun.com

FAQ

What is the significance of Oportun expanding its secured personal loans to Florida?

The expansion allows Oportun to reach a wider audience, providing affordable credit alternatives to underserved communities.

What are the benefits of Oportun's secured personal loans?

They offer lower interest rates, fixed payments, and the opportunity for borrowers to build their credit history.

How much can customers borrow through Oportun's secured personal loans?

Customers can borrow between $2,525 and $20,000.

How does Oportun's secured personal loan differ from auto title loans?

Oportun's loans have lower interest rates and do not require balloon payments, unlike many auto title loans.