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-generating alternatives to payday and auto title deeds, today announced it is expanding its secured personal loan product to the state of Florida.
Oportun secured personal loans were previously only available in the state of California. The expansion of the secured personal loan product in Florida is part of the company’s commitment to develop new financial products and services that reinforce its mission of financial inclusion for people who have traditionally been excluded from 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 provides an affordable, credit-building alternative to auto title loans,” said Matt Jenkins, COO. at Oportun. “According to the FTC, auto title loans often carry triple-digit interest rates and are due in full, via a single lump sum payment, within two to four weeks.”
With its secured personal loans, Oportun can serve clients who would otherwise be denied access to affordable credit. It allows the clients to receive a higher loan amount with a reduced interest rate as compared to an unsecured personal loan. Opportunity secured personal loans offer customers fixed and affordable payments; no prepayment penalties or lump sum payments; and the ability to build a credit score. Opportunity secured personal loans range 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 deliver responsible consumer credit to hardworking people. Using AI-powered models that are built on 15 years of proprietary customer information and billions of unique data points, Oportun has granted over 4 million loans and over $ 10 billion in affordable credit, providing its customers alternatives to payday loans and auto titles. In recognition of its responsibly designed products that help consumers build their credit history, Oportun has been certified as a Community Development Financial Institution (CDFI) since 2009.