SAN CARLOS, Calif., July 13. Oct. 2, 2021 (GLOBE NEWSWIRE) — Oportun Financial Corporation (“Oportun”), a financial services company and digital platform that provides hard workers with responsible, affordable and credit-generating 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 Florida secured personal loan product is part of the company’s commitment to developing new financial products and services that further its mission of financial inclusion for those traditionally excluded from the financial mainstream.
“Just as our traditional personal loans served as an alternative to payday loans for the borrowers we serve, this new product provides an affordable, credit-creating alternative to auto title loans,” said Matt Jenkins, Chief Operating Officer. at Opportun. “According to the FTC, auto title loans often carry triple-digit interest rates and are due in full, via a one-time lump sum payment, within two to four weeks.”
Through its secured personal loans, Oportun can serve clients 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 clients fixed and affordable payments; no prepayment penalties or lump sum payments; and the ability to establish a credit score. Oportun 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 provide responsible consumer credit to hard-working people. Using AI-powered models that draw on 15 years of proprietary customer insights and billions of unique data points, Oportun has granted over 4 million loans and over $10 billion in credit affordable, offering 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.