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Oportun Surpasses 4 Million Loans and $10 Billion in Originations
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Oportun continues to advance economic equity with its A.I.-driven credit underwriting, providing hardworking people with affordable credit and a path to the financial mainstream
SAN CARLOS, Calif., March 30, 2021 (GLOBE NEWSWIRE) -- Oportun Financial Corporation (Nasdaq: OPRT), a financial services company that leverages its digital platform to provide hardworking people with responsible, affordable, and credit-building alternatives to payday and auto title loans, today announced that it has originated more than 4 million loans and $10 billion to customers who have largely been underserved by the financial mainstream.
“More than 100 million hardworking people in the U.S. live outside the financial mainstream because traditional providers are unable to accurately assess their creditworthiness,” said Raul Vazquez, CEO of Oportun. “Reaching this milestone with responsible credit products proves that the hardworking people we serve are creditworthy. While incumbent banks and other lenders remain unable to successfully score our customers, we are leveraging advanced technology for the purpose of uplifting underserved communities.”
Using a proprietary scoring and risk model, backed by artificial intelligence, machine learning, and 15 years of data, Oportun is able to provide affordable and responsible loans to traditionally unserved consumers. Since its first loan in 2006, Oportun has now extended more than 4 million loans and $10 billion in credit, primarily in small dollar loans, and saved its customers more than $1.8 billion in interest and fees when compared to other options typically available to people with little or no credit history. By reporting repayment performance to the major credit bureaus, the company has also helped more than 890,000 people begin to establish a credit history.
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 $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.
oportun was formerly known as progreso financiero. only the name has changed. we continue our commitment to our mission: to provide responsible, affordable loans that help the underserved hispanic community establish credit and build a better future. oportun’s advanced data analytics and technology determines every applicant’s ability to repay, including those who do not have credit, and enables back-office efficiency. the company delivers a very supportive and welcoming service experience with bilingual staff across channels and operates over 170 locations in ca, il, tx, ut and nv. why we do it: we are committed to providing affordable and responsible credit services to the hispanic community. it is estimated that 23 million hispanics in the united states have limited or no credit history. in fact, approximately half of the company’s first-time customers do not have a credit score at all. oportun reports performance of all loans to two of the credit bureaus and enables customers
