Oportun is making a $ 2 million soft loan to help other community development financial institutions drive financial inclusion

0


SAN CARLOS, Calif., Sept. 23, 2021 (GLOBE NEWSWIRE) – Oportun Financial Corporation (NASDAQ: OPRT), an AI-powered financial services and technology company that provides hardworking people with access to responsible and affordable credit, today announced it has granted a $ 2 million soft loan to the Opportunity Finance Network (OFN). This loan replaces the $ 1 million soft loan that Oportun previously made to OFN.

“The historic lack of responsible lending to low- and middle-income communities has challenged the hard-working people Oportun seeks to help,” said Raul Vazquez, CEO of Oportun. “As a successful public company and CDFI, we are able to multiply our impact by not making more low-interest loans available through OFN to other CDFIs who share our mission of financial inclusion and are able to help consumers to serve.”

“OFN proudly helps bring money to people and places where traditional finance cannot,” said Lisa Mensah, OFN President and CEO. “We will pass these resources on to other CDFIs so that they can provide affordable financial services to low- and middle-income communities and help them thrive.”

According to a study commissioned by Oportun and conducted by the Financial Health Network, a leading consumer finance not-for-profit agency, Oportun has lent over $ 10.5 billion through over 4.3 million affordable loans since 2006, valued by customers 1, Saved $ 9 billion in interest and fees to Health. Oportun has also helped more than 925,000 people who joined the company without a FICO® Score track their credit history.

About Oportun
Oportun (Nasdaq: OPRT) is a financial services company using its digital platform to provide responsible consumer credit to hardworking people. Using AI-powered models based on 15 years of proprietary customer insights and billions of unique data points, Oportun has extended more than 4.3 million loans and over $ 10.5 billion in affordable credit, offering its customers alternatives to payday and auto title loans . Recognizing its responsibly designed products that help consumers build their creditworthiness, Oportun has been certified as a Community Development Financial Institution (CDFI) since 2009.

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



Source link

Share.

Leave A Reply