SAN CARLOS, Calif., March 07, 2018 (GLOBE NEWSWIRE) -- Oportun, a certified Community Development Financial Institution (CDFI) with a mission of providing personal loans that help people with little or no credit history establish credit and build a better future, today announced that it was named one of the 2018 American Banker’s Best Places to Work in Financial Technology. The awards program was created in 2017 and is a project of American Banker and Best Companies Group.
Oportun uses advanced data analytics and technology to lend money to individuals who other lenders consider “unscoreable,” and has already helped nearly half a million people establish a credit score for the first time. Since its founding in 2005, Oportun has disbursed nearly $5 billion in affordable, small dollar loans to more than 1.1 million customers, nearly 90 percent of whom live in low-to-moderate income communities.
“This recognition reflects the shared sense of mission, purpose, and community that inspires our entire team,” said Oportun CEO Raul Vazquez. “We are committed to the professional growth of our teammates, while also providing a path for them to use their talents and skills to make a positive difference in the lives of others.”
American Banker highlighted several aspects of the company, including the Oportun Employee Assistance Fund, which helps employees facing hardship due to challenges such as natural disasters.
For more information on American Banker’s Best Places to Work in Financial Technology program, visit www.BestPlacestoWorkFinTech.com.
Oportun is a mission-driven financial services company that uses advanced data analytics and technology to provide responsible, affordable personal loans to people with little or no credit history so they can establish credit. The company’s centralized system calculates each loan applicant’s ability to repay, approves those loans the company believes can be paid back, and sets loan amounts and terms to fit customer budgets. Customer account information is reported to two nationwide credit bureaus to help customers establish credit history.
Oportun customers have saved more than $1 billion dollars in interest and fees by choosing Oportun loans instead of one of the other alternatives widely available to individuals with limited credit history, according to research commissioned by Oportun and conducted by the Center for Financial Services Innovation (CFSI), a leading authority on consumer financial health. Those alternatives -- which include payday, pawn loans and others -- are four times more expensive on average but can be up to seven times more expensive.
Oportun operates 267 retail locations and delivers bilingual (English/Spanish) customer service via retail locations, contact centers, and mobile to customers in Arizona, California, Florida, Illinois, Missouri, Nevada, New Mexico, Texas, and Utah.
The Consumer Financial Protection Bureau (CFPB) estimates that there are 45 million people in the United States whose lack of a credit score translates into limited options if they need money for an emergency or larger expense.
In recognition of Oportun’s goals of increasing economic opportunity for its clients, promoting community development, and serving low-income or underserved communities, Oportun is certified by the United States Department of Treasury as a Community Development Financial Institution or CDFI.
Cosmo PR for Oportun
Marivi Lerdo de Tejada
Sr. Director of Corporate Communications