REDWOOD CITY, CA – April 17, 2017 – Oportun, a mission-driven financial services company that provides personal loans to people with little or no credit history, is opening its virtual doors to residents of Missouri, where Oportun’s affordable and responsible loans will be available via mobile. Missouri residents will be able to apply for Oportun loans via their mobile phone, complete the loan agreement via electronic signature, and receive their loan proceeds through a mailed check or an ACH transfer to their bank account.
Oportun currently operates more than 230 retail locations in six states — Arizona, California, Illinois, Nevada, Texas, and Utah — where customers have the choice of applying for loans either in-person or via mobile phone. Missouri, its seventh state, is the first one where Oportun loans will initially be available via mobile. “Our goal is to reach more of the 45 million people in the United States who have little or no credit history and who could benefit from our affordable and responsible loans,” said Oportun CEO Raul Vazquez. “Ultimately, we’d like to give all of our customers the flexibility to choose whether they prefer in-person service in one of our retail locations or through their mobile phone.”
For more information about Oportun, please visit Oportun.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. The company’s centralized data analytics 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 individual budgets. Customer account information is also reported to credit bureaus to help customers establish credit history.
Since its founding in 2005, Oportun has helped nearly a million customers by disbursing $3.5 billion through nearly two million small dollar loans. According to research commissioned by Oportun and conducted by the Center for Financial Services Innovation (CFSI), a leading authority in consumer financial health, Oportun customers have saved an estimated $920 million by choosing Oportun loans over the widely available options open to people with little or no credit history, including auto-title, payday, and pawn loans. Those alternatives are four times more expensive on average, but can be up to seven times more expensive. Oportun operates more than 230 retail locations and delivers bilingual (English/Spanish) customer service via retail locations, contact centers, and mobile to customers in Arizona, California, Illinois, Missouri, Nevada, Texas, and Utah.