{"id":11783,"date":"2018-01-01T00:00:00","date_gmt":"2018-01-01T00:00:00","guid":{"rendered":"https:\/\/oportundev3.wpengine.com\/news\/loan-company-to-open-in-abq-rio-rancho\/"},"modified":"2018-01-01T00:00:00","modified_gmt":"2018-01-01T00:00:00","slug":"loan-company-to-open-in-abq-rio-rancho","status":"publish","type":"news","link":"https:\/\/oportun.com\/es\/news\/loan-company-to-open-in-abq-rio-rancho\/","title":{"rendered":"Loan company to open in ABQ, Rio Rancho"},"content":{"rendered":"
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(Repost from Albuquerque Business First.)<\/a><\/div>\n<\/div>\n
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By May Ortega\u00a0\u00a0\u2013\u00a0<\/span>\u00a0Reporter, Albuquerque Business First<\/div>\n
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Albuquerque-based nonprofit Prosperity Works announced Tuesday that a California-based loan company helping people with few financial options will open in New Mexico.<\/p>\n

Oportun, headquartered in Redwood City, California, will open two locations in the state Jan. 11. One will be in the Duke City\u2019s South Valley at 1625 Rio Bravo Blvd. SW, with a grand opening planned for Thursday. The other will be in Rio Rancho; that address wasn\u2019t immediately available Tuesday.<\/p>\n

Oportun says it grants personal loans to people with little or no credit history to help them build a healthy credit score. This news follows the April passing of\u00a0House Bill 347<\/a>, which caps interest rate fees and charges for nonbank loans. Prosperity Works pushed to get the bill signed into law.<\/p>\n

Oportun says it uses alternative data, advanced analytics and customer insights to determine each applicant\u2019s ability to repay their loan, then sets amounts and terms that fit that person\u2019s budget. The company also reports its customers\u2019 accounts to two of the national credit bureaus to help them build their credit, according to its website.<\/p>\n

The company\u2019s loans range from $300 to $8,000. It has so far loaned $4 billion to 1 million people since its founding in 2005.<\/p>\n

Ona Porter<\/a>, president and CEO of Prosperity Works and\u00a0co-chair of New Mexico\u2019s Fair Lending Coalition, said in a statement that Oportun is a good option for locals.<\/p>\n

\u201cNew Mexico needs a new breed of personal-loan provider who will treat all customers fairly and with dignity,\u201d Porter said. \u201cWe are delighted to welcome Oportun to New Mexico.\u201d<\/p>\n

Oportun\u00a0began allowing New Mexico residents<\/a>\u00a0to apply for loans in April.<\/p>\n

Last month the Federal Reserve decided to raise its benchmark interest rate by a quarter point, between 1.25 and 1.5 percent,\u00a0according to the New York Times<\/a>. The Times also reported that private lenders could raise variable rates on personal loans, but the shift for most existing borrowers will not happen until the date specified in their master promissory note.<\/p>\n<\/div>\n<\/article>\n