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National Financial Awareness Day: Everyone deserves access to affordable credit


Illustration of a credit score gauge

It’s National Financial Awareness Day, and we’re celebrating with a big announcement: We’ve lowered the caps on our APRs to make borrowing more affordable.

The APR, or annual percentage rate, is the standard way to compare how much loans cost. It lets you compare the cost of loan products (loans and credit cards) on an apples-to-apples basis.

At Oportun, we believe everyone deserves access to affordable credit. And we know that the pandemic has impacted the communities we serve more than most. So we asked ourselves what we could do to better serve you.

Our answer? Make borrowing money more affordable.

That’s why we’ve lowered our APR caps to 36%, which helps reduce the overall cost of borrowing. Why 36%? Many people, including consumer advocates, think this should be the standard to make small-dollar lending affordable. We agree.

Why does this matter?

The path to a better future starts with credit. But many people are often denied the opportunity to build that credit. And when they are offered credit, it’s frequently at an extremely high cost.

Most traditional lenders rely heavily on credit scores when looking at loan applications. People with little to no credit history often have a hard time getting approved by traditional lenders. So they turn to alternatives like payday and auto title loans, which often carry triple digit APRs and impossibly short loan terms. Most of those borrowers have to take out multiple loans just to keep up with their payments.

We believe you deserve better

At Oportun, we already look at more than your credit history. We also give you months instead of weeks to repay your loan, which makes your payments lower and more manageable. And now that we’ve capped our APRs, our loans are an even more affordable alternative to payday and title loans. Plus, we report to national credit bureaus so a loan with us can help you establish the credit history you need to open more doors in the future.

We’re here for you

We’ve been around since 2005 and have served more than 1.7 million people. While the world changes every day, we’re committed to continuing to listen to you, improve our products, and make credit affordable for everyone. We’re all in this together. And together, we can build a better future.


The information in this site, including any third-party content and opinions, is for educational purposes only and should not be relied upon as legal, tax, or financial advice or to indicate the availability or suitability of any Oportun product or service to your unique circumstances. Contact your independent financial advisor for advice on your personal situation.

Personal loans through Oportun subject to credit approval. Terms may vary by applicant and state and are subject to change. If you refinance, you may pay interest over a longer period of time or at a higher rate and the overall cost of your loan may be higher. Loans in CA, ID, MO, NM and WI are originated by Oportun, Inc. California loans made pursuant to a California Financing Law license. NV loans originated by Oportun, LLC. In AL, AK, AR, AZ, DE, FL, GA, HI, IL, IN, KS, KY, LA, MI, MN, MS, MT, NC, ND, NE, NH, NJ, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA and WY loans are originated by Pathward®, N.A.. Terms, conditions, and state restrictions apply.

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