Ready to build a better future? Apply now.Personal loans
New Study Demonstrates that Oportun Products are on Average Eight Times Less Expensive Than Other Alternatives
SAN CARLOS, California, April 3, 2023 – Oportun (Nasdaq: OPRT), a mission-driven fintech and digital banking platform, today released findings from the latest True Cost of a Loan Study conducted by the Financial Health Network (FHN). The new study found that Oportun’s loan products on average are eight times less expensive than other alternatives for a typical borrower.
The 2022 analysis compares Oportun unsecured installment loans of $500, $1,500, and $3,000 to alternative products for Oportun borrowers based on the most likely options that a hypothetical subprime borrower might access.
FHN’s analysis found that across the three loan amounts, alternative products could cost eight times more on average than an Oportun loan of equal amount.
- For a $500 loan, alternative products could cost ten times more on average than an Oportun loan.
- For a $1,500 loan, alternative products could cost six times more on average than an Oportun loan.
- For a $3,000 loan, alternative products could cost four times more on average than an Oportun loan.
“Providing affordable and inclusive loan products that help our members integrate into the financial mainstream by establishing a FICO® score is an important part of our mission to put their financial goals within reach and help them build a better financial future,” said Matt Jenkins, Chief Operations Officer for Oportun. “The True Cost of a Loan study clearly demonstrates that Oportun is an affordable alternative for hardworking people who would otherwise be denied by other lenders or would have to pay a much higher cost for a similar loan product.”
Since inception, Oportun has extended more than $15.5 billion in responsible and affordable loans, primarily in low- and moderate-income communities, saved its members more than $2.3 billion in interest and fees, and helped its neobanking members save an average of more than $1,800 annually. In addition, Oportun’s credit-building lending products have helped more than 1 million people to begin establishing a credit history.
Oportun (Nasdaq: OPRT) is a digital banking platform that puts its 1.9 million members’ financial goals within reach. With intelligent borrowing, savings, budgeting, and spending capabilities, Oportun empowers members with the confidence to build a better financial future. Since inception, Oportun has provided more than $15.5 billion in responsible and affordable credit, saved its members more than $2.3 billion in interest and fees, and helped our members save an average of more than $1,800 annually. For more information, visit Oportun.com.