When we were first founded in 2005, our name was Progreso Financiero, Spanish for Financial Progress. We hired bilingual staff and disbursed our very first loan from a folding card table in a Latino grocery store in the spring of 2006!
Over time, word spread beyond the Latino community about our affordable loans that help establish credit history. In 2015, we decided we needed a shorter, more memorable name. After months of market research, we changed our name to “Oportun” to reflect what our customers said we represented to them: Opportunity. They told us that our loans gave them the opportunity to repair the car that broke down, put a security deposit on a new rental apartment, the opportunity to establish credit history for the first time, and more. Three years later, our new name continues to encompass our dedication to helping people achieve progreso financiero, financial progress.
Our mission: To provide affordable loans that help people with little or no credit history establish credit and build a better future.
In 2015, when we changed our name to Oportun, our loans were only available in three states: California, Illinois, and Texas. Now they are available in nine, since we’ve added Arizona, Idaho, Florida, Missouri, Nevada, New Mexico, Utah and Wisconsin to the mix. In 2015, customers needed to visit one of our retail locations to complete an application. Today, customers can also apply for a loan online using their mobile device. There are an estimated 45 million people in the United States who have little or no credit history, and we are well on our way to help more of them.