Oportun and MetaBank announce partnership to make affordable and responsible personal loans available across the nation

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[{"type":"text","content":"SAN CARLOS, Calif., Nov. 10, 2020 (GLOBE NEWSWIRE) -- Oportun (Nasdaq: OPRT), a mission-driven financial institution, today announced a partnership with MetaBank®, N.A., a national bank, to make affordable and responsible personal loans capped at a 36% APR, available to consumers across the nation. Expected to launch in mid-2021, the partnership will offer affordable personal loans that are designed for low- and moderate-income (LMI) individuals with limited or no credit history. This program creates more opportunities for financial access to LMI individuals beyond Oportun’s current state-licensed footprint.\n Oportun’s customers earn $47,000 per year, on average, with many of them supporting a family on this modest income. When first applying for credit at Oportun, the majority of Oportun’s customers have either no credit score or a thin credit file, meaning they have a score based upon limited credit history. Using a proprietary scoring and risk model, backed by machine learning and almost 15 years of data, Oportun has been able to provide affordable loans to an LMI segment of the market that has previously been excluded from or not well served by mainstream financial institutions. By reporting to the major credit bureaus, Oportun helps its customers build a credit history, pursue their ambitions and move forward with their lives. Since inception, the company has helped more than 860,000 people establish a credit history. “Oportun believes that responsible financial services are essential to social and economic equity, and affordable credit is often the first step for LMI individuals who are working towards building a better future,” said Raul Vazquez, CEO of Oportun. “We chose to partner with MetaBank because they share our belief in the need for responsible financial services to be made more available in LMI communities.” Established in 2005, Oportun has extended more than $9 billion in affordable loans, primarily to people living in LMI communities. By originating more than 3.8 million loans, Oportun has saved its customers more than $1.7 billion in interest and fees when compared to the other options available to its LMI customers. About OportunOportun (Nasdaq: OPRT) is a mission-driven Community Development Financial Institution (CDFI). Oportun provides inclusive, affordable financial services powered by a deep, data-driv...

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