Oportun and MetaBank announce partnership to make affordable and responsible personal loans available across the nation
November 10 2020 - 4:08PM
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.
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-driven understanding of its customers and advanced
proprietary technology. By lending money to hardworking, low- and
moderate-income individuals, Oportun helps them move forward in
their lives, demonstrate their creditworthiness, and establish the
credit history they need to access new opportunities. Oportun
serves customers in English and Spanish; online and over the phone
in 33 states, and in person at over 340 retail locations across 9
of those states. For more information, please
visit http://www.oportun.com.
About MetaBank, N.A.MetaBank®, N.A., a
national bank (“Meta”), is a subsidiary of Meta Financial Group,
Inc.® (Nasdaq: CASH), a South Dakota-based financial
holding company. Meta is a leader in providing innovative financial
solutions to consumers and businesses in under-served niche markets
and believes in financial inclusion for all. Meta’s commercial
lending division works with high-value niche industries,
rapid-growth companies and technology adopters to grow their
businesses and build more profitable customer relationships
nationwide. Meta is one of the largest issuers of prepaid cards in
the U.S., having issued more than a billion cards in partnership
with banks, program managers, payments providers and other
businesses, and offers a total payments services solution that
includes ACH origination, wire transfers, and more. For more
information, visit the MetaBank website.
Investor ContactNils
Erdmann650-810-9074ir@oportun.com
Media ContactUsher
Lieberman650-769-9414usher.lieberman@oportun.com
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