REDWOOD CITY, CA – April 27, 2017 – Residents of New Mexico can now apply for responsible and affordable loans from Oportun, a mission-driven financial services company that provides personal loans to people with little or no credit history. They will be able to apply for Oportun loans via their mobile phone, complete the loan agreement via electronic signature, and receive their loan proceeds through a mailed check or an ACH transfer to their bank account.
“There are an estimated 45 million people in the United States who have little or no credit history and whose options are limited if they need money to get through an emergency or take advantage of an opportunity,” said Oportun CEO Raul Vazquez. “We are pleased to be able to leverage mobile to offer our loans to residents of New Mexico, a state where we don’t yet have a retail presence.” According to Vazquez, the company’s goal is to eventually offer all of its customers the flexibility to choose whether they prefer in-person service in a retail location or service through their mobile phone.
Oportun currently serves customers in eight states. The company operates more than 230 retail locations in six of those states — Arizona, California, Illinois, Nevada, Texas, and Utah — where most customers have the choice of applying for loans either in-person, online or with their mobile phone. New Mexico and Missouri are the first states where Oportun loans will initially be available online and via mobile.
Oportun is a mission-driven financial services company that uses advanced data analytics and technology to provide responsible, affordable personal loans to people with little or no credit history. The company’s centralized data analytics system calculates each loan applicant’s ability to repay, approves those loans the company believes can be paid back, and sets loan amounts and terms to fit individual budgets. Customer account information is also reported to credit bureaus to help customers establish credit history.
Since its founding in 2005, Oportun has helped nearly a million customers by disbursing $3.5 billion through nearly two million small dollar loans. According to research commissioned by Oportun and conducted by the Center for Financial Services Innovation (CFSI), a leading authority in consumer financial health, Oportun customers have saved an estimated $920 million by choosing Oportun loans over the widely available options open to people with little or no credit history, including auto-title, payday, and pawn loans. Those alternatives are four times more expensive on average, but can be up to seven times more expensive. Oportun operates more than 230 retail locations and delivers bilingual (English/Spanish) customer service via retail locations, contact centers, and mobile to customers in Arizona, California, Illinois, Missouri, Nevada, Texas, and Utah.