A financial lifeline for those who need it most
A basic requirement for obtaining a consumer loan is a credit score. To many, this presents a conundrum: How do you get a credit score if the banks won’t give you credit? Today, Oportun, a fintech company providing affordable financial services to low to moderate income earners, has found a solution.
About half of Opportunity customers don’t have a credit score. The other half were “badly rated”, which means their rating does not adequately reflect their ability to repay the loan. Oportun serves low to moderate income clients, many of whom support families. Before Oportun, they turned to expensive, even predatory, products when times were tough, including short-term, high-cost payday loans that predisposed them to failure.
Oportun was founded to help people succeed by providing fair and affordable loans, enabling clients to build or improve their credit scores. According to Oportun, about 100 million Americans have been shut out by the financial general public because they lacked sufficient credit or credit history. Its dedicated team uses data and technology to customize loan sizes and monthly payments for each client. The company also provides access to free financial coaching and other partner resources. This approach helps clients get the capital they need while demonstrating their creditworthiness so they can unlock new opportunities.
Since 2006, Oportun has lent more than $ 8.4 billion through more than 3.7 million affordable loans. As a result of these transactions, customers saved an estimated $ 1.7 billion in interest and fees, according to research commissioned by Oportun and conducted by the Financial Health Network, a leading nonprofit authority on the financial health of consumers. . Oportun is present in 19 states of the United States and is expanding rapidly. In doing so, he developed a successful business and earned a place on Fast Society‘s “Top 10 Most Innovative Companies in Finance.”
Last year, Oportun went public. CEO Raul Vazquez attributes success to the team, the mission and the technology. Oportun is headquartered in Silicon Valley, giving it access to some of the best talent in cloud, mobile, artificial intelligence, and data analytics. Vazquez notes that technological advancements in other companies “often feel like they’re focused on people who are already doing well and have lots of opportunities.” Timely, on the other hand, uses technology to serve the underserved.
For the people, by the people
A business cannot maximize the value of technology without a skilled team. Oportun’s talented workforce shares a strong sense of mission and aligns with genuine corporate values including excellence, innovation, care and service. Through its omnichannel network, which also includes physical locations, Oportun is able to serve its customers how, where and when they want to be served. Vazquez’s leadership style also reflects the values of the company. He adheres to a philosophy of servant leadership and sees the organization chart as an inverted pyramid. “I’m not at the top; I am deep down and there to help others, ”he explains.
This willingness to help drives the company forward. Oportun is dedicated to helping underserved clients build their financial futures, which is also fueling its growth. Vazquez predicts continued progress, for the company and the people it serves.