Oportun released findings from the latest True Cost of a Loan Study conducted by the Financial Health Network. The new study found that Oportun’s loan products on average are eight times less expensive than other alternatives for a typical borrower. The 2022 analysis compares Oportun unsecured installment loans of $500, $1,500, and $3,000 to alternative products for Oportun borrowers based on the most likely options that a hypothetical subprime borrower might access. "Providing affordable and inclusive loan products that help our members integrate into the financial mainstream by establishing a FICO score is an important part of our mission to put their financial goals within reach and help them build a better financial future," said Matt Jenkins, Chief Operations Officer for Oportun. "The True Cost of a Loan study clearly demonstrates that Oportun is an affordable alternative for hardworking people who would otherwise be denied by other lenders or would have to pay a much higher cost for a similar loan product."
Published first on TheFly
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