Oportun Brings Responsible Small Dollar Credit to Utah

REDWOOD CITY, CA--(Marketwired - Jun 8, 2015) - Oportun, formerly known as Progreso Financiero, today announced that it is opening new locations in Utah for the first time and making its responsible, affordable, credit-building loans available to borrowers in Provo and South Salt Lake.

Oportun is a mission-driven financial services company that uses advanced data analytics and technology to provide small dollar loans to Hispanic borrowers, many of whom have little or no credit history. As a responsible lender, Oportun calculates each loan applicant's ability to repay and only lends to those it believes have the ability to repay the loan after meeting other major financial obligations and living expenses. The company also sets loan amounts and terms to fit individual budgets, giving borrowers enough time to pay back the loan. Finally, it reports customer accounts to the credit bureaus to help customers establish or build credit history. Founded in 2005, the company currently operates in more than 145 locations in California, Texas, Illinois, and now, Utah.

"Nearly 25 million Hispanics in the US are considered financially underserved and may have little or no credit history," said Oportun CEO Raul Vazquez. "Their options are limited if they need money to repair the car that gets them to work or to move their family to a better home. Sadly, many of them turn to higher cost alternative lenders and end up in a debt spiral."

Hispanics represent 15 percent of the population in Utah -- and nearly a third of the population of South Salt Lake, where Oportun is opening one of its new locations. "We know there are many responsible, hard-working Hispanics in Provo, South Salt Lake, and other Utah communities who deserve access to affordable credit. We look forward to serving them and giving them the opportunity to build a better future," said Vazquez. 

About Oportun
Oportun, formerly known as Progreso Financiero, is a mission-driven financial services company that uses advanced data analytics and technology to provide responsible, affordable, credit-building loans to financially underserved Hispanics, many of whom have little or no credit history. The company's centralized data analytics system calculates each loan applicant's ability to repay, approves those the company believes can pay back, and sets loan amounts and terms to fit individual budgets. Customer account information is also reported to credit bureaus to help customers establish or build credit. Since its founding in 2005, Oportun has helped more than 520,000 customers by disbursing more than $1.5 billion through one million small dollar loans. The company delivers a very supportive and welcoming service experience with bilingual staff across channels and operates more than 145 locations in California, Illinois, Texas, and Utah.