Oportun Capping Rates at 36% and Pausing Collections

Oportun is making some changes in response to the pandemic; they have decided to dismiss all pending collections cases as well as suspend filings of new cases and when it does resume collections it will file about 60% fewer cases; the company also said that it will be capping interest rates on all its loans at 36%; they will also not be adding any fees or ancillary products that would effectively raise the APR; Raul Vazquez, CEO of Oportun, said, “There’s been a lot of analysis that’s gone into both of these. We’ve taken this step forward with the view that these are permanent and sustainable changes for our business — and really good changes for our business.” American Banker.

Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech.

LendIt Fintech conducts three conferences a year for the leading fintech markets of the USA, Europe, and Latin America. LendIt also provides cutting-edge content all year long via audio, video, and written channels.

Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.

Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments