OppFi Achieves Easier Issuance of 2 Million Installment Loans | Illinois
CHICAGO – (BUSINESS WIRE) – Aug. November 2021–
OppFi Inc. (NYSE: OPFI) (” OppFi â, A leading financial technology platform empowering banks to help everyday consumers access credit, announced today that it has made it easier for more than two million online installment loans with its OppLoans product. Through the OppFi platform, the OppLoans product uses alternative data to reflect a customer’s unique financial situation and facilitates access to credit through banking partnerships for consumers whose creditworthiness excludes them from the traditional financial ecosystem.
âOppLoans’ accelerated growth shows that millions of everyday consumers are underserved by the mainstream banking system. Using machine learning technologies, alternative data can unlock credit access for those with less than perfect traditional credits, âsaid Jared Kaplan, chief executive officer of OppFi. “This important milestone shows why we believe we are well positioned to continue growing as a leader to help people rebuild their financial health with existing offerings such as our Unsecured Personal Loans OppLoans and future products.”
OppFi eased the issuance of its first installment loans in 2012, grew to allow the issuance of more than 750,000 loans by 2019, and hit the two million loan milestone this month. With the growth of the OppFi platform, the company has collected more than seven billion informational data points as part of its AI-powered proprietary scoring algorithm, improving its car approvals to 58 percent in the last quarter.
To bring more credit access options to the everyday consumer, OppFi has expanded its platform to offer SalaryTap, a wage-based employer loan product issued by FinWise Bank, FDIC member, and its credit card product OppFi Card, issued by First Electronic Bank, FDIC member. In addition, the company recently announced the addition of two credit facilities specifically to support the growth and expansion of SalaryTap and OppFi Card.
“As we continue to pursue strategic product development opportunities and scale and expand our current product offerings, we continue to focus on OppFi’s commitment to building and expanding financial services for millions of everyday consumers,” added Kaplan.
OppFi (NYSE: OPFI) is a leading financial technology platform enabling banks to deliver accessible products and a premium experience to everyday consumers. OppFiâs platform supports the installment loan products OppLoans and SalaryTap, published by FinWise Bank, member FDIC, and a credit card product, OppFi Card, published by First Electronic Bank, member FDIC. The company has been an Inc. 5000 company for five consecutive years, four times Deloitte’s Technology Fast 500 â¢, and the seventh fastest growing company in Chicagoland in 2021 by Crains Chicago Business. The company was also named to Forbes America’s 2021 list of America’s Best Startup Employers and Built In 2021 Chicago’s Best Places to Work. OppFi earns an A + rating from the Better Business Bureau (BBB) ââand a 4.8 / 5-star rating with more than 14,000 online customer reviews, making it one of the top customer-rated financial platforms on the internet. For more information, please visit oppfi.com.
This information contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Actual results could differ from its expectations, estimates and projections and you should not place undue reliance on these forward-looking statements Statements as predictions of future events. Words like “expect”, “estimate”, “project”, “budget”, “forecast”, “anticipate”, “intend”, “plan”, “can”, “will”, “could”, “should,” “believes,” “forecasts,” “potentially,” “further” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those anticipated most of these factors are beyond OppFi’s control and difficult to predict. Factors that may cause such differences include: the impact of COVID-19 on OppFi’s business; the ability to see the anticipated benefits of the business combination can be influenced by competition, among other things, the ability of OppFi to grow and control growth profitably and to retain its key employees; costs in addition ammenhang with the business combination; Changes in applicable laws or regulations; the possibility that OppFi will be adversely affected by economic, business and / or competitive factors; whether OppFi will be successful in introducing SalaryTap and OppFi Card, including whether there will be consumer or market acceptance of SalaryTap and OppFi Card; and other risks and uncertainties disclosed from time to time in OppFi’s filings with the SEC, including those set out in âRisk Factorsâ therein. OppFi advises that the foregoing list of factors is non-exclusive and that readers should not place undue reliance on forward-looking statements, which speak only as of the date of this publication. OppFi assumes no obligation or undertaking to publicly release any update or revision of any forward-looking statement to reflect changes in its expectations or any change in the events, conditions or circumstances on which any such statement is based.
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PUB: 11/30/2021 4:10 p.m. / DISC: 11/30/2021 4:12 p.m.
Copyright Business Wire 2021.