OppFi’s lending platform OppLoans launches same-day funding service
By Edlyn Cardoza
OppFi Inc, a mission-driven FinTech platform that helps everyday Americans gain access to credit with digital speciality finance products, announced the launch of a same-day funding service on its OppLoans lending platform and the milestone of surpassing one million unique customers over its 10-year history.
In collaboration with the banks that OppFi powers, qualified customers who apply and are approved by 1:00 pm ET on a business day are eligible for funding on the same day their applications are approved. Approximately one-third of customers through the OppFi platform have received funds on the same day their applications were approved since the launch of this feature.
The same-day funding service supports OppFi’s overall commitment to improving customer financial health. The Company also provides access to financial education and local resources, as well as borrower assistance and payment deferral in the event of hardship.
As part of OppFi’s commitment to help customers build a better financial path through more resources, education and support, the Company maintains relationships with a suite of social impact-focused organisations whose services OppFi customers can access for free. OppFi seeks to add relationships with organisations that share its social impact mission. Current relationships include:
- Steady – which provides customers access to tools and resources to secure opportunities to increase personal income, including customised insights and cash incentives.
- SpringFour – which provides customers access to more than 20,000 vetted nonprofit and government resources in 30 different categories to help consumers meet financial objectives, reduce household expenses, and avoid payment delinquencies.
- Experian Boost® – provides customers with a free-to-use, first-of-its-kind product to improve their FICO® Score with alternative data by including on-time utility, telecom, rent and certain streaming service payments in scoring methodology.
In addition, through the OppFi platform, customers are provided with industry-leading features and protections, including simple interest, installment loans with no balloon payments, no ancillary fees (neither origination, nor late, nor insufficient funds), and no prepayment penalties; reporting to the major credit bureaus; and a proprietary loan referral initiative, the OppFi TurnUp Program, which helps consumers find more affordable credit options by checking the market voluntarily on behalf of applicants for sub-36% APR products.
“By offering same-day funding and valuable social impact tools on our platform, we’re meeting a diverse set of financial needs for customers,” said Todd Schwartz, Chief Executive Officer and Executive Chairman of OppFi. “Our platform has industry-leading features that further distinguish OppLoans in the marketplace and enhance our mission to facilitate safe, simple, and more affordable credit access to the 60 million Americans who are underserved by banks and other financial institutions. We are very excited to have surpassed the one million unique customer milestone in our history and appreciate the trust that customers have placed in us.”
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