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.
