OppFi Releases Inaugural Social Impact Report
Report demonstrates how OppFi is furthering credit access and improving financial health for everyday consumers
OppFi Inc. released its 2020 Social Impact Report as part of the company’s ongoing efforts to measure the financial impact of products and services on the OppFi platform. This inaugural report showcases 2020 data outlining the company’s social impact as a result of the products and services it facilitates through its platform with its partner banks to the millions of consumers who are locked out of traditional financial options.
“Our mission to expand credit access and build financial health is made measurable through specific data on how the products and services we facilitate on our platform help consumers build a better financial path,” said Jared Kaplan, Chief Executive Officer, OppFi. “Our inaugural report demonstrates how the products on our platform, our mission-aligned relationships and our educational resources continue to deliver upon our mission.”
Highlights from the 2020 report include:
- OppFi reported 424,149 consumers’ payment histories to all three major credit bureaus — according to an internal Vantage Score® Study, OppFi found that consumers who paid off their loans with OppFi experienced a 32 point average Vantage Score® increase.1
- Through the OppFi TurnUp program, if a consumer qualifies for a sub-36% APR product, OppFi’s platform will help ensure they have access to that product. Less than 2% of consumers who opt into the OppFi TurnUp program receive and close a loan with one of the lending partners.
- Approximately 280,516 everyday consumers obtained credit through the OppFi platform in 2020, representing more than $483 million in total net originations.
- OppU, OppFi’s online financial education hub and blog, had more than 1 million user visits in 2020.
- Through its mission-aligned relationships, OppFi provided consumers with more than 100,000 referrals to free financial health resources in 2020.
“OppFi’s success is reflected in the effectiveness of our social impact initiatives and measurable outcomes for consumers. We plan to continue to measure how our business model enables us to facilitate financial inclusion to the millions of everyday consumers who need access to credit,” added Natasha Anand, Vice President of Social Impact, OppFi.