The deal, expected to close in November, is a push by the online lender to pursue profitability by simplifying its business and focusing on its core products.
►The fintech Oportun has agreed to sell its credit card portfolio to Continental Finance, a credit card marketer and servicer, to drive profitability, the company announced last week.
Continental Finance has agreed to acquire Oportun’s Visa credit portfolio with its partner bank, The Bank of Missouri, according to the press release.
The deal – first announced during the second-quarter earnings call without disclosing the acquirers name – is expected to close on or around Nov. 10 instead of by the end of the third quarter. The revised closing date means the sales impact on adjusted earnings before interest, taxes, depreciation, and amortization in 2024 has been revised to approximately $2 million — down from the previously projected $4 million, Oportun said.
After adjusted EBITDA, Oportun expects “favorability” resulting from the credit card sale to be approximately $11 million in 2025. The company did not disclose the sale’s dollar amount.
“The transaction will simplify our product portfolio and enhance our focus on our three core products: unsecured personal loans, secured personal loans, and our award winning Set & Save savings product,” Oportun CEO Raul Vazquez said during the company’s second-quarter earnings call in August. “We ran a competitive sales process that resulted in multiple bids, and we selected the best proposal,” he added.
The Continental Finance team is working with the San Carlos, California-based fintech “to ensure a seamless transition of their customers onto our platform” with the goal “to continue to provide exceptional, personalized service to these valued customers for many years to come,” Tamer El-Rayess, Continental Finance’s board chairman, said in a statement.
Oportun began cost-cutting efforts in the third quarter of 2022, the company said in its second quarter earnings report. The company recorded a loss of $31 million in Q2, compared to the $15 million loss in the prior-year quarter, according to the Q2 financial results.
The credit card portfolio deal resulted in an adverse $36 million fair value adjustment to the credit card portfolio, Vazquez noted during the Q2 earnings call.
Oportun, which calls itself a “mission-driven” fintech, was founded in 2005 and became a public company in 2019. The loan provider, which also offers savings and budgeting capabilities, has about 2.1 million customers.
Meanwhile, Continental Finance has managed more than 5.3 million credit cards since its founding in 2005. The firm aims to serve consumers left out of traditional credit card programs.
Along with the sale of the credit card portfolio, Oportun has teamed up with cross-border payments company Western Union in a bid to add new applicants to its originations while generating incremental new loan volume under its current credit standards.
The credit card portfolio sale and collaboration with Western Union “are integral milestones towards focusing the business on our core products, further reducing our expense base and growing profitably over the long-term.” Coblentz said.
Are you struggling to remember when your Oportun loan payment is due? Maybe you’re wondering what payment options are available to you? You’re not alone! Making on-time payments is crucial for building credit, but sometimes life gets hectic and payment details slip through the cracks.
At Oportun, we understand that managing bills can be stressful. That’s why we’ve made our bill pay process super flexible and user-friendly. Whether you prefer paying online, through our app, or even with cash at your local grocery store, we’ve got you covered!
In this comprehensive guide, I’ll walk you through everything you need to know about Oportun bill pay – from payment methods to tips for staying on track with your loan. Let’s dive in and make managing your Oportun payments easier than ever!
Why Timely Payments Matter
Before jumping into the “how” of Oportun bill pay, let’s talk about the “why” Making your payments on time and in full is absolutely critical if you’re trying to build or improve your credit score. Each on-time payment creates a positive mark on your credit history, while missed payments can seriously damage your score.
As we like to remind our customers: Doing this on time and in full are the best ways to build your credit. You’ve got this!
Oportun Bill Pay Options: Choose What Works For You
One thing I absolutely love about Oportun is how many different ways they offer to pay your bill. They really understand that different people have different preferences when it comes to managing their finances. Here’s a breakdown of all your payment options:
1. Pay Through the Oportun App (Most Convenient)
The Oportun mobile app makes managing your loan super simple. With just a few taps, you can:
- Make payments
- Set up auto pay to never miss a due date
- Track your remaining balance
- View upcoming payment dates
Pro tip Download the Oportun app for the easiest bill pay experience! It’s available for both iOS and Android devices
2. Pay Online
Don’t want to download another app? No problem! You can easily manage your payments online by:
- Logging into your servicing account through Oportun’s website
- Using your debit card, Apple Pay, or Google Pay
If you don’t have an online account yet, it’s quick and easy to set one up.
3. Pay by Phone or Text
For those who prefer speaking with someone or using text:
- Call 866-488-6090 to make a payment by phone
- Text (855) 642-2140 from the phone number Oportun has on file
Important note: If you text from a different phone number than what’s in your account, the automated system won’t recognize you! Make sure to use the phone number associated with your account.
4. Pay in Person (Perfect for Cash Payments)
If you prefer paying with cash or speaking to someone face-to-face, Oportun offers several in-person payment options:
At Oportun locations:
- Visit any Oportun location near you
- Use the zip code finder on their website to locate the nearest office
At retail locations:
Cash payments are accepted at hundreds of convenient spots including:
- Walmart (through CheckFreePay)
- CVS (through MoneyGram)
- 7-Eleven (through PayNearMe)
- Family Dollar (through PayNearMe)
- Various grocery stores, corner stores, and pharmacies
When paying in person, remember to bring either your:
- Oportun loan number from your loan documents
- Barcode from your loan documents (for certain payment services)
Payment Service Partners:
- Dolex
- Barri
- CheckFreePay
- MoneyGram (Use receive code 7991oportun)
- PayNearMe (Note: Fee of $1.75 for cash / $1.49 debit may apply)
5. Pay by Mail
For those who prefer the traditional route:
- Write your loan number on a check or money order (never send cash!)
- Mail to:
OportunPO Box 2063Menlo Park, CA 94026 - Allow 7-10 business days for delivery and processing
Fees Associated with Oportun Bill Pay
It’s important to know about any potential fees before choosing your payment method. Here’s what you need to know:
- Most payment methods: FREE
- PayNearMe: May include a fee of $1.75 for cash payments or $1.49 for debit payments
- Important note for certain states: No fees will be charged for loans made by Oportun, Inc. in California, or for loans made to Louisiana, New Mexico, or Wisconsin residents
If you’re unsure about fees, you can check your PayNearMe barcode form or call (866) 488-6090 for clarification.
Setting Up Auto Pay: Never Miss a Payment Again
Life gets busy, and sometimes even the most responsible people forget to make a payment. That’s where auto pay comes in super handy! Here’s why I recommend setting up auto pay through the Oportun app:
- Peace of mind: Knowing your payment will be made automatically
- Credit building: Consistent on-time payments help improve your credit score
- No late fees: Avoid those unnecessary charges
- Convenience: Set it once and forget it
To set up auto pay, simply log into the Oportun app, navigate to the payments section, and follow the prompts to enroll in automatic payments. You’ll need to provide a payment method (typically a debit card or bank account) and select your preferred payment date.
Understanding Your Oportun Loan Payments
Oportun personal loans are installment loans, which means they’re repaid in equal payments over a specific period of time. Here are some key features:
- Low, fixed payments designed to fit your budget
- Flexible repayment schedules so you can choose what works for you
- No prepayment penalties – if you pay off your loan early, you save money on interest!
Typical loan amounts range from:
- $500 to $5,000 for new customers
- $1,500 to $9,100 for returning customers
- $3,600 to $12,300 for secured personal loans
What If I’m Having Trouble Making My Payment?
We all face financial challenges sometimes. If you’re struggling to make your Oportun payment, don’t panic! The worst thing you can do is ignore the problem. Instead:
- Contact Oportun customer service right away: Call (866) 488-6090
- Explore your options: Depending on your situation, you might qualify for payment arrangements
- Be honest about your situation: Oportun wants to help you succeed
Remember, Oportun is committed to responsible lending and wants to see you succeed in building your credit. They’re often willing to work with customers facing temporary financial hardships.
Tips for Successful Oportun Bill Pay Management
After helping many folks navigate their Oportun loans, I’ve gathered some useful tips:
- Set calendar reminders a few days before your payment is due
- Keep your contact info updated with Oportun so you receive payment reminders
- Download the Oportun app for the easiest payment management
- Save your loan documents in a safe place – you’ll need your loan number for some payment methods
- Consider making bi-weekly payments if that aligns better with your paycheck schedule
- Check your balance regularly to stay informed about your loan status
Why Choose Oportun for Your Financial Needs?
Oportun isn’t just about loans – they’re about helping people build a better financial future. Their commitment to affordable payments shows in how they structure their loans:
- Personal loans with low, fixed payments
- Flexible repayment schedules
- No prepayment penalties
- Reporting to select credit bureaus to help build your credit history
Frequently Asked Questions About Oportun Bill Pay
Can I make a partial payment on my Oportun loan?
Yes, you can make partial payments, but remember that your full payment amount is due by the due date to avoid late fees and negative credit reporting.
How do I know my payment was received?
After making a payment, you should receive a confirmation. You can also check your payment status in the Oportun app or by logging into your online account.
What happens if I miss a payment?
Missing a payment may result in late fees and could negatively impact your credit score. If you think you might miss a payment, contact Oportun as soon as possible.
Can someone else make a payment on my behalf?
Yes, someone else can make a payment for you, but they’ll need your loan number or barcode from your loan documents.
How can I check my remaining balance?
You can check your remaining balance through the Oportun app, by logging into your online account, by texting the payment number, or by calling customer service.
Final Thoughts on Managing Your Oportun Bill Pay
Managing your Oportun bill payments doesn’t have to be complicated. With so many convenient options – from the app to in-person payments at places like Walmart and CVS – there’s definitely a method that will fit your lifestyle.
Remember, making on-time payments isn’t just about avoiding late fees; it’s about building your credit history and creating a stronger financial future. Oportun understands this journey and has designed their payment systems to help you succeed.
Whether you’re tech-savvy and prefer the app, or like the reliability of in-person cash payments, Oportun has created a bill pay system with you in mind. Take advantage of these diverse payment options and stay on top of your loan payments to build the credit history you deserve!
Have you found a favorite way to pay your Oportun bill? Many of our readers say the app is their go-to, but we’d love to hear what works best for you! Everyone’s financial journey is different, and what matters most is finding a system that helps you stay consistent with your payments.
Now go ahead and pick the Oportun bill pay method that works best for you – your future credit score will thank you!
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