SalaryTap, a new employer payroll-linked loan product through OppFi’s platform, aims to widen credit access while reducing cost of borrowing
Relationship with Best Money Moves designed to help more employees meet their credit access needs through SalaryTap
Opportunity Financial, LLC (“OppFi”), a leading financial technology platform that powers banks to help everyday consumers gain access to credit, announced today a new relationship with Best Money Moves, an award-winning, mobile-first financial wellness technology platform that provides financial education solutions for non-prime borrowers.
SalaryTap allows banks through the OppFi platform to offer multi-year small dollar installment loan products through a consumer’s employer that range from $2,000 to $5,000 and extend prime pricing to non-prime consumers. The products offered on the platform are fully transparent with no additional fees or charges levied on borrowers, are repaid via payroll deduction, and each borrower’s income is verified via payroll as a means of assessing loan affordability.
OppFi began piloting SalaryTap in November 2020 and has recently announced a national expansion, giving companies across the U.S. the option to offer employees small dollar loans linked to their payroll. The most common uses of funds from SalaryTap include car repair, family needs, housing costs and medical bills. Through Best Money Moves, SalaryTap will be made available to more employees who are looking for a less expensive financing solution.
“We’re excited to join with Best Money Moves, who are experts at helping consumers navigate their financial wellness journey,” said Jared Kaplan, chief executive officer, OppFi. “Financial wellness is a foremost benefit that employees want from their company. We look forward to participating in an integrated ecosystem like Best Money Moves that combines high-quality information, interactive tools and engaging resources with products like SalaryTap to help expand credit access to more people.”
“Our team is thrilled to work with OppFi and deeply appreciate the innovation and integrity they bring to both workforce and individual financial wellness,” said Ilyce Glink, award-winning financial journalist and CEO of Best Money Moves. “Giving employees the option of lower-cost, salary-linked loans through SalaryTap can help reduce dependency on high-cost predatory options, lowering financial stress,” Glink noted, adding, “That’s what every HR department should do.”
The expansion of SalaryTap into 33 markets reflects the interest in the product as well as OppFi’s continued growth as the company adds additional products and services to increase credit access for the everyday consumer. OppFi plans to further expand the SalaryTap platform into 45 states in the fourth quarter of 2021.
On February 9, 2021, OppFi and FG New America Acquisition Corp. (NYSE: FGNA), a special purpose acquisition corporation, entered into a definitive agreement for a business combination that would result in OppFi becoming a public company.
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