SAN FRANCISCO--(BUSINESS WIRE)--Aura, a mission-driven financial technology company that offers affordable loans to hard-working families, announced today that it has disbursed more than $500 million to hardworking people in America since it was founded five years ago.
“At Aura, we’re proud to have crossed this significant threshold,” said Aura CEO James Gutierrez. “It’s a clear indication that there is strong and growing demand for affordable loans that help people meet their financial needs and escape the cycle of debt. We look forward to making the next $500 million in loans and helping our borrowers achieve their dreams.”
Since its launch in 2014, Aura has provided more than 387,000 credit-building loans to borrowers at approximately 1,200 partner locations using technology that enables local businesses to administer loan applications. Currently, Aura’s average loan size is around $1,600, and the company has received more than 1 million applications for loans from potential borrowers.
Millions of working families in America lack access to safe and affordable loans and are vulnerable to predatory lenders. Aura is able to provide borrowers with affordable loans that have saved them hundreds of millions of dollars in additional fees and interest by avoiding predatory options. Additionally, two-thirds of Aura’s borrowers have grown their credit score by an average of 285 points from their first to second loan.
Aura also provides its borrowers with detailed financial education tools including free credit scores, a summary of what’s in their credit report, and a personalized budget, including expenses, DTI and tips for savings. Aura launched a new customer loyalty program known as “Aura Hearts” that offers benefits to borrowers who pay on time such as larger future loans, lower rates, and faster pre-approvals.
Aura is a technology-powered, Community Development Financial Institution (CDFI) that provides small, affordable loans to working families in America. Aura’s mission is to build financially healthy low-income communities by providing empowering financial services to America’s 66-million underbanked and unbanked. Aura has pioneered a cloud-based lending technology that enables trusted local businesses to submit credit applications for centralized review and approval by its proprietary scoring algorithms.
Currently available in nearly 1,200 locations across California, Texas, Illinois and Arizona, Aura has provided hundreds of thousands of credit-building, responsible loans to low-income households since launching in 2014. Aura was founded in 2012 by James Gutierrez, Kevin Kang, and Randy Wong. All three founders helped create and scale Oportun, a CDFI and one of Time Magazine’s Top 50 Most Genius Companies in 2018. For more information visit www.myaura.com.