SAN FRANCISCO, Calif., Oct. 5, 2015 (GLOBE NEWSWIRE) -- via PRWEB - Senate Bill 235 (SB235), a bill to make responsible, credit-building loans more widely available in California, today becomes law. Authored by Senator Marty Block, Chair of the Senate Banking and Financial Institutions Committee, and sponsored by INSIKT (pronounced "in-seekt"), a pioneering Lending as a Service (LaaS) company that enables any brand to lend to its customers, the bill will help more businesses and store fronts offer affordable alternatives to payday loans in California.
"There are too many families in California who need access to capital and opportunities to build or repair their credit in order to move up the financial ladder. SB235 helps address these important needs by making affordable loans more available in our communities. I am very proud to have authored a bill that brings more economic opportunity to millions in our state," says Senator Marty Block.
INSIKT CEO and founder James Gutierrez agrees with the promise of SB235, saying: "Silicon Valley innovation can play an important role in improving economic opportunity in America by expanding access to capital. This law paves the way for INSIKT and other lending technologies to help banks and licensed retailers offer affordable, credit-building loans to families in need. I would like to thank the bill's author Senator Block, co-authors Senator Hill and Assemblymember Chiu, and Governor Brown for their leadership in supporting this important initiative."
Mr. Gutierrez has dedicated his career to solving the underbanked problem in America by founding Oportun (formerly Progreso Financiero) in 2005 to bring affordable, credit-building loans to hard working Latinos in America. Realizing that many more families in America need access to capital, Mr. Gutierrez founded INSIKT in 2012 to use technology to help major brands provide access to fair and affordably priced loans for everyone. Using its scoring and loan syndication technology, INSIKT aims to improve the lives of millions by powering tomorrow's lenders, while also enabling individuals who care about America's future to invest in loans made through INSIKT's platform.
"The traditional banking system, since 2008, has seen massive drops in credit availability," said Gutierrez. "This bill will help to fill that void by enabling new technologies to equip more locations and financial services companies across California with the ability to make empowering, credit-building loans."
About INSIKT
Founded in 2012 by Oportun founder James Gutierrez, INSIKT is a white label loan origination and investing platform that enables any brand to lend to its customers and any accredited investor to invest in consumer loan portfolios. The company was born out of a realization that banks will not be the lenders of tomorrow – brands will. INSIKT is pioneering LaaS with its on-demand, cloud-based tool, Lendify®. For more information, please visit Insikt.com.
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