Oportun Financial (OPRT) 10-Q 9 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	3 Months Ended
	Mar. 31, 2022	May 03, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-39050
Entity Registrant Name	OPORTUN FINANCIAL CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-3361983
Entity Address, Address Line One	2 Circle Star Way
Entity Address, City or Town	San Carlos,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94070
City Area Code	650
Local Phone Number	810-8823
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	OPRT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		32,814,113
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001538716
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 109,864	$ 130,959
Restricted cash	60,694	62,001
Loans receivable at fair value	2,450,987	2,386,807
Interest and fees receivable, net	22,823	20,916
Capitalized software and other intangibles, net	133,093	131,181
Goodwill	104,162	104,014
Right of use assets - operating	36,689	38,403
Other Assets	74,239	72,344
Total VIE assets	2,992,551	2,946,625
Liabilities
Secured financing	473,311	393,889
Asset-backed notes at fair value	1,593,435	1,651,706
Acquisition financing	103,869	114,092
Lease liabilities	44,959	47,699
Other liabilities	127,041	135,358
Total VIE liabilities	2,342,615	2,342,744
Stockholders' equity
Common stock, $0.0001 par value - 1,000,000,000 shares authorized at March 31, 2022 and December 31, 2021; 33,078,916 shares issued and 32,806,893 shares outstanding at March 31, 2022; 32,276,419 shares issued and 32,004,396 shares outstanding at December 31, 2021	7	6
Common stock, additional paid-in capital	526,729	526,338
Retained earnings	129,509	83,846
Treasury stock at cost, 272,023 shares at March 31, 2022 and December 31, 2021	(6,309)	(6,309)
Total stockholders’ equity	649,936	603,881
Total liabilities and stockholders' equity	$ 2,992,551	$ 2,946,625

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures [Abstract]
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	33,078,916	32,276,419
Common stock, shares outstanding (in shares)	32,806,893	32,004,396
Treasury stock, shares (in shares)	272,023	272,023

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue
Interest income	$ 192,237	$ 127,191
Non-interest income	22,483	8,122
Total revenue	214,720	135,313
Less:
Interest expense	13,677	13,504
Net increase (decrease) in fair value	3,971	(11,568)
Net revenue	205,014	110,241
Operating expenses:
Technology and facilities	49,189	32,924
Sales and marketing	34,541	23,893
Personnel	35,926	26,827
Outsourcing and professional fees	14,327	12,625
General, administrative and other	13,361	9,997
Total operating expenses	147,344	106,266
Income before taxes	57,670	3,975
Income tax expense	12,007	956
Net income	45,663	3,019
Net income attributable to common stockholders	$ 45,663	$ 3,019
Earnings per share:
Basic (in USD per share)	$ 1.42	$ 0.11
Diluted (in USD per share)	$ 1.37	$ 0.10
Weighted average common shares outstanding:
Basic (in shares)	32,216,641	27,770,063
Diluted (in shares)	33,323,134	29,620,034

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2020		27,679,263
Beginning balance at Dec. 31, 2020	$ 466,628	$ 6	$ 436,499	$ 36,432	$ (6,309)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)		33,526
Issuance of common stock upon exercise of stock options	307		307
Stock-based compensation expense	5,088		5,088
Vesting of restricted stock units, net (in shares)		261,794
Vesting of restricted stock units, net of shares withheld	(2,794)		(2,794)
Net income	3,019			3,019
Ending balance (in shares) at Mar. 31, 2021		27,974,583
Ending balance at Mar. 31, 2021	472,248	$ 6	439,100	39,451	(6,309)
Beginning balance (in shares) at Dec. 31, 2021		32,004,396
Beginning balance at Dec. 31, 2021	603,881	$ 6	526,338	83,846	(6,309)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)		505,945
Issuance of common stock upon exercise of stock options	(4,748)	$ 1	(4,749)
Stock-based compensation expense	7,467		7,467
Vesting of restricted stock units, net (in shares)		296,552
Vesting of restricted stock units, net of shares withheld	(2,327)		(2,327)
Net income	45,663			45,663
Ending balance (in shares) at Mar. 31, 2022		32,806,893
Ending balance at Mar. 31, 2022	$ 649,936	$ 7	$ 526,729	$ 129,509	$ (6,309)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net income	$ 45,663	$ 3,019
Depreciation and amortization	10,697	6,957
Fair value adjustment, net	(3,971)	11,568
Origination fees for loans receivable at fair value, net	(4,685)	(1,422)
Gain on loan sales	(5,715)	(4,434)
Stock-based compensation expense	6,773	5,088
Other, net	20,226	15,325
Originations of loans sold and held for sale	(48,665)	(33,464)
Proceeds from sale of loans	54,872	38,372
Changes in other assets and other liabilities	(36,630)	(22,853)
Net cash provided by operating activities	38,565	18,156
Cash flows from investing activities
Originations of loans	(707,108)	(263,148)
Proceeds from structured loan sale	245,019	0
Repayments of loan principal	351,324	278,659
Capitalization of system development costs	(10,641)	(5,651)
Other, net	(1,090)	(873)
Net cash provided by (used in) investing activities	(122,496)	8,987
Cash flows from financing activities
Borrowings under secured financing	699,000	0
Borrowings under asset-backed notes and acquisition financing	0	371,719
Repayments of secured financing	(620,000)	(181,780)
Repayments of asset-backed notes and acquisition financing	(10,395)	(200,004)
Net payments related to stock-based activities	(7,076)	(2,487)
Net cash provided by (used in) financing activities	61,529	(12,552)
Net increase (decrease) in cash and cash equivalents and restricted cash	(22,402)	14,591
Cash and cash equivalents and restricted cash, beginning of period	192,960	168,590
Cash and cash equivalents and restricted cash, end of period	170,558	183,181
Supplemental disclosure of cash flow information
Cash and cash equivalents	109,864	140,416
Restricted cash	60,694	42,765
Total cash and cash equivalents and restricted cash	170,558	183,181
Cash paid for income taxes, net of refunds	328	240
Cash paid for interest	13,816	13,625
Cash paid for amounts included in the measurement of operating lease liabilities	4,238	4,292
Supplemental disclosures of non-cash investing and financing activities
Right of use assets obtained in exchange for operating lease obligations	1,064	1,093
Non-cash investments in capitalized assets	$ 565	$ 625

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Organization and Description of Business	1. Organization and Description of Business Oportun is a financial technology company and digital banking platform driven by its mission to provide inclusive, affordable financial services that empower its members to build a better future. Oportun Financial Corporation (together with its subsidiaries, "Oportun" or the "Company") takes a holistic approach to serving its members and views as its purpose to responsibly meet their current capital needs, help grow its members' financial profiles, increase their financial awareness and put them on a path to a financially healthy life. With its acquisition of Hello Digit, Inc. ("Digit") on December 22, 2021, the Company can now offer access to a comprehensive suite of digital banking products, offered either directly or through partners, including lending, savings and investing powered by A.I. and tailored to each member's goals to make achieving financial health automated. The Company's credit products include personal loans, secured personal loans and credit cards. The Company's digital banking products include digital banking, automated savings, long-term investing and retirement savings. The Company is headquartered in San Carlos, California. The Company has been certified by the United States Department of the Treasury as a Community Development Financial Institution ("CDFI") since 2009. Segments Segments are defined as components of an enterprise for which discrete financial information is available and evaluated regularly by the chief operating decision maker ("CODM") in deciding how to allocate resources and in assessing performance. The Company’s Chief Executive Officer and the Company's Chief Financial Officer are collectively considered to be the CODM. The CODM reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. The Company’s operations constitute a single reportable segment.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation ‑ The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). These statements are unaudited and reflect all normal, recurring adjustments that are, in management's opinion, necessary for the fair presentation of results. The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Certain prior-period financial information has been reclassified to conform to current period presentation. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and the related notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 (the "Annual Report"), filed with the Securities and Exchange Commission ("SEC") on March 1, 2022. Use of Estimates ‑ The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of income and expenses during the reporting period. These estimates are based on information available as of the date of the condensed consolidated financial statements; therefore, actual results could differ from those estimates and assumptions. Accounting Policies - There have been no changes to the Company's significant accounting policies from those described in Part II, Item 8 - Financial Statements and Supplementary Data in the Annual Report, except for the new accounting pronouncements subsequently adopted as noted below. Recently Adopted Accounting Standards None.

Earnings (Loss) per Share

Earnings (Loss) per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings (Loss) per Share	Earnings (Loss) per Share Basic and diluted earnings (loss) per share are calculated as follows: Three Months Ended March 31, (in thousands, except share and per share data) 2022 2021 Net income $ 45,663 $ 3,019 Net income (loss) attributable to common stockholders $ 45,663 $ 3,019 Basic weighted-average common shares outstanding 32,216,641 27,770,063 Weighted average effect of dilutive securities: Stock options 733,503 1,274,818 Restricted stock units 372,990 575,153 Diluted weighted-average common shares outstanding 33,323,134 29,620,034 Earnings per share: Basic $ 1.42 $ 0.11 Diluted $ 1.37 $ 0.10 The following common share equivalent securities have been excluded from the calculation of diluted weighted-average common shares outstanding because the effect is anti-dilutive for the periods presented: Three Months Ended March 31, 2022 2021 Stock options 2,723,777 2,822,785 Restricted stock units 1,692,599 45,306 Total anti-dilutive common share equivalents 4,416,376 2,868,091

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities Variable interest entities ("VIEs") are legal entities that either have an insufficient amount of equity at risk for the entity to finance its activities without additional subordinated financial support or, as a group, the holders of equity investment at risk lack the ability to direct the entity's activities that most significantly impact economic performance through voting or similar rights, or do not have the obligation to absorb the expected losses or the right to receive expected residual returns of the entity. For all VIEs in which we are involved, we assess whether we are the primary beneficiary of the VIE on an ongoing basis. In circumstances where we have both the power to direct the activities that most significantly impact the VIEs performance and the obligation to absorb losses or the right to receive the benefits of the VIE that could be significant, we would conclude that we are the primary beneficiary of the VIE, and we consolidate the VIE. In situations where we are not deemed to be the primary beneficiary of the VIE, we do not consolidate the VIE and only recognize our interests in the VIE. Consolidated VIEs As part of the Company’s overall funding strategy, the Company transfers a pool of designated loans receivable to wholly owned special-purpose subsidiaries ("VIEs") to collateralize certain asset-backed financing transactions. For these VIEs where the Company has determined that it is the primary beneficiary because it has the power to direct the activities that most significantly impact the VIEs’ economic performance and the obligation to absorb the losses or the right to receive benefits from the VIEs that could potentially be significant to the VIEs the VIEs assets and related liabilities are consolidated with the results of the Company. Such power arises from the Company’s contractual right to service the loans receivable securing the VIEs’ asset-backed debt obligations. The Company has an obligation to absorb losses or the right to receive benefits that are potentially significant to the VIEs because it retains the residual interest of each asset-backed financing transaction in the form of an asset-backed certificate. Accordingly, the Company includes the VIEs’ assets, including the assets securing the financing transactions, and related liabilities in its condensed consolidated financial statements. Each consolidated VIE issues a series of asset-backed securities that are supported by the cash flows arising from the loans receivable securing such debt. Cash inflows arising from such loans receivable are distributed monthly to the transaction’s lenders and related service providers in accordance with the transaction’s contractual priority of payments. The creditors of the VIEs above have no recourse to the general credit of the Company as the primary beneficiary of the VIEs and the liabilities of the VIEs can only be settled by the respective VIE’s assets. The Company retains the most subordinated economic interest in each financing transaction through its ownership of the respective residual interest in each VIE. The Company has no obligation to repurchase loans receivable that initially satisfied the financing transaction’s eligibility criteria but subsequently became delinquent or a defaulted loans receivable. The following table represents the assets and liabilities of consolidated VIEs recorded on the Company’s Condensed Consolidated Balance Sheets (Unaudited): March 31, December 31, (in thousands) 2022 2021 Consolidated VIE assets Restricted cash $ 33,246 $ 41,803 Loans receivable at fair value 2,344,635 2,267,205 Interest and fee receivable 20,767 19,869 Total VIE assets 2,398,648 2,328,877 Consolidated VIE liabilities Secured financing (1) 477,000 398,000 Asset-backed notes at fair value 1,593,435 1,651,706 Acquisition financing (1) 105,605 116,000 Total VIE liabilities $ 2,176,040 $ 2,165,706 (1) Amounts exclude deferred financing costs. See Note 9, Borrowings for additional information.

Loans Held for Sale and Loans S

Loans Held for Sale and Loans Sold	3 Months Ended
	Mar. 31, 2022
Transfers and Servicing [Abstract]
Loans Held for Sale and Loans Sold	Loans Held for Sale and Loans Sold Structured Loan Sales - On March 31, 2022, the Company participated in a securitization whereby the Company and funds managed by Ellington Management Group both contributed collateral and were co-sponsors of the transaction, which totaled $400.0 million in issued asset-backed notes. As part of the securitization, the Company sold loans to OPTN Funding Grantor Trust 2022-1 ("Grantor Trust") through the issuance of amortizing asset-backed notes secured by a pool of its unsecured and secured personal installment loans. The Company also sold its share of the residual interest in the pool. The Company's continued involvement in the unconsolidated VIEs is in the form of servicer of these loans. The Company does not have variable interest in the Grantor Trust or the issuer established for this transaction. The sold loans were accounted for under the fair value option and at the point they were designated as held for sale had an aggregate unpaid principal balance of approximately $227.6 million, a cumulative fair value mark of $15.9 million and unpaid interest of $1.5 million. The Company received $245.0 million of net proceeds and by selling both its notes and residual interest, the Company derecognized these loans from its Consolidated Balance Sheets. Whole Loan Sale Program ‑ In November 2014, the Company entered into a whole loan sale agreement with an institutional investor. Pursuant to the agreement, the Company sold at least 10% of its unsecured loan originations, with an option to sell an additional 5%, subject to certain eligibility criteria and minimum and maximum volumes. The Company chose not to renew the arrangement and allowed the agreement to expire on its terms on March 4, 2022.

Acquisition

Acquisition	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisition	AcquisitionOn December 22, 2021, the Company completed its acquisition of all the voting interests of Hello Digit, Inc. (or "Digit"). Digit is a digital banking platform that provides automated savings, banking and investing tools. Digit members can keep and integrate their existing bank accounts into the platform, or they can make Digit their primary banking relationship by opening new accounts via Digit’s bank partner. By acquiring Digit, Oportun further expanded its A.I. and digital banking capabilities, adding to its services to provide its members a holistic offering built to address their financial needs. The total consideration the Company provided for Digit, which consisted of cash and equity, was approximately $205.3 million.The Company recognized acquisition and integration related costs of approximately $7.3 million in the three months ended March 31, 2022 which are included in the General, administrative and other expense in the Condensed Consolidated Statements of Operations (Unaudited).

Capitalized Software, Other Int

Capitalized Software, Other Intangibles, and Goodwill	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Capitalized Software, Other Intangibles, and Goodwill	Capitalized Software, Other Intangibles and Goodwill Capitalized software, net consists of the following: March 31, December 31, (in thousands) 2022 2021 Capitalized software, net: System development costs $ 95,800 $ 84,550 Acquired developed technology 48,500 48,500 Less: Accumulated amortization (52,864) (45,433) Total capitalized software, net $ 91,436 $ 87,617 Capitalized software, net Amortization of system development costs and acquired developed technology for three months ended March 31, 2022 and 2021 was $7.4 million and $3.5 million, respectively. System development costs capitalized in the three months ended March 31, 2022 and 2021 were $11.2 million and $5.8 million, respectively. Acquired developed technology was $48.5 million and is related to the acquisition of Digit on December 22, 2021. Intangible Assets The gross carrying amount and accumulated amortization, in total and by major intangible asset class are as follows: March 31, December 31, (in thousands) 2022 2021 Intangible assets: Member relationships $ 34,500 $ 34,500 Trademarks 6,426 6,364 Other 3,000 3,000 Less: Accumulated amortization (2,269) (300) Total intangible assets, net $ 41,657 $ 43,564 Amortization of intangible assets for the three months ended March 31, 2022 was $2.0 million. There were no intangible assets subject to amortization for the three months ended March 31, 2021. Expected future amortization expense for intangible assets as of March 31, 2022 is as follows: (in thousands) Fiscal Years 2022 (remaining nine months) $ (5,980) 2023 (7,949) 2024 (7,798) 2025 (4,929) 2026 (4,929) 2027 (4,929) Thereafter (4,779) Total $ (41,293) Goodwill The Company recorded goodwill of $104.0 million arising from the acquisition of Digit on December 22, 2021. During the three months ended March 31, 2022, the Company recorded a $0.1 million adjustment to goodwill. There was no impairment for the periods presented.

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets Other assets consist of the following: March 31, December 31, (in thousands) 2022 2021 Fixed assets Total fixed assets $ 44,955 $ 44,100 Less: Accumulated depreciation (35,370) (34,185) Total fixed assets, net $ 9,585 $ 9,915 Other Assets Loans held for sale — 491 Prepaid expenses 26,244 25,355 Deferred tax assets 3,565 3,923 Current tax assets 17,235 13,330 Other 17,610 19,330 Total other assets $ 74,239 $ 72,344 Fixed Assets Depreciation and amortization expense for the three months ended March 31, 2022 and 2021 was $1.3 million and $3.5 million, respectively.

Borrowings

Borrowings	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Borrowings	BorrowingsBorrowings The following table presents information regarding the Company's Secured Financing facilities: March 31, 2022 December 31, 2021 Variable Interest Entity Facility Amount Maturity Date (1) Interest Rate Balance Balance (in thousands) Oportun CCW Trust (1)(2) $ 150,000 December 1, 2023 Variable (1) $ 59,223 $ 40,108 Oportun PLW Trust 600,000 September 1, 2024 LIBOR (minimum of 0.00%) + 2.17% 414,088 353,781 Total secured financing $ 750,000 $ 473,311 $ 393,889 (1) The interest rate on the Secured Financing - CCW facility is LIBOR (minimum of 1.00%) plus 6.00% on the first $18.8 million of principal outstanding and LIBOR (minimum of 0.00%) plus 3.41% on the remaining outstanding principal balance. (2) The Credit Card Warehouse has an aggregate borrowing capacity of up to $150.0 million; comprised of $75.0 million committed purchase amount and $75.0 million uncommitted purchase amount. The following table presents information regarding asset-backed notes: March 31, 2022 Variable Interest Entity Initial note amount issued (a) Initial collateral balance (b) Current balance (a) Current collateral balance (b) Weighted average interest rate (c) Original revolving period (in thousands) Asset-backed notes recorded at fair value: Oportun Issuance Trust (Series 2021-C) $ 500,000 $ 512,762 $ 472,972 $ 519,735 2.48 % 3 years Oportun Issuance Trust (Series 2021-B) 500,000 512,759 475,772 520,594 2.05 % 3 years Oportun Funding XIV, LLC (Series 2021-A) 375,000 383,632 364,808 390,705 1.79 % 2 years Oportun Funding XIII, LLC (Series 2019-A) 279,412 294,118 279,883 299,832 3.46 % 3 years Total asset-backed notes recorded at fair value $ 1,654,412 $ 1,703,271 $ 1,593,435 $ 1,730,866 December 31, 2021 Variable Interest Entity Initial note amount issued (a) Initial collateral balance (b) Current balance (a) Current collateral balance (b) Weighted average interest rate ( c) Original revolving period (in thousands) Asset-backed notes recorded at fair value: Oportun Issuance Trust (Series 2021-C) $ 500,000 $ 512,762 $ 497,774 $ 525,436 2.48 % 3 years Oportun Issuance Trust (Series 2021-B) 500,000 512,759 498,487 521,174 2.05 % 3 years Oportun Funding XIV, LLC (Series 2021-A) 375,000 383,632 374,363 391,325 1.79 % 2 years Oportun Funding XIII, LLC (Series 2019-A) 279,412 294,118 281,082 299,310 3.46 % 3 years Total asset-backed notes recorded at fair value $ 1,654,412 $ 1,703,271 $ 1,651,706 $ 1,737,245 (a) Initial note amount issued includes notes retained by the Company as applicable. The current balances are measured at fair value for asset-backed notes recorded at fair value. (b) Includes the unpaid principal balance of loans receivable, cash, cash equivalents and restricted cash pledged by the Company. (c) Weighted average interest rate excludes notes retained by the Company. The following table presents information regarding the Company's Acquisition Financing: March 31, 2022 December 31, 2021 Variable Interest Entity Original Balance Maturity Date Interest Rate Balance Balance (in thousands) Oportun RF, LLC $ 116,000 October 1, 2024 LIBOR (minimum of 0.00%) + 8.00% $ 103,869 $ 114,092 As of March 31, 2022, and December 31, 2021, the Company was in compliance with all covenants and requirements of the Secured Financing and Acquisition Financing facilities and asset-backed notes.

Other Liabilities

Other Liabilities	3 Months Ended
	Mar. 31, 2022
Other Liabilities Disclosure [Abstract]
Other Liabilities	Other liabilities consist of the following: March 31, December 31, (in thousands) 2022 2021 Accounts payable $ 4,253 $ 8,343 Accrued compensation 18,824 36,417 Accrued expenses 28,946 36,464 Accrued interest 2,714 3,276 Amount due to whole loan buyer 17,289 14,062 Deferred tax liabilities 43,415 28,424 Current tax liabilities and other 11,600 8,372 Total other liabilities $ 127,041 $ 135,358

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Preferred Stock - The Board has the authority, without further action by the Company's stockholders, to issue up to 100,000,000 shares of undesignated preferred stock with rights and preferences, including voting rights, designated from time to time by the Board. There were no shares of undesignated preferred stock issued or outstanding as of March 31, 2022 or December 31, 2021. Common Stock - As of March 31, 2022 and December 31, 2021, the Company was authorized to issue 1,000,000,000 shares of common stock with a par value of $0.0001 per share. As of March 31, 2022, 33,078,916 and 32,806,893 shares were issued and outstanding, respectively, and 272,023 shares were held in treasury stock. As of December 31, 2021, 32,276,419 and 32,004,396 shares were issued and outstanding, respectively, and 272,023 shares were held in treasury stock.

Equity Compensation and Other B

Equity Compensation and Other Benefits	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Equity Compensation and Other Benefits	Equity Compensation and Other BenefitsThe Company's stock-based plans are described and informational disclosures are provided in the Notes to the Consolidated Financial Statements included in the Annual Report. Stock-based Compensation - Total stock-based compensation expense included in the Condensed Consolidated Statements of Operations (Unaudited) is as follows: Three Months Ended March 31, (in thousands) 2022 2021 Technology and facilities $ 1,870 $ 728 Sales and marketing 31 32 Personnel 4,872 4,067 Total stock-based compensation (1) $ 6,773 $ 4,827 (1) Amounts shown are net of $0.7 million of capitalized stock-based compensation for the three months ended March 31, 2022 and net of $0.3 million of capitalized stock-based compensation for the three months ended March 31, 2021. As of March 31, 2022, and December 31, 2021, the Company’s total unrecognized compensation cost related to unvested stock-based option awards granted to employees was $9.5 million and $6.9 million, respectively, which will be recognized over a weighted-average vesting period of approximately 2.8 years and 2.2 years, respectively. As of March 31, 2022 and December 31, 2021, the Company's total unrecognized compensation cost related to unvested restricted stock unit awards granted to employees was $72.2 million and $54.1 million, respectively, which will be recognized over a weighted average vesting period of approximately 3.1 years and 2.6 years, respectively.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Interest Income - Total interest income included in the Condensed Consolidated Statements of Operations (Unaudited) is as follows: Three Months Ended March 31, (in thousands) 2022 2021 Interest income Interest on loans $ 187,387 $ 125,682 Fees on loans 4,850 1,509 Total interest income 192,237 127,191 Non-interest Income - Total non-interest income included in the Condensed Consolidated Statements of Operations (Unaudited) is as follows: Three Months Ended March 31, (in thousands) 2022 2021 Non-interest income Gain on loan sales $ 5,715 $ 4,434 Servicing fees 3,957 3,078 Other income 12,811 610 Total non-interest income $ 22,483 $ 8,122

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended March 31, 2022 and 2021, the Company calculates its year-to-date income tax expense (benefit) by applying the estimated annual effective tax rate to the year-to-date income from operations before income taxes and adjusts the income tax expense (benefit) for discrete tax items recorded in the period. During the three months ended March 31, 2022 and 2021, the Company recorded income tax expense of $12.0 million and $1.0 million, respectively, related to continuing operations. The Company’s reported effective tax rates were 20.8% and 24.1% for the three months ended March 31, 2022 and 2021, respectively. Our effective tax rates for the three months ended March 31, 2022 and 2021 differ from the statutory tax rates primarily due to the impacts of the R&D tax credit and a one-time exercise of stock-based awards.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Financial Instruments at Fair Value The table below compares the fair value of loans receivable and asset-backed notes to their contractual balances for the periods shown: March 31, 2022 December 31, 2021 (in thousands) Unpaid Principal Balance Fair Value Unpaid Principal Balance Fair Value Assets Loans receivable $ 2,353,981 $ 2,450,987 $ 2,272,864 $ 2,386,807 Liabilities Asset-backed notes 1,654,412 1,593,435 1,654,412 1,651,706 The Company calculates the fair value of the asset-backed notes using independent pricing services and broker price indications, which are based on quoted prices for identical or similar notes, which are Level 2 input measures. The Company primarily uses a discounted cash flow model to estimate the fair value of Level 3 instruments based on the present value of estimated future cash flows. This model uses inputs that are inherently judgmental and reflect management’s best estimates of the assumptions a market participant would use to calculate fair value. The following tables present quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements for Loans Receivable at Fair Value. March 31, 2022 December 31, 2021 Minimum Maximum Weighted Average (3) Minimum Maximum Weighted Average Remaining cumulative charge-offs (1) 6.14% 47.89% 10.37% 6.75% 51.86% 9.60% Remaining cumulative prepayments (1) — 41.11% 33.16% — 44.25% 32.47% Principal payment rate (1)(2) —% —% 16.55% —% —% 18.07% Average life (years) 0.20 1.51 0.85 0.22 1.51 0.86 Discount rate 6.69 8.79 6.76% 6.90 8.35 6.94% (1) Figure disclosed as a percentage of outstanding principal balance. (2) Remaining cumulative prepayments are estimated to calculate fair value on the unsecured and secured loan receivables and principal payment rates are estimated on the credit card receivables. (3) Unobservable inputs were weighted by outstanding principal balance, which are grouped by risk (type of customer, original loan maturity terms). Fair value adjustments related to financial instruments where the fair value option has been elected are recorded through earnings for the three months ended March 31, 2022 and 2021. Certain unobservable inputs may (in isolation) have either a directionally consistent or opposite impact on the fair value of the financial instrument for a given change in that input. When multiple inputs are used within the valuation techniques for loans, a change in one input in a certain direction may be offset by an opposite change from another input. The Company developed internal models to estimate the fair value of loans receivable held for investment. To generate future expected cash flows, the models combine receivable characteristics with assumptions about borrower behavior based on the Company’s historical loan performance. These cash flows are then discounted using a required rate of return that management estimates would be used by a market participant. The Company tested the fair value models by comparing modeled cash flows to historical loan performance to ensure that the models were complete, accurate and reasonable for the Company’s use. The Company also engaged a third party to create an independent fair value estimate for the Loans Receivable at Fair Value, which provides a set of fair value marks using the Company’s historical loan performance data and whole loan sale prices to develop independent forecasts of borrower behavior. Their model generates expected cash flows which were then aggregated and compared to the Company’s actual cash flows within an acceptable range. The Company's internal valuation committee provides governance and oversight over the fair value pricing calculations and related financial statement disclosures. Additionally, this committee provides a challenge of the assumptions used and outputs of the model, including the appropriateness of such measures and periodically reviews the methodology and process to determine the fair value pricing. Any significant changes to the process must be approved by the committee. The table below presents a reconciliation of loans receivable at fair value on a recurring basis using significant unobservable inputs: Three Months Ended March 31, (in thousands) 2022 2021 Balance – beginning of period $ 2,386,807 $ 1,696,526 Principal disbursements 779,719 309,009 Principal payments from customers (1) (636,044) (315,887) Gross charge-offs (62,558) (40,959) Net increase (decrease) in fair value (1) (16,937) 21,562 Balance – end of period $ 2,450,987 $ 1,670,251 (1) The principal payment from customers shown for the three months ended March 31, 2022 includes $227.6 million of unpaid principal balance of loans sold in the 2022-1 transaction. The net increase (decrease) in fair value shown for the three months ended March 31, 2022 includes $15.9 million related to the cumulative fair value mark on the loans sold in the 2022-1 transaction. For details regarding the 2022-1 transaction, refer to Note 5, Loans Held for Sale and Loans Sold. As of March 31, 2022, the aggregate fair value of loans that are 90 days or more past due and in non-accrual status was $3.7 million, and the aggregate unpaid principal balance for loans that are 90 days or more past due was $23.0 million. As of December 31, 2021, the aggregate fair value of loans that are 90 days or more past due and in non-accrual status was $3.5 million, and the aggregate unpaid principal balance for loans that are 90 days or more past due was $20.7 million. Financial Instruments Disclosed But Not Carried at Fair Value The following table presents the carrying value and estimated fair values of financial assets and liabilities disclosed but not carried at fair value and the level within the fair value hierarchy: March 31, 2022 Carrying value Estimated fair value Estimated fair value (in thousands) Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 109,864 $ 109,864 $ 109,864 $ — $ — Restricted cash 60,694 60,694 60,694 — — Liabilities Accounts payable 4,253 4,253 4,253 — — Secured financing (Note 9) 477,000 467,430 — 467,430 — Acquisition financing (Note 9) 105,605 105,605 — 105,605 — December 31, 2021 Carrying value Estimated fair value Estimated fair value (in thousands) Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 130,959 $ 130,959 $ 130,959 $ — $ — Restricted cash 62,001 62,001 62,001 — — Loans held for sale (Note 5) 491 547 — — 547 Liabilities Accounts payable 8,343 8,343 8,343 — — Secured financing (Note 9) 398,000 396,081 — 396,081 — Acquisition financing (Note 9) 116,000 116,000 — 116,000 — The Company uses the following methods and assumptions to estimate fair value: • Cash, cash equivalents, restricted cash and accounts payable ‑ The carrying values of certain of the Company’s financial instruments, including cash and cash equivalents, restricted cash and accounts payable, approximate Level 1 fair values of these financial instruments due to their short-term nature. • Loans held for sale ‑ The fair values of loans held for sale are based on a negotiated agreement with the purchaser. • Secured financing ‑ The fair value of the secured financing facilities has been calculated using discount rates equivalent to the weighted-average market yield of comparable debt securities, which is a Level 2 input measure. ◦ Acquisition financing ‑ The fair value of the acquisition financing is estimated to equal carrying value due to it being a floating rate facility. There were no transfers in or out of Level 3 assets and liabilities for the three months ended March 31, 2022 and 2021 and the year ended December 31, 2021.

Leases, Commitments and Conting

Leases, Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Leases, Commitments and Contingencies	Leases, Commitments and Contingencies Leases - The Company’s leases are primarily for real property consisting of retail locations and office space and have remaining lease terms of 10 years or less. During the first quarter of 2022, we made the decision to close an additional 27 retail locations in April 2022 and we have incurred $0.2 million in expenses in the first quarter of 2022 related to the accelerated amortization of right of use assets. The Company has elected the practical expedient to keep leases with terms of 12 months or less off the balance sheet as no recognition of a lease liability and a right-of-use asset is required. Operating lease expense is recognized on a straight-line basis over the lease term in "Technology and facilities" in the Condensed Consolidated Statements of Operations (Unaudited). All of the Company’s existing lease arrangements are classified as operating leases. At the inception of a contract, the Company determines if the contract is or contains a lease. At the commencement date of a lease, the Company recognizes a lease liability equal to the present value of the lease payments and a right-of-use asset representing the Company's right to use the underlying asset for the duration of the lease term. The Company’s leases include options to extend or terminate the arrangement at the end of the original lease term. The Company generally does not include renewal or termination options in its assessment of the leases unless extension or termination for certain assets is deemed to be reasonably certain. Variable lease payments and short-term lease costs were deemed immaterial. The Company’s leases do not provide an explicit rate. The Company uses its contractual borrowing rate to determine lease discount rates. As of March 31, 2022, maturities of lease liabilities, excluding short-term leases and leases on a month-to-month basis, were as follows: (in thousands) Operating Leases Lease expense 2022 (remaining nine months) $ 11,228 2023 13,347 2024 11,264 2025 9,301 2026 3,427 2027 604 Thereafter 9 Total lease payments 49,180 Imputed interest (3,776) Total leases $ 45,404 Sublease income 2022 (remaining nine months) $ (448) 2023 and thereafter — Total lease payments (448) Imputed interest 3 Total sublease income $ (445) Net lease liabilities $ 44,959 Weighted average remaining lease term 3.7 years Weighted average discount rate 3.98 % As of December 31, 2021, maturities of lease liabilities, excluding short-term leases and leases on a month-to-month basis, were as follows: (in thousands) Operating Leases Lease expense 2022 14,927 2023 13,214 2024 11,142 2025 9,238 2026 3,387 Thereafter 706 Total lease payments 52,614 Imputed interest (4,030) Total leases 48,584 Sublease income 2022 (896) 2023 and thereafter — Total lease payments (896) Imputed interest 11 Total sublease income (885) Net lease liabilities 47,699 Weighted average remaining lease term 3.9 years Weighted average discount rate 4.01 % Rental expenses under operating leases for the three months ended March 31, 2022 and 2021, w a s $4.4 million and $9.4 million, respectively. Purchase Commitments ‑ The Company has commitments to purchase information technology and communication services in the ordinary course of business, with various terms through 2026. These amounts are not reflective of the Company’s entire anticipated purchases under the related agreements; rather, they are determined based on the non-cancelable amounts to which the Company is contractually obligated. The Company’s purchase obligations are $14.9 million for the remainder of 2022, $12.9 million in 2023, $4.2 million in 2024, $1.4 million in 2025 and $0.0 million in 2026 and thereafter. Bank Partnership Program and Servicing Agreement - The Company entered into a bank partnership program with MetaBank, N.A. on August 11, 2020. In accordance with the agreements underlying the bank partnership program, Oportun has a commitment to purchase an increasing percentage of program loans originated by MetaBank based on thresholds specified in the agreements. Lending under the partnership was launched in August of 2021 and as of March 31, 2022, the Company has a commitment to purchase an additional $3.4 million of program loans based on originations through March 31, 2022. Whole Loan Sale Program ‑ Through March 4, 2022, the Company had a commitment to sell to a third-party institutional investor 10% of its unsecured loan originations that satisfy certain eligibility criteria, and an additional 5% at the Company’s sole option. The Company chose not to renew the arrangement and allowed the agreement to expire on its terms on March 4, 2022. For details regarding the whole loan sale program, refer to Note 5, Loans Held for Sale and Loans Sold . Unfunded Loan and Credit Card Commitments - Unfunded loan and credit card commitments at March 31, 2022 and December 31, 2021 were $56.0 million and $39.8 million, respectively. WebBank has a direct obligation to borrowers to fund such credit card commitments subject to the respective account agreements with such borrowers; however, pursuant to the Receivables Purchase Agreement between WebBank and Oportun, Inc., the Company has the obligation to purchase receivables from WebBank representing these unfunded amounts. Litigation Legal Proceedings Resolved in 2021 For legal proceedings resolved in 2021, please refer to Note 16 of the Notes to the Consolidated Financial Statements in the Company's Form 10-K filed on March 1, 2022. Regulatory Proceedings On March 3, 2021, the Company received a Civil Investigative Demand (CID) from the CFPB. The stated purpose of the CID is to determine whether small-dollar lenders or associated persons, in connection with lending and debt-collection practices, have failed to comply with certain federal consumer protection laws over which the CFPB has jurisdiction. The Company has received additional information requests related to the CID. The information requests are focused on the Company’s legal collection practices from 2019 to 2021 and hardship treatments offered to members during the COVID-19 pandemic. Digit received a CID from the CFPB in June 2020. The CID was disclosed and discussed during the acquisition process. The stated purpose of the CID is to determine whether Digit, in connection with offering its products or services, misrepresented the terms, conditions, or costs of the products or services in a manner that is unfair, deceptive, or abusive. The Company, including Digit, are cooperating fully with the CFPB with respect to both of these matters and, although the Company believes that the business practices of the Company, including Digit, have been in full compliance with applicable laws, because the CFPB has broad authority to determine what it views as potential unfair, deceptive or abusive acts or practices, at this time, the Company is unable to predict the outcomes of these CFPB investigations. From time to time, the Company may bring or be subject to other legal proceedings and claims in the ordinary course of business, including legal proceedings with third parties asserting infringement of their intellectual property rights, consumer litigation, and regulatory proceedings. The Company is not presently a party to any other legal proceedings that, if determined adversely to the Company, would individually or taken together have a material adverse effect on its business, financial condition, cash flows or results of operations. See Part II. Item 1. Legal Proceedings for additional information regarding legal proceedings in which the Company is involved.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation ‑ The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). These statements are unaudited and reflect all normal, recurring adjustments that are, in management's opinion, necessary for the fair presentation of results. The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Certain prior-period financial information has been reclassified to conform to current period presentation. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and the related notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 (the "Annual Report"), filed with the Securities and Exchange Commission ("SEC") on March 1, 2022.
Use of Estimates	Use of Estimates ‑ The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of income and expenses during the reporting period. These estimates are based on information available as of the date of the condensed consolidated financial statements; therefore, actual results could differ from those estimates and assumptions.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards None.
Fair Value of Financial Instruments	Fair value adjustments related to financial instruments where the fair value option has been elected are recorded through earnings for the three months ended March 31, 2022 and 2021. Certain unobservable inputs may (in isolation) have either a directionally consistent or opposite impact on the fair value of the financial instrument for a given change in that input. When multiple inputs are used within the valuation techniques for loans, a change in one input in a certain direction may be offset by an opposite change from another input. The Company developed internal models to estimate the fair value of loans receivable held for investment. To generate future expected cash flows, the models combine receivable characteristics with assumptions about borrower behavior based on the Company’s historical loan performance. These cash flows are then discounted using a required rate of return that management estimates would be used by a market participant. The Company tested the fair value models by comparing modeled cash flows to historical loan performance to ensure that the models were complete, accurate and reasonable for the Company’s use. The Company also engaged a third party to create an independent fair value estimate for the Loans Receivable at Fair Value, which provides a set of fair value marks using the Company’s historical loan performance data and whole loan sale prices to develop independent forecasts of borrower behavior. Their model generates expected cash flows which were then aggregated and compared to the Company’s actual cash flows within an acceptable range. The Company's internal valuation committee provides governance and oversight over the fair value pricing calculations and related financial statement disclosures. Additionally, this committee provides a challenge of the assumptions used and outputs of the model, including the appropriateness of such measures and periodically reviews the methodology and process to determine the fair value pricing. Any significant changes to the process must be approved by the committee.
Short-term Leases	The Company has elected the practical expedient to keep leases with terms of 12 months or less off the balance sheet as no recognition of a lease liability and a right-of-use asset is required. Operating lease expense is recognized on a straight-line basis over the lease term in "Technology and facilities" in the Condensed Consolidated Statements of Operations (Unaudited).

Earnings (Loss) per Share (Tabl

Earnings (Loss) per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings (Loss) Per Share	Basic and diluted earnings (loss) per share are calculated as follows: Three Months Ended March 31, (in thousands, except share and per share data) 2022 2021 Net income $ 45,663 $ 3,019 Net income (loss) attributable to common stockholders $ 45,663 $ 3,019 Basic weighted-average common shares outstanding 32,216,641 27,770,063 Weighted average effect of dilutive securities: Stock options 733,503 1,274,818 Restricted stock units 372,990 575,153 Diluted weighted-average common shares outstanding 33,323,134 29,620,034 Earnings per share: Basic $ 1.42 $ 0.11 Diluted $ 1.37 $ 0.10
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following common share equivalent securities have been excluded from the calculation of diluted weighted-average common shares outstanding because the effect is anti-dilutive for the periods presented: Three Months Ended March 31, 2022 2021 Stock options 2,723,777 2,822,785 Restricted stock units 1,692,599 45,306 Total anti-dilutive common share equivalents 4,416,376 2,868,091

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The following table represents the assets and liabilities of consolidated VIEs recorded on the Company’s Condensed Consolidated Balance Sheets (Unaudited): March 31, December 31, (in thousands) 2022 2021 Consolidated VIE assets Restricted cash $ 33,246 $ 41,803 Loans receivable at fair value 2,344,635 2,267,205 Interest and fee receivable 20,767 19,869 Total VIE assets 2,398,648 2,328,877 Consolidated VIE liabilities Secured financing (1) 477,000 398,000 Asset-backed notes at fair value 1,593,435 1,651,706 Acquisition financing (1) 105,605 116,000 Total VIE liabilities $ 2,176,040 $ 2,165,706 (1) Amounts exclude deferred financing costs. See Note 9, Borrowings for additional information.

Capitalized Software, Other I_2

Capitalized Software, Other Intangibles, and Goodwill (Tables)	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Capitalization	Capitalized software, net consists of the following: March 31, December 31, (in thousands) 2022 2021 Capitalized software, net: System development costs $ 95,800 $ 84,550 Acquired developed technology 48,500 48,500 Less: Accumulated amortization (52,864) (45,433) Total capitalized software, net $ 91,436 $ 87,617
Schedule of Acquired Intangible Assets	The gross carrying amount and accumulated amortization, in total and by major intangible asset class are as follows: March 31, December 31, (in thousands) 2022 2021 Intangible assets: Member relationships $ 34,500 $ 34,500 Trademarks 6,426 6,364 Other 3,000 3,000 Less: Accumulated amortization (2,269) (300) Total intangible assets, net $ 41,657 $ 43,564
Schedule of Future Amortization Expense	Expected future amortization expense for intangible assets as of March 31, 2022 is as follows: (in thousands) Fiscal Years 2022 (remaining nine months) $ (5,980) 2023 (7,949) 2024 (7,798) 2025 (4,929) 2026 (4,929) 2027 (4,929) Thereafter (4,779) Total $ (41,293)

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	Other assets consist of the following: March 31, December 31, (in thousands) 2022 2021 Fixed assets Total fixed assets $ 44,955 $ 44,100 Less: Accumulated depreciation (35,370) (34,185) Total fixed assets, net $ 9,585 $ 9,915 Other Assets Loans held for sale — 491 Prepaid expenses 26,244 25,355 Deferred tax assets 3,565 3,923 Current tax assets 17,235 13,330 Other 17,610 19,330 Total other assets $ 74,239 $ 72,344

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Borrowings	The following table presents information regarding the Company's Secured Financing facilities: March 31, 2022 December 31, 2021 Variable Interest Entity Facility Amount Maturity Date (1) Interest Rate Balance Balance (in thousands) Oportun CCW Trust (1)(2) $ 150,000 December 1, 2023 Variable (1) $ 59,223 $ 40,108 Oportun PLW Trust 600,000 September 1, 2024 LIBOR (minimum of 0.00%) + 2.17% 414,088 353,781 Total secured financing $ 750,000 $ 473,311 $ 393,889 (1) The interest rate on the Secured Financing - CCW facility is LIBOR (minimum of 1.00%) plus 6.00% on the first $18.8 million of principal outstanding and LIBOR (minimum of 0.00%) plus 3.41% on the remaining outstanding principal balance. (2) The Credit Card Warehouse has an aggregate borrowing capacity of up to $150.0 million; comprised of $75.0 million committed purchase amount and $75.0 million uncommitted purchase amount. The following table presents information regarding asset-backed notes: March 31, 2022 Variable Interest Entity Initial note amount issued (a) Initial collateral balance (b) Current balance (a) Current collateral balance (b) Weighted average interest rate (c) Original revolving period (in thousands) Asset-backed notes recorded at fair value: Oportun Issuance Trust (Series 2021-C) $ 500,000 $ 512,762 $ 472,972 $ 519,735 2.48 % 3 years Oportun Issuance Trust (Series 2021-B) 500,000 512,759 475,772 520,594 2.05 % 3 years Oportun Funding XIV, LLC (Series 2021-A) 375,000 383,632 364,808 390,705 1.79 % 2 years Oportun Funding XIII, LLC (Series 2019-A) 279,412 294,118 279,883 299,832 3.46 % 3 years Total asset-backed notes recorded at fair value $ 1,654,412 $ 1,703,271 $ 1,593,435 $ 1,730,866 December 31, 2021 Variable Interest Entity Initial note amount issued (a) Initial collateral balance (b) Current balance (a) Current collateral balance (b) Weighted average interest rate ( c) Original revolving period (in thousands) Asset-backed notes recorded at fair value: Oportun Issuance Trust (Series 2021-C) $ 500,000 $ 512,762 $ 497,774 $ 525,436 2.48 % 3 years Oportun Issuance Trust (Series 2021-B) 500,000 512,759 498,487 521,174 2.05 % 3 years Oportun Funding XIV, LLC (Series 2021-A) 375,000 383,632 374,363 391,325 1.79 % 2 years Oportun Funding XIII, LLC (Series 2019-A) 279,412 294,118 281,082 299,310 3.46 % 3 years Total asset-backed notes recorded at fair value $ 1,654,412 $ 1,703,271 $ 1,651,706 $ 1,737,245 (a) Initial note amount issued includes notes retained by the Company as applicable. The current balances are measured at fair value for asset-backed notes recorded at fair value. (b) Includes the unpaid principal balance of loans receivable, cash, cash equivalents and restricted cash pledged by the Company. (c) Weighted average interest rate excludes notes retained by the Company. The following table presents information regarding the Company's Acquisition Financing: March 31, 2022 December 31, 2021 Variable Interest Entity Original Balance Maturity Date Interest Rate Balance Balance (in thousands) Oportun RF, LLC $ 116,000 October 1, 2024 LIBOR (minimum of 0.00%) + 8.00% $ 103,869 $ 114,092

Other Liabilities (Tables)

Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Other Liabilities Disclosure [Abstract]
Other Liabilities	Other Liabilities Other liabilities consist of the following: March 31, December 31, (in thousands) 2022 2021 Accounts payable $ 4,253 $ 8,343 Accrued compensation 18,824 36,417 Accrued expenses 28,946 36,464 Accrued interest 2,714 3,276 Amount due to whole loan buyer 17,289 14,062 Deferred tax liabilities 43,415 28,424 Current tax liabilities and other 11,600 8,372 Total other liabilities $ 127,041 $ 135,358

Equity Compensation and Other_2

Equity Compensation and Other Benefits (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Equity Compensation and Other Benefits	Stock-based Compensation - Total stock-based compensation expense included in the Condensed Consolidated Statements of Operations (Unaudited) is as follows: Three Months Ended March 31, (in thousands) 2022 2021 Technology and facilities $ 1,870 $ 728 Sales and marketing 31 32 Personnel 4,872 4,067 Total stock-based compensation (1) $ 6,773 $ 4,827 (1) Amounts shown are net of $0.7 million of capitalized stock-based compensation for the three months ended March 31, 2022 and net of $0.3 million of capitalized stock-based compensation for the three months ended March 31, 2021.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Interest Income	Interest Income - Total interest income included in the Condensed Consolidated Statements of Operations (Unaudited) is as follows: Three Months Ended March 31, (in thousands) 2022 2021 Interest income Interest on loans $ 187,387 $ 125,682 Fees on loans 4,850 1,509 Total interest income 192,237 127,191
Non-Interest Income	Non-interest Income - Total non-interest income included in the Condensed Consolidated Statements of Operations (Unaudited) is as follows: Three Months Ended March 31, (in thousands) 2022 2021 Non-interest income Gain on loan sales $ 5,715 $ 4,434 Servicing fees 3,957 3,078 Other income 12,811 610 Total non-interest income $ 22,483 $ 8,122

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value of Loans Receivable and Asset-Backed Notes	The table below compares the fair value of loans receivable and asset-backed notes to their contractual balances for the periods shown: March 31, 2022 December 31, 2021 (in thousands) Unpaid Principal Balance Fair Value Unpaid Principal Balance Fair Value Assets Loans receivable $ 2,353,981 $ 2,450,987 $ 2,272,864 $ 2,386,807 Liabilities Asset-backed notes 1,654,412 1,593,435 1,654,412 1,651,706
Quantitative Information About Significant Unobservable Inputs	The following tables present quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements for Loans Receivable at Fair Value. March 31, 2022 December 31, 2021 Minimum Maximum Weighted Average (3) Minimum Maximum Weighted Average Remaining cumulative charge-offs (1) 6.14% 47.89% 10.37% 6.75% 51.86% 9.60% Remaining cumulative prepayments (1) — 41.11% 33.16% — 44.25% 32.47% Principal payment rate (1)(2) —% —% 16.55% —% —% 18.07% Average life (years) 0.20 1.51 0.85 0.22 1.51 0.86 Discount rate 6.69 8.79 6.76% 6.90 8.35 6.94% (1) Figure disclosed as a percentage of outstanding principal balance. (2) Remaining cumulative prepayments are estimated to calculate fair value on the unsecured and secured loan receivables and principal payment rates are estimated on the credit card receivables. (3) Unobservable inputs were weighted by outstanding principal balance, which are grouped by risk (type of customer, original loan maturity terms).
Reconciliation of Loans Receivable at Fair Value Using Significant Unobservable Inputs	The table below presents a reconciliation of loans receivable at fair value on a recurring basis using significant unobservable inputs: Three Months Ended March 31, (in thousands) 2022 2021 Balance – beginning of period $ 2,386,807 $ 1,696,526 Principal disbursements 779,719 309,009 Principal payments from customers (1) (636,044) (315,887) Gross charge-offs (62,558) (40,959) Net increase (decrease) in fair value (1) (16,937) 21,562 Balance – end of period $ 2,450,987 $ 1,670,251 (1) The principal payment from customers shown for the three months ended March 31, 2022 includes $227.6 million of unpaid principal balance of loans sold in the 2022-1 transaction. The net increase (decrease) in fair value shown for the three months ended March 31, 2022 includes $15.9 million related to the cumulative fair value mark on the loans sold in the 2022-1 transaction. For details regarding the 2022-1 transaction, refer to Note 5, Loans Held for Sale and Loans Sold.
Carry Value and Estimated Fair Values of Financial Assets and Liabilities	The following table presents the carrying value and estimated fair values of financial assets and liabilities disclosed but not carried at fair value and the level within the fair value hierarchy: March 31, 2022 Carrying value Estimated fair value Estimated fair value (in thousands) Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 109,864 $ 109,864 $ 109,864 $ — $ — Restricted cash 60,694 60,694 60,694 — — Liabilities Accounts payable 4,253 4,253 4,253 — — Secured financing (Note 9) 477,000 467,430 — 467,430 — Acquisition financing (Note 9) 105,605 105,605 — 105,605 — December 31, 2021 Carrying value Estimated fair value Estimated fair value (in thousands) Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 130,959 $ 130,959 $ 130,959 $ — $ — Restricted cash 62,001 62,001 62,001 — — Loans held for sale (Note 5) 491 547 — — 547 Liabilities Accounts payable 8,343 8,343 8,343 — — Secured financing (Note 9) 398,000 396,081 — 396,081 — Acquisition financing (Note 9) 116,000 116,000 — 116,000 —

Leases, Commitments and Conti_2

Leases, Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Maturities of Lease Liabilities	As of March 31, 2022, maturities of lease liabilities, excluding short-term leases and leases on a month-to-month basis, were as follows: (in thousands) Operating Leases Lease expense 2022 (remaining nine months) $ 11,228 2023 13,347 2024 11,264 2025 9,301 2026 3,427 2027 604 Thereafter 9 Total lease payments 49,180 Imputed interest (3,776) Total leases $ 45,404 Sublease income 2022 (remaining nine months) $ (448) 2023 and thereafter — Total lease payments (448) Imputed interest 3 Total sublease income $ (445) Net lease liabilities $ 44,959 Weighted average remaining lease term 3.7 years Weighted average discount rate 3.98 % As of December 31, 2021, maturities of lease liabilities, excluding short-term leases and leases on a month-to-month basis, were as follows: (in thousands) Operating Leases Lease expense 2022 14,927 2023 13,214 2024 11,142 2025 9,238 2026 3,387 Thereafter 706 Total lease payments 52,614 Imputed interest (4,030) Total leases 48,584 Sublease income 2022 (896) 2023 and thereafter — Total lease payments (896) Imputed interest 11 Total sublease income (885) Net lease liabilities 47,699 Weighted average remaining lease term 3.9 years Weighted average discount rate 4.01 %

Earnings (Loss) per Share - Ear

Earnings (Loss) per Share - Earnings Per Share Calculation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income	$ 45,663	$ 3,019
Net income (loss) attributable to common stockholders	$ 45,663	$ 3,019
Basic weighted-average common shares outstanding (in shares)	32,216,641	27,770,063
Weighted average effect of dilutive securities:
Diluted weighted-average common shares outstanding (in shares)	33,323,134	29,620,034
Earnings per share:
Basic (in USD per share)	$ 1.42	$ 0.11
Diluted (in USD per share)	$ 1.37	$ 0.10
Stock options
Weighted average effect of dilutive securities:
Equity compensation (in shares)	733,503	1,274,818
Restricted stock units
Weighted average effect of dilutive securities:
Equity compensation (in shares)	372,990	575,153

Earnings (Loss) per Share - Ant

Earnings (Loss) per Share - Anti-dilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents (in shares)	4,416,376	2,868,091
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents (in shares)	2,723,777	2,822,785
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents (in shares)	1,692,599	45,306

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Variable Interest Entity [Line Items]
Restricted cash	$ 60,694	$ 62,001	$ 42,765
Loans receivable at fair value	2,450,987	2,386,807
Interest and fees receivable, net	22,823	20,916
Total VIE assets	2,992,551	2,946,625
Secured financing	473,311	393,889
Asset-backed notes at fair value	1,593,435	1,651,706
Acquisition financing	103,869	114,092
Total VIE liabilities	2,342,615	2,342,744
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Restricted cash	33,246	41,803
Loans receivable at fair value	2,344,635	2,267,205
Interest and fees receivable, net	20,767	19,869
Total VIE assets	2,398,648	2,328,877
Secured financing	477,000	398,000
Asset-backed notes at fair value	1,593,435	1,651,706
Acquisition financing	105,605	116,000
Total VIE liabilities	$ 2,176,040	$ 2,165,706

Loans Held for Sale and Loans_2

Loans Held for Sale and Loans Sold (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2022	Mar. 31, 2021
Marketable Securities [Line Items]
Minimum loans to be sold under Whole Loan Sale Agreement	10.00%	10.00%
Additional loans to be sold under Whole Loan Sale Agreement	5.00%	5.00%
Originations of loans sold and held for sale		$ 48,665	$ 33,464
Gain on sale of loans		5,715	4,434
Servicing fees		3,957	3,078
Asset-backed Securities, Securitized Loans and Receivables
Marketable Securities [Line Items]
Amount issued	$ 400,000
Aggregate unpaid principal balance	227,600
Cumulative fair value mark	15,900
Unpaid interest and fees, net	1,500
Proceeds from securitizations of loans held-for-investment	$ 245,000
Whole Loan Sale Program
Marketable Securities [Line Items]
Originations of loans sold and held for sale		48,700	33,500
Gain on sale of loans		5,700	4,400
Servicing fees		$ 4,000	$ 3,100

Acquisition (Details)

Acquisition (Details) - Hello Digit, Inc. - USD ($) $ in Millions	Dec. 22, 2021	Mar. 31, 2022
Business Acquisition [Line Items]
Total consideration	$ 205.3
Acquisition related costs		$ 7.3

Capitalized Software, Other I_3

Capitalized Software, Other Intangibles, and Goodwill - Schedule of Capitalization (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Dec. 22, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
Less: Accumulated amortization	$ (52,864)	$ (45,433)
Total capitalized software, net	91,436	87,617
Software and Software Development Costs
Acquired Finite-Lived Intangible Assets [Line Items]
Capitalized software, net:	95,800	84,550
Acquired Software
Acquired Finite-Lived Intangible Assets [Line Items]
Capitalized software, net:	$ 48,500	$ 48,500	$ 48,500

Capitalized Software, Other I_4

Capitalized Software, Other Intangibles, and Goodwill - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 22, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
System development costs	$ 11,200,000	$ 5,800,000
Amortization of intangible assets	(2,000,000)	0
Goodwill from acquisition	104,000,000
Goodwill adjustment	100,000
Impairment	0		$ 0
Software Development
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of system development costs	7,400,000	$ 3,500,000
Acquired Software
Acquired Finite-Lived Intangible Assets [Line Items]
Capitalized computer software, gross	$ 48,500,000		$ 48,500,000	$ 48,500,000

Capitalized Software, Other I_5

Capitalized Software, Other Intangibles, and Goodwill - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
Less: Accumulated amortization	$ (2,269)	$ (300)
Total intangible assets, net	41,657	43,564
Member relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	34,500	34,500
Trademarks
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	6,426	6,364
Other
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 3,000	$ 3,000

Capitalized Software, Other I_6

Capitalized Software, Other Intangibles, and Goodwill - Schedule of Amortization Expense (Details) $ in Thousands	Mar. 31, 2022USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022 (remaining nine months)	$ (5,980)
2023	(7,949)
2024	(7,798)
2025	(4,929)
2026	(4,929)
2027	(4,929)
Thereafter	(4,779)
Total	$ (41,293)

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fixed assets
Total fixed assets	$ 44,955	$ 44,100
Less: Accumulated depreciation	(35,370)	(34,185)
Total fixed assets, net	9,585	9,915
Other Assets
Loans held for sale	0	491
Prepaid expenses	26,244	25,355
Deferred tax assets	3,565	3,923
Current tax assets	17,235	13,330
Other	17,610	19,330
Total other assets	$ 74,239	$ 72,344

Other Assets - Narrative (Detai

Other Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Depreciation	$ 1.3	$ 3.5

Borrowings (Details)

Borrowings (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Facility amount	$ 750,000,000
Current balance	473,311,000	$ 393,889,000
Current balance	1,593,435,000	1,651,706,000
Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Current balance	477,000,000	398,000,000
Current balance	1,593,435,000	1,651,706,000
Variable Interest Entity, Primary Beneficiary | Oportun RF, LLC
Debt Instrument [Line Items]
Initial note amount issued	116,000,000
Variable interest entity, balance	$ 103,869,000	114,092,000
Variable Interest Entity, Primary Beneficiary | Oportun RF, LLC | Minimum
Debt Instrument [Line Items]
Interest Rate, basis spread	0.00%
Variable Interest Entity, Primary Beneficiary | Oportun RF, LLC | Maximum
Debt Instrument [Line Items]
Interest Rate, basis spread	8.00%
Credit Facility | Warehouse Facility
Debt Instrument [Line Items]
Facility amount	$ 600,000,000
Current balance	$ 414,088,000	353,781,000
Credit Facility | Warehouse Facility | LIBOR
Debt Instrument [Line Items]
Interest Rate, basis spread minimum	0.00%
Interest Rate, basis spread	2.17%
Credit Facility | Secured Warehouse Facility CCW
Debt Instrument [Line Items]
Facility amount	$ 150,000,000
Current balance	59,223,000	40,108,000
Credit Facility | Secured Warehouse Facility CCW | Purchase Commitment
Debt Instrument [Line Items]
Facility amount	75,000,000
Credit Facility | Secured Warehouse Facility CCW | Uncommitted Purchase Amount
Debt Instrument [Line Items]
Facility amount	$ 75,000,000
Credit Facility | Secured Warehouse Facility CCW | LIBOR | Minimum
Debt Instrument [Line Items]
Interest Rate, basis spread	1.00%
Credit Facility | Secured Warehouse Facility CCW | LIBOR | Maximum
Debt Instrument [Line Items]
Interest Rate, basis spread	6.00%
Asset-Backed Notes
Debt Instrument [Line Items]
Initial note amount issued	$ 1,654,412,000	1,654,412,000
Current balance	1,593,435,000	1,651,706,000
Asset-Backed Notes | Initial Collateral
Debt Instrument [Line Items]
Initial collateral balance	1,703,271,000	1,703,271,000
Asset-Backed Notes | Current Collateral
Debt Instrument [Line Items]
Initial collateral balance	1,730,866,000	1,737,245,000
Asset-Backed Notes | Oportun Issuance Trust (Series 2021-C)
Debt Instrument [Line Items]
Initial note amount issued	500,000,000	500,000,000
Current balance	$ 472,972,000	$ 497,774,000
Weighted average interest rate	2.48%	2.48%
Original revolving period	3 years	3 years
Asset-Backed Notes | Oportun Issuance Trust (Series 2021-C) | Initial Collateral
Debt Instrument [Line Items]
Initial collateral balance	$ 512,762,000	$ 512,762,000
Asset-Backed Notes | Oportun Issuance Trust (Series 2021-C) | Current Collateral
Debt Instrument [Line Items]
Initial collateral balance	519,735,000	525,436,000
Asset-Backed Notes | Oportun Issuance Trust (Series 2021-B)
Debt Instrument [Line Items]
Initial note amount issued	500,000,000	500,000,000
Current balance	$ 475,772,000	$ 498,487,000
Weighted average interest rate	2.05%	2.05%
Original revolving period	3 years	3 years
Asset-Backed Notes | Oportun Issuance Trust (Series 2021-B) | Initial Collateral
Debt Instrument [Line Items]
Initial collateral balance	$ 512,759,000	$ 512,759,000
Asset-Backed Notes | Oportun Issuance Trust (Series 2021-B) | Current Collateral
Debt Instrument [Line Items]
Initial collateral balance	520,594,000	521,174,000
Asset-Backed Notes | Oportun Funding XIV, LLC (Series 2021-A)
Debt Instrument [Line Items]
Initial note amount issued	375,000,000	375,000,000
Current balance	$ 364,808,000	$ 374,363,000
Weighted average interest rate	1.79%	1.79%
Original revolving period	2 years	2 years
Asset-Backed Notes | Oportun Funding XIV, LLC (Series 2021-A) | Initial Collateral
Debt Instrument [Line Items]
Initial collateral balance	$ 383,632,000	$ 383,632,000
Asset-Backed Notes | Oportun Funding XIV, LLC (Series 2021-A) | Current Collateral
Debt Instrument [Line Items]
Initial collateral balance	390,705,000	391,325,000
Asset-Backed Notes | Oportun Funding XIII, LLC (Series 2019-A)
Debt Instrument [Line Items]
Initial note amount issued	279,412,000	279,412,000
Current balance	$ 279,883,000	$ 281,082,000
Weighted average interest rate	3.46%	3.46%
Original revolving period	3 years	3 years
Asset-Backed Notes | Oportun Funding XIII, LLC (Series 2019-A) | Initial Collateral
Debt Instrument [Line Items]
Initial collateral balance	$ 294,118,000	$ 294,118,000
Asset-Backed Notes | Oportun Funding XIII, LLC (Series 2019-A) | Current Collateral
Debt Instrument [Line Items]
Initial collateral balance	$ 299,832,000	$ 299,310,000
Asset-Backed Notes | Secured Warehouse Facility CCW | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate, outstanding principal	0.00%
Asset-Backed Notes | Secured Warehouse Facility CCW | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate, outstanding principal	3.41%
Asset-Backed Notes | Credit Card Warehouse Facility
Debt Instrument [Line Items]
Principal threshold to trigger different interest rate	$ 18,800,000

Other Liabilities (Details)

Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Accounts payable	$ 4,253	$ 8,343
Accrued compensation	18,824	36,417
Accrued expenses	28,946	36,464
Accrued interest	2,714	3,276
Amount due to whole loan buyer	17,289	14,062
Deferred tax liabilities	43,415	28,424
Current tax liabilities and other	11,600	8,372
Total other liabilities	$ 127,041	$ 135,358

Stockholders' Equity (Details)

Stockholders' Equity (Details) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock, shares issued (in shares)	33,078,916	32,276,419
Common stock, shares outstanding (in shares)	32,806,893	32,004,396
Treasury stock, shares (in shares)	272,023	272,023

Equity Compensation and Other_3

Equity Compensation and Other Benefits (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 6,773	$ 4,827
Capitalized compensation expense	700	300
Income tax expense (benefit) recognized in the income statement for stock-based compensation arrangements	700
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized compensation cost	$ 9,500		$ 6,900
Unrecognized compensation cost, period for recognition	2 years 9 months 18 days		2 years 2 months 12 days
Restricted stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized compensation cost	$ 72,200		$ 54,100
Unrecognized compensation cost, period for recognition	3 years 1 month 6 days		2 years 7 months 6 days
Technology and facilities
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 1,870	728
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	31	32
Personnel
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 4,872	$ 4,067

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Interest income
Interest on loans	$ 187,387	$ 125,682
Fees on loans	4,850	1,509
Total interest income	192,237	127,191
Non-interest income
Gain on loan sales	5,715	4,434
Servicing fees	3,957	3,078
Other income	12,811	610
Total non-interest income	$ 22,483	$ 8,122

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income tax expense	$ 12,007	$ 956
Effective tax rate	20.80%	24.10%

Fair Value of Financial Instr_3

Fair Value of Financial Instruments Financial Instruments at Fair Value (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable, unpaid principal balance	$ 2,353,981		$ 2,272,864
Loans receivable, fair value	2,450,987		2,386,807
Asset-backed notes, unpaid principal balance	1,654,412		1,654,412
Asset-backed notes at fair value	1,593,435		1,651,706
Fair value of loans 90 days or more past due	3,700		3,500
Aggregate unpaid principal balance of loans 90 days or more past due	$ 23,000		$ 20,700
Level 3 | Remaining cumulative charge-offs | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for unsecured personal loan portfolio	0.0614		0.0675
Level 3 | Remaining cumulative charge-offs | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for unsecured personal loan portfolio	0.4789		0.5186
Level 3 | Remaining cumulative charge-offs | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for unsecured personal loan portfolio	0.1037		0.0960
Level 3 | Remaining cumulative prepayments | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for unsecured personal loan portfolio	0		0
Level 3 | Remaining cumulative prepayments | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for unsecured personal loan portfolio	0.4111		0.4425
Level 3 | Remaining cumulative prepayments | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for unsecured personal loan portfolio	0.3316		0.3247
Level 3 | Measurement Input, Principal Payment Rate | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for unsecured personal loan portfolio	0		0
Level 3 | Measurement Input, Principal Payment Rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for unsecured personal loan portfolio	0		0
Level 3 | Measurement Input, Principal Payment Rate | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for unsecured personal loan portfolio	0.1655		0.1807
Level 3 | Average life (years) | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for unsecured personal loan portfolio	0.20		0.22
Level 3 | Average life (years) | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for unsecured personal loan portfolio	1.51		1.51
Level 3 | Average life (years) | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for unsecured personal loan portfolio	0.85		0.86
Level 3 | Discount rate | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for unsecured personal loan portfolio	0.0669		0.0690
Level 3 | Discount rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for unsecured personal loan portfolio	0.0879		0.0835
Level 3 | Discount rate | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for unsecured personal loan portfolio	0.0676		0.0694
Loans receivable at fair value | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance – beginning of period	$ 2,386,807	$ 1,696,526
Principal disbursements	779,719	309,009
Principal payments from customers	636,044	315,887
Gross charge-offs	(62,558)	(40,959)
Net increase (decrease) in fair value	(16,937)	21,562
Balance – end of period	2,450,987	$ 1,670,251
Loans receivable at fair value | Level 3 | Variable Interest Entity, Not Primary Beneficiary
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Principal payments from customers	227,600
Net increase (decrease) in fair value	$ 15,900

Fair Value of Financial Instr_4

Fair Value of Financial Instruments Financial Instruments at Amortized Cost (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Liabilities
Transfers into level 3	$ 0	$ 0
Transfers out of level 3	0	$ 0
Level 1
Assets
Cash and cash equivalents	109,864,000		$ 130,959,000
Restricted cash	60,694,000		62,001,000
Loans held for sale and loans sold			0
Liabilities
Accounts payable	4,253,000		8,343,000
Secured financing	0		0
Asset-backed notes at amortized cost	0		0
Level 2
Assets
Cash and cash equivalents	0		0
Restricted cash	0		0
Loans held for sale and loans sold			0
Liabilities
Accounts payable	0		0
Secured financing	467,430,000		396,081,000
Asset-backed notes at amortized cost	105,605,000		116,000,000
Level 3
Assets
Cash and cash equivalents	0		0
Restricted cash	0		0
Loans held for sale and loans sold			547,000
Liabilities
Accounts payable	0		0
Secured financing	0		0
Asset-backed notes at amortized cost	0		0
Carrying value
Assets
Cash and cash equivalents	109,864,000		130,959,000
Restricted cash	60,694,000		62,001,000
Loans held for sale and loans sold			491,000
Liabilities
Accounts payable	4,253,000		8,343,000
Secured financing	477,000,000		398,000,000
Asset-backed notes at amortized cost	105,605,000		116,000,000
Estimated fair value
Assets
Cash and cash equivalents	109,864,000		130,959,000
Restricted cash	60,694,000		62,001,000
Loans held for sale and loans sold			547,000
Liabilities
Accounts payable	4,253,000		8,343,000
Secured financing	467,430,000		396,081,000
Asset-backed notes at amortized cost	$ 105,605,000		$ 116,000,000

Leases, Commitments and Conti_3

Leases, Commitments and Contingencies - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)retailLocations	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Restructuring Cost and Reserve [Line Items]
Retail locations | retailLocations	27
Restructuring costs	$ 0.2
Rental expenses under operating leases	$ 4.4	$ 9.4
Minimum loans to be sold under Whole Loan Sale Agreement	10.00%
Additional loans to be sold under Whole Loan Sale Agreement	5.00%
Unfunded loan and credit card commitments	$ 56		$ 39.8
Information Technology and Communication Services
Restructuring Cost and Reserve [Line Items]
Purchase obligation, remainder of 2022	14.9
Purchase obligation, 2023	12.9
Purchase obligation, 2024	4.2
Purchase obligation, 2025	1.4
Purchase obligation, 2026 and thereafter	0
Bank Partnership Program and Servicing Agreement Loans
Restructuring Cost and Reserve [Line Items]
Purchase commitment	$ 3.4
Maximum
Restructuring Cost and Reserve [Line Items]
Remaining lease term	10 years

Leases, Commitments and Conti_4

Leases, Commitments and Contingencies - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Lease expense
Remainder of fiscal year	$ 11,228
Year one	13,347	$ 14,927
Year two	11,264	13,214
Year three	9,301	11,142
Year four	3,427	9,238
Year five	604	3,387
Thereafter	9	706
Total lease payments	49,180	52,614
Imputed interest	$ (3,776)	$ (4,030)
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Net lease liabilities	Net lease liabilities
Total leases	$ 45,404	$ 48,584
Sublease income
Remainder of fiscal year	(448)
Year one		(896)
Year 2 and thereafter	0	0
Total lease payments	(448)	(896)
Imputed interest	3	11
Total sublease income	(445)	(885)
Net lease liabilities	$ 44,959	$ 47,699
Weighted average remaining lease term	3 years 8 months 12 days	3 years 10 months 24 days
Weighted average discount rate	3.98%	4.01%