Product Manager - Line of Credit
About the Company
Purpose Financial, Inc. is an innovative consumer financial services company offering a diverse suite of credit products to promote financial inclusion. Since 1997, the company has pioneered consumer credit and financial services, operating over 800 storefront locations and online lending across 23 states. Purpose Financial employs over 2,500 team members and is headquartered in downtown Greenville, South Carolina.
About the Role
The Product Manager (P&L Management - Line of Credit) is responsible for ensuring the profitability and financial success of the Line of Credit Product. This role collaborates with operations, data science, and state leaders to drive product performance, optimize design, and achieve P&L targets. The focus includes managing the existing Line of Credit Product and identifying opportunities in new markets.
Responsibilities
- Lead P&L management for assigned products, ensuring alignment with financial goals and company strategy.
- Conduct competitive and market analysis to inform product pricing, loan amounts, terms, and refinance/draw frequency.
- Collaborate with state operational leaders to tailor strategies for specific markets.
- Analyze unit-level profitability and bridge findings to monthly portfolio performance.
- Identify key levers to maximize revenue and control costs, influencing acquisition, servicing, and operational efficiencies.
- Monitor product performance against budget, adjusting strategies to exceed profit margins.
- Partner with data science to refine credit risk models, cutoffs, and fraud controls.
- Work with marketing on acquisition strategies, including direct mail, branch calling, and lead generation.
- Align with collections teams to develop unique strategies based on delinquency buckets and collectability scores.
- Collaborate with Hispanic and Purpose Money teams to design cross-sell opportunities and integrated product offerings.
- Coordinate with tech scrum teams to implement product enhancements.
- Provide regular financial performance updates and insights to senior management.
- Utilize data visualization tools (e.g., Tableau) for informed, data-driven decision-making.
- Develop and present monthly, quarterly, and annual P&L reviews.
Requirements
- Bachelor’s degree in Finance, Economics, Business Administration, or a related field, or equivalent relevant experience. A master’s degree or professional certification (such as CFA or CPA) is a plus.
- Minimum of 3 years of experience in consumer lending (preferably within the non-prime sector) or a related industry.
- Minimum of 3 years of experience in financial analysis, product management, or a related field, preferably in consumer lending or financial services.
- Strong analytical skills with the ability to interpret complex financial data.
- Proficiency in financial modeling and data analysis tools.
- Excellent communication and presentation skills.
- Ability to work collaboratively across teams and with senior management.
- Experience developing system-level requirements is a plus.
Skills
- Action-Oriented
- Customer Commitment
- OKR Purpose-Driven
- Vision-Driven
Benefits
- Competitive wages
- Health and life benefits
- Health Savings Account with employer seed
- 401(k) Savings Plan with company match
- Paid parental leave
- Company-paid holidays
- Paid Time Off, including volunteer time
- Tuition reimbursement
- Business casual environment
- Rewards and recognition program
- Employee Assistance Program
- Free parking, onsite gym, and free snacks/drinks at the downtown Greenville office
Physical Requirements
- Sitting for long periods of time; standing occasionally; walking; bending; squatting; kneeling; pushing/pulling; reaching; twisting.
- Frequent lifting of less than 10 lbs., occasional lifting of up to 20 lbs.
- Typing; data entry; grasping; transferring items between hands and/or to another person or receptacle.
- Use of office equipment, including computers.
- Ability to travel to, be physically present at, and complete the physical requirements of the position at any assigned location (travel less than 10%).
Must be eligible to work in the USA and able to pass a background check.