OppFi Keeps Fighting to Legalize Loan Sharking

Fintech lender battles in California to charge 160% interest rates

Photo by Chase Baker on Unsplash

I wrote back in March about fintech lender OppFi’s California quest to keep charging 160% interest rates in defiance of state law.

OppFi Seeks Permission to Keep Charging Outrageous Interest Rates

More recently, OppFi has come under fire in Texas for using a “rent-a-bank” scheme to issue loans with 130% interest rates:

Don’t Mess with Texas: Fintech Lender OppFi Sued for Charging 130% Interest on Loans

Now, the California case is moving forward — and Jason Mikula at Fintech Business Weekly reports on how that’s going:

California DFPI’s latest filing details the agency’s opposition to OppFi’s demurrer, which asked the court to block the DFPI’s attempt to apply California usury law to the loans in question.