OppLoans Violates State Interest Rate Caps Thanks to “Fake Lender” Rule

A new graphic provided by the National Consumer Law Center (NCLC) demonstrates how online lender OppLoans violates state interest rate caps and charges 160% interest rates by using a “rent-a-bank” scheme. Such schemes are allowable under a Trump-era rule authorized by the Office of the Comptroller of the Treasury.

Consumer advocates are calling on Congress to take action to repeal this rule that benefits payday predators and debt trap lenders like OppLoans.

Predatory small business…