Controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2022
OppFi sues over California interest-rate cap
Lawsuit filed
OppFi sued California’s banking commissioner, arguing that its high-cost loans made in partnership with FinWise Bank should not be subject to the state’s 36% annual interest-rate cap. OppFi sought a declaration that the loans do not violate the cap; the article reports that the agency had not taken formal action.
Stated objective. OppFi said it filed the lawsuit so it can continue to serve close to 7.2 million Californians in need of credit.
Source excerpt
While the agency has not taken a formal action, OppFi said in a press release it filed the lawsuit so it "can continue to serve close to 7.2 million Californians in need of credit."
The fintech lender OppFi is suing California’s banking commissioner, arguing its high-cost loans should not be subject to the state’s annual interest rate cap of 36% because they’re made in partnership with a bank.