Independent profile — not affiliated with OppFi (OppLoans)
OppFi (OppLoans)
OppFi Inc. (NYSE: OPFI), operating as OppLoans through its wholly owned subsidiary Opportunity Financial, LLC, is a Chicago-based installment-loan platform for non-prime consumers, with loans currently ranging roughly 59%-195% APR and funded by bank partners (FinWise Bank, First Electronic Bank, Capital Community Bank) under a structure critics call 'rent-a-bank.' The District of Columbia's Attorney General settled allegations along these lines in 2021 (over $2 million in consumer relief) without OppFi admitting wrongdoing. California's financial regulator (DFPI) pursued a similar 'true lender' theory seeking at least $100 million in penalties, but a state court rejected that theory and granted OppFi summary judgment in May 2026; DFPI has appealed. OppFi has a pending ~$130 million deal to acquire BNCCORP/BNC National Bank, which 17 state attorneys general have asked federal regulators to reject.
Complaint Themes
Independent Sources
Shown for context — not merged with USAComplaints' own numbers.
Contacts
- Website: https://www.oppfi.com
- OppLoans consumer service: 1-800-990-9130
Locations
| Type | Address |
|---|---|
| Headquarters | 130 E. Randolph Street, Suite 3400 Chicago IL 60601 |
Corporate background and business model
OppFi was founded in 2012 by Todd Schwartz as Opportunity Financial (BBB separately records a business-start date of October 6, 2009); Schwartz remains Executive Chairman and became CEO in February 2022. The company went public via a SPAC merger with FG New America Acquisition Corp., closing July 20, 2021. OppFi Inc. is the public parent; its wholly owned operating subsidiary, Opportunity Financial, LLC, does not fund loans directly -- loans are funded by partner banks (FinWise Bank, First Electronic Bank, and Capital Community Bank, all Utah-chartered), which retain approval rights and primary compliance oversight, while OppFi handles marketing, underwriting analytics, and servicing. Federal law generally lets these banks export their home-state rates to borrowers elsewhere, subject to state opt-outs (Colorado, Iowa, and Puerto Rico have opted out) and ongoing preemption/true-lender litigation; OppFi describes its reach as covering about 40 states. In 2026 OppFi announced a roughly $130 million pending deal to acquire BNCCORP, Inc. and its subsidiary BNC National Bank, intending to become a bank holding company; the transaction requires OCC and Federal Reserve approval and is not yet closed. On August 6, 2026, a coalition of 17 state attorneys general asked federal regulators to reject the deal, alleging it would be used to evade state rate caps -- an allegation, not an established finding.
Is OppFi (OppLoans) Legitimate?
OppFi's central legal exposure is the 'true lender' or 'rent-a-bank' theory: regulators and private plaintiffs have alleged that because OppFi designs, markets, underwrites, and services the loans, it -- not the partner bank -- should be treated as the real lender and subject to the borrower's state usury cap rather than the bank's home-state rate; OppFi disputes this characterization. The District of Columbia's Attorney General settled allegations along these lines in 2021, with OppFi denying the allegations and denying any violation of law. California's DFPI pursued a similar theory more aggressively, seeking over $100 million in penalties, but a state trial court rejected it and granted OppFi summary judgment in May 2026, finding no triable issue that OppFi was the true lender; DFPI has appealed. Multiple private class actions raising similar theories have been compelled to individual arbitration (e.g., the Ninth Circuit's 2024 ruling in Carpenter v. Opportunity Financial), though not every such case has been tracked here. Separately, Texas's consumer-credit regulator disapproved a specific OppLoans contract form in 2025 over disclosure and fee-provision defects, and Illinois's IDFPR settled examination citations with the company in 2023.
Court & Public Records
| Case | Authority | Dates | Type | Outcome | Source |
|---|---|---|---|---|---|
| District of Columbia v. Opportunity Financial, LLC | Superior Court of the District of Columbia | Settled | Settled DC's Attorney General alleged OppFi charged over 4,000 DC residents APRs mostly around 160% (up to 198%) -- far above DC's 24% cap -- through a lending arrangement with a Utah-chartered bank partner, and used deceptive marketing including claims the loans would help build credit. OppFi denied the allegations and denied violating any law; the consent judgment (entered Nov. 30, 2021) did not adjudicate liability. Terms: $1.5 million in restitution to affected consumers, waiver of over $640,000 in accrued interest, $250,000 to the District, and a cap on future DC lending at the 24% rate. | Source | |
| Opportunity Financial, LLC v. Hewlett (California DFPI 'true lender' dispute) Docket 22STCV08163 | Los Angeles County Superior Court | Judgment | Judgment entered OppFi sought declaratory relief after California's Department of Financial Protection and Innovation asserted OppFi -- not its bank partner FinWise Bank -- was the 'true lender' on its loans, making its APRs subject to California's rate caps; DFPI cross-claimed seeking at least $100 million in penalties covering at least 38,000 California borrowers. The court found DFPI failed to raise a triable issue that OppFi was the true lender or that FinWise was a sham lender, and granted summary judgment for OppFi on May 19, 2026. DFPI filed a notice of appeal (OppFi's SEC filings give the date as July 17, 2026), so the case remains unresolved on appeal. | Source | |
| Texas Office of Consumer Credit Commissioner, Final Order L25-041 (Opportunity Financial, LLC d/b/a OppLoans) Docket L25-041 | Texas Office of Consumer Credit Commissioner | — | Settled | Settled The OCCC found deficiencies in OppLoans' submitted loan contract form ("W123"), including a misleading late-charge provision, unauthorized collection costs, and an incomplete required OCCC notice. The form was disapproved and OppLoans was ordered to stop using it. This was a contract-form disapproval, not a monetary enforcement penalty or a finding that OppLoans' broader business model is unlawful. | Source |
| Illinois Department of Financial and Professional Regulation settlement (Opportunity Financial, LLC) | Illinois Department of Financial and Professional Regulation | — | Settled | Settled IDFPR's August 2023 enforcement-actions summary states Opportunity Financial, LLC entered a settlement with the Department related to citations from a Consumer Installment Loan Act annual examination. The publicly available summary does not disclose a specific penalty amount or detailed terms. | Source |
| In re OppFi Inc. Stockholders Litigation (Delaware Chancery, SPAC-related) Docket 2023-0737 | Delaware Court of Chancery | Settled | Settled Shareholder derivative/class litigation over the 2021 SPAC merger, naming former FG New America Acquisition Corp. directors/officers and its sponsor -- a corporate-governance matter, not a lending-enforcement action, and OppFi itself was not a defendant. A settlement received final court approval around June 2026; OppFi reported a $4.7 million net payment after insurance recoveries. | Source |
Company Relationships
- Affiliated with: Opportunity Financial, LLC
- Affiliated with: FinWise Bank