Payday & Small-Dollar Lenders · Online small-dollar installment lender (bank-partner model) · Regulatory action
OppFi (OppLoans)
Headline
OppFi's model routes high-cost installment loans through state-chartered bank partners, which avoids state rate caps.
Not independently verified. Verification status: Unverified - heuristic first draft. Publish state: draft unverified.
OppFi's model routes high-cost installment loans through state-chartered bank partners, which avoids state rate caps. That matters directly to Virginians: OppLoans advertises Virginia loans of $500-$5,000 at 99%-195% APR, and Virginia residents were about 10% of OppFi's whole loan portfolio at June 30, 2026, against Virginia's 36% cap for its own licensed short-term lenders. California's regulator (DFPI) sued, calling the FinWise Bank program a 'rent-a-bank' scheme and seeking more than $100 million. A Los Angeles court granted OppFi summary judgment on May 19, 2026, finding no triable issue that FinWise was a sham lender, and DFPI filed a notice of appeal on July 17, 2026. As of Oct 2026 the dispute is unresolved, and the trial court has not found that OppFi broke the law.
- Severity
- Evidence tierUnassigned
- Claims confirmed
- Last verified2026-10-16
Primary source. www.sec.gov/Archives/edgar/data/1818502/000181850226000075/opfi-20260630.htm — Unverified - heuristic first draft.
Terms
Arbitration
Not verified this pass (website terms have no arbitration clause; bank-partner loan agreements not reviewed).
Data sharing
OppLoans terms of use: 'No mobile phone information will be shared with third parties or affiliates for marketing or promotional purposes.' The full privacy policy is in a JavaScript privacy center and was not reviewed. The homepage links privacy notices of bank partners FinWise Bank, First Electronic Bank and Quill Bank, so loan data is held by both OppFi and the originating bank. Lead-generator use was not verified this pass.
Fees and billing
Virginia: APR 99%-195%, loans $500-$5,000, 9-24 months, via bank partners. Example: $2,000 at 160% APR over 9 months is 9 payments of $394.58, about $3,551 repaid on $2,000 borrowed (this tracker's arithmetic from the company's example).
Contacts
Privacy contact. OppLoans customer support (800) 990-9130 (per Virginia rates page); privacy center at privacy.opploans.com.
Legal notice. 130 E. Randolph Street, Chicago, IL (SEC EDGAR business address). Registered agent not verified.
Mailing address. Not recorded.
Evidence
No claims have been itemized for this row yet.
Sources
| Source | Claim | Tier | Status | Quote |
|---|---|---|---|---|
| SEC Form 10-Q (Q2 2026) · 2026-08-10 www.sec.gov/Archives/edgar/data/1818502/000181850226000075/opfi-20260630.htm | whole row | Unassigned | confirmed | “On May 19, 2026, the Court granted Summary Judgment in favor of the Company. The DFPI filed a Notice of Appeal on July 17, 2026.” Quote basis: not recorded. |
| SEC Form 10-Q (Q2 2026) · 2026-08-10 www.sec.gov/Archives/edgar/data/1818502/000181850226000075/opfi-20260630.htm | whole row | Unassigned | confirmed | “As of June 30, 2026, consumers living primarily in Texas and Virginia made up approximately 11 % and 10 %” Quote basis: not recorded. |
| Law-firm analysis (secondary) · 2026-05 www.womblebonddickinson.com/us/insights/finance/102nerf/california-superior-court-finalizes-summary-judgment-in-favor-of-oppfi-rejecting | whole row | Unassigned | confirmed | “The DFPI sought penalties of at least $100 million and restitution for approximately 38,000 California borrowers.” Quote basis: not recorded. |
| Law-firm blog (secondary) · 2026-03-02 www.consumerfinancemonitor.com/2026/03/02/california-court-grants-summary-judgment-to-oppfi-rejects-dfpi-true-lender-theory/ | whole row | Unassigned | confirmed | “The ruling rejects the DFPI’s claim that OppFi was the “true lender” of certain loans originated by Utah-chartered FinWise Bank” Quote basis: not recorded. |
| Company rates page · 2026-10-16 www.opploans.com/rates-and-terms/virginia/ | whole row | Unassigned | confirmed | “$500 - $5,000 9 - 24 Months 99% - 195%” Quote basis: not recorded. |
| Company rates page · 2026-10-16 www.opploans.com/rates-and-terms/ | whole row | Unassigned | confirmed | “Loans originated and funded by our lending partners” Quote basis: not recorded. |
| Statute · 2026-10-16 law.lis.virginia.gov/vacode/title6.2/chapter18/section6.2-1817/ | whole row | Unassigned | confirmed | “Interest at a simple annual rate not to exceed 36 percent” Quote basis: not recorded. |
| Statute · 2026-10-16 law.lis.virginia.gov/vacode/title6.2/chapter18/section6.2-1816.1/ | whole row | Unassigned | confirmed | “The total amount of the loan does not exceed $2,500.” Quote basis: not recorded. |
| Statute · 2026-10-16 mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gcl§ion=12-306&enactments=false | whole row | Unassigned | confirmed | “2.75 percent interest per month on that part of the unpaid principal balance not more than $500” Quote basis: not recorded. |
| State AG press release · 2020-06-05 oag.dc.gov/release/ag-racine-sues-predatory-online-lender-illegal | whole row | Unassigned | confirmed | “payday loans are illegal in the District” Quote basis: not recorded. |
Source vault
Link status: Candidate - not yet fetched
| Document | Last fetch | |
|---|---|---|
| Privacy policy https://privacy.opploans.com/ | Not fetched yet | NOT CONFIRMED |
| Terms of service https://www.opploans.com/terms-of-use/ | Not fetched yet | NOT CONFIRMED |
| Website https://www.oppfi.com/ | Not fetched yet | — |
| Primary source https://www.sec.gov/Archives/edgar/data/1818502/000181850226000075/opfi-20260630.htm Verification: Unverified - heuristic first draft | Not fetched yet | — |
Enforcement
No enforcement actions are linked to this row.
State statute
No comprehensive state privacy statute on file for IL