Opportunity Financial, also known as OppFi, is a consumer lending company based in Chicago, Illinois that offers personal installment loans. Their marketing suggests they are providing an essential service to the credit and income constrained; their products, however, carry triple-digit Annual Percentage Rates (APRs). Public filings reveal a business model built around high levels of delinquency and default. According to its website, OppFi’s stated mission is to “empower everyday consumers to rebuild their financial health," but the company is a legacy subprime lender. OppFi uses a rent-a-bank scheme to evade consumer protections and charge customers triple-digit interest rates on its personal installment loan product. Evidence of this can be seen in OppFi’s own loan documents, filings with the U. S. Securities and Exchange Commission (SEC), and complaints submitted to the Consumer Financial Protection Bureau (CFPB).
