Opportunity Financial (OppFi), a fintech lending platform, is under investigation by the Consumer Financial Protection Bureau for allegedly charging interest rates above the maximum allowable amount under the Military Lending Act. OppFi also does business as “Opp Loans”.
Active duty military, spouses, and dependents who took out a loan with Opportunity Financial who believe they may have been charged too high of an interest rate under the Military Lending Act are encouraged to contact the attorneys at Peiffer Wolf Carr Kane & Conway for a FREE CONSULTATION by filling out a Contact Form or by calling 504-523-2434
The Military Lending Act provides various loan protections for active-duty service members, such as a ceiling on interest rates for certain loan products. Lenders violate the Military Lending Act by issuing loans to active-duty military members, their spouses, or dependents, that have too high of an interest rate, or that include a mandatory arbitration clause.
The Consumer Protection lawyers at Peiffer Wolf Carr Kane & Conway are investigating Opportunity Financial based on their alleged predatory high-interest loans. Borrowers, especially military members and their families, may have been charged exorbitant and unfair interest rates.
OppFi issues personal loans through the “OppLoans” platform. According to their website, OppLoans are “installment loans with a fixed interest rate and fixed repayment terms [that] are not secured by collateral, such as a car or your paycheck”. OppLoans are advertised as consumer-friendly products, but OppFi’s loans have interested rates up to 198%.
According to law360, “the Military Lending Act provides various loan protections for active-duty service members, such as a ceiling on interest rates for certain loan products”. Lenders violate the Military Lending Act by issuing loans to active-duty military members, their spouses, or dependents, that have too high of an interest rate, or that include a mandatory arbitration clause. The lawyers of Peiffer Wolf are investigating these and all other possible violations of the Military Lending Act.
If you believe Opportunity Financial may have charged you high interest rates in violation of the Military Lending Act, it is imperative to take action before it is too late. Peiffer Wolf Carr Kane & Conway has represented thousands of individuals, and we remain committed to fighting on behalf of our clients against corporate wrongdoers. Contact Us for a FREE CONSULTATION by calling 504-523-2434 or by filling out a Contact Form.
Opportunity Financial Investigation | Why borrowers must take action now
The Consumer Financial Protection Bureaus issued a civil investigative demand to Opportunity Financial, LLC to determine the lender’s compliance with the Military Lending Act.
This is not the only time Opportunity Financial has been criticized for their high-interest rates. According to a complaint filed by the Attorney General for the District of Columbia in April 2021, OppFi “illegally provided predatory high-interest loans to District of Columbia residents.” The complaint alleges that OppFi provided loans with up to 198% interest rates, far above D.C.’s legal limit of 24 % for most loans.
Active-duty service members who borrowed an “OppLoan” from Opportunity Financial who believe they may have been charged too high of an interest rate or were forced to agree to a mandatory arbitration clause are encouraged to contact the attorneys at Peiffer Wolf Carr Kane & Conway. To schedule a FREE CONSULTATION, fill out a Contact Form on our website or call 504-523-2434. We can discuss your current circumstances and explore your potential legal options, and we may be able to help you fight for recovery of any losses and possibly secure additional compensation.
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