Fintech lender OppFi hit with class action lawsuit over Texas loans

By Emilie Ruscoe (June 2, 2022, 8:48 p.m. EDT) — Fintech company Opportunity Financial is facing a proposed class action lawsuit alleging it sought to evade Texas state usury laws by using a “bank lease scheme” that the company’s own public filings identified a potential problem for the company.

In a lawsuit filed Wednesday in Austin, Texas, in federal court, Lone Star State resident Kristen Michael said loans she took out from the company, which calls itself OppFi, had annual percentage interest rates above 130% despite the fact that Texas law prohibits unlicensed lenders from making loans with APRs above 30%.

Michael noted that OppFi…

Stay one step ahead

In the legal profession, information is the key to success. You need to know what’s going on with customers, competitors, practice areas and industries. Law360 provides the intelligence you need to stay an expert and beat the competition.

  • Access to case data in articles (numbers, filings, courts, nature of lawsuits, etc.)
  • Access to attached documents such as briefs, motions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and more!


Comments are closed.