Fintech lender OppFi hit with class action lawsuit over Texas loans

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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 leasing 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…

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