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OppFi’s Bank Bid and the 100% Interest Loophole | Chicago News
An online lender, OppFi, is racing to buy a bank and secure a national charter — a move that could let it charge interest rates over 100%, bypassing state caps like Illinois’ 36% limit. Critics, including the Illinois AG and 17 other states, warn this loophole exploits weak protections, trapping vulnerable borrowers — especially Black and Latino communities — in crushing debt. OppFi counters it’s expanding credit access, while regulators seem increasingly open to fintech bank charters, paving the way for more companies like Enova to follow suit. Listen in comfort:Get a discount on a Soli…
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