Online lender OppFi reimburses DC residents $1.5 million after interest rate lawsuit settlement

Racine’s office sued Opportunity Finance, also known as OppFi, in April, alleging that the lender violated DC law by “misrepresenting high-interest loans as money fast and easy,” according to a news release at the time. The Racine office said the loans, called OppLoans and issued between at least 2018 and May 2020, have an annual percentage rate of 160%, seven times the limit of 24%. set by the city.