FinTech Firm OppLoans Releases White Paper Distinguishing Between Predatory Payday Loans and Other Greater-Than-36% Lenders
Socially-responsible lender OppLoans publishes call for better alternatives to payday lending for non-prime customers
CHICAGO——OppLoans, the leader in socially responsible online lending to the non-prime customer segment, has announced the publication of a new white paper titled “Borrowers Deserve Better than a Payday Loan: The Story Behind the 36% APR Benchmark.”
In the face of increasing public distrust of payday lenders, new regulatory proposals, and a massive credit shortage in the American underbanked population, OppLoans highlights the difference between predatory payday lenders and other greater-than-36% lenders servicing the non-prime customer.
“OppLoans fully supports the recent proposals by the CFPB to curb payday lending. We agree that the $50 billion dollar payday industry is predatory and borrowers deserve better,” said Jared Kaplan, CEO of OppLoans. “We authored this white paper to illuminate the alternatives borrowers have in this era of online financing. If you’re an underbanked customer unable to get a loan at the arbitrarily arrived-at 36% benchmark, you shouldn’t be forced to turn to a payday product. OppLoans is here to show borrowers that they have better, safer, lower-cost options.”
The full white paper can be read on the OppLoans website here.
For more information regarding online personal lending options, please visit the OppLoans website at OppLoans.com or call (800) 990-9130.
Opportunity Financial, LLC
130 E Randolph St, Suite 1650
Chicago, IL 60601