Fintech Firm OppLoans Announces Its First Bank-Led Credit Facility
The industry leading financing structure will strengthen OppLoans’ mission of expanding credit access to underserved consumers.
Chicago, September 17, 2019 — OppLoans, a growing fintech and top rated direct-to-consumer online lending platform, announced today that it has secured its first bank-led asset-backed revolving credit facility. This facility structure will enable OppLoans to further its mission by broadening access to online personal lending products for more middle-income consumers with credit challenges.
“The creation of this unique credit facility not only further validates the strength of our business model and mission, but also illustrates our commitment to helping millions who are financially underserved,” said OppLoans’ CEO Jared Kaplan. “We will continue to improve access to simple and affordable financial products that can help support a path to a better financial situation for many middle-income consumers.”
The credit facility was led by BMO Harris Bank.
“BMO Harris Bank is excited to expand its relationship with OppLoans through this new financing. We have been impressed with the growth of OppLoans and its ability to serve its targeted client base,” said Robert Bomben, Director, BMO Harris Bank.
Founded in 2012 by Todd Schwartz, managing principal of Schwartz Capital Group, OppLoans’ lending platform serves customers in 37 states and the District of Columbia. The company is one of the top customer-rated online lenders in the country, maintaining an average customer rating of 4.9/5 stars on Google reviews, a rating based on nearly 10,000 reviews. Since its inception, OppLoans has funded and serviced more than 750,000 loans.
“We are excited about this next step for the company. It will continue to strengthen our ability to serve consumers with the best available financial products and more importantly, a five-star customer experience they deserve,” Kaplan added.
OppLoans is one of the highest-rated online consumer finance platforms in the industry. The company provides accessible and simple-to-understand short-term lending products for middle-income consumers who may be turned away by traditional providers. OppLoans is ranked an Inc. 500 company for four straight years, as well as the fourth fastest-growing Chicagoland company by Crain’s Business Chicago. OppLoans maintains an A+ rating from the BBB. For more information, please visit OppLoans.com.
Wendy Serafin – VP of Communications: Media@opploans.com