Broad Coalition Urges Congress to Oppose Unaffordable 100%+ APR Bank Loans

May 7, 2026 — Press Release

Groups Urge Lawmakers to Reject Enova and OppFi’s National Bank Applications and to Support State and Federal Interest Rate Limits

WASHINGTON – Today, over 100 consumer, civil rights, and community organizations sent a letter urging members of Congress to stop predatory bank loans by opposing the unprecedented national bank applications of Enova and OppFi. The letter also urged members to adopt a national interest rate cap and to support the right of states to establish rate limits, including stricter caps.

“Strong bipartisan majorities of the American public support interest rate limits, which are the simplest and most effective way to stop unaffordable lending. But the Trump Administration and some members of Congress are considering measures that would spread loans of 100% to 160% APR and higher across the country in defiance of laws in both red and blue states,” wrote the groups. “Congress should instead defend and restore interest rate limits to prevent unaffordable lending.”

The letter urges Congress to:

• Stop Enova (owner of CashNetUSA, NetCredit and OnDeck) and OppFi from becoming national banks, which would allow them to ignore interest rate limits around the country;
• Enact a national 36% rate cap, while allowing states to set lower limits; and
• Eliminate loopholes that exempt banks from state interest rate laws and oppose a bill to expand bank exemptions.

Enova is a nonbank lender that charges interest rates that can reach 100% to 300% APR through its NetCredit and CashNetUSA brands. Over half of Enova’s loans are charged off, demonstrating the unaffordability of Enova’s loans and its failure to assess borrowers’ ability to repay their loans. Enova also makes very problematic high-cost small business loans through OnDeck. OppFi is another high-cost nonbank lender, charging rates of 160% APR and higher. Currently, Enova and OppFi must comply with state interest rate laws. But Enova and OppFi have sought permission from the Office of the Comptroller of the Currency and Federal Reserve Board to buy, and therefore become, national banks, which can, under current law, evade state interest laws. 

“These would be the first national banks dedicated to directly making predatory loans and could open the national bank charter to a host of other predatory lenders,” the groups warned. “Approval of predatory 100%+ APR banks would be an assault on people across the country and political spectrum who are worried about the affordability crisis and strongly support interest rate limits.”

The letter also urges Congress to oppose Senator Bernie Moreno’s (R-OH) dubiously named American Lending Fairness Act (S.3889), which curtails the ability of states to stop predatory lending by out-of-state, state-chartered banks, and to support Senator Sheldon Whitehouse’s (D-RI) Empowering States’ Rights to Protect Consumers (S.3721) bill, which would require national and state banks to comply with state interest rate caps. The letter also encourages support for Senator Jack Reed’s (D-RI) Predatory Lending Elimination Act (S.3793), which extends the protections of the Military Lending Act to veterans and other consumers, capping interest rates at a maximum of 36% APR. 

“With people struggling to make ends meet, the last thing they need is predatory bank lending,” the groups wrote. “Congress needs to step up to address the affordability crisis by stopping banks from making high-cost loans, restoring and defending the ability of states to protect people, and capping interest rates nationally.”

Related Resources

• Press release: Another 100%+ APR Bank Seeks Trump Administration Approval, Apr. 28, 2026
• Press release: Fed Urged to Reject Bank Application that Would Greenlight Enova’s 100% APR Loans Nationwide, Apr. 23, 2026
• Issue Brief: Why Cap Interest Rates at 36%?, Aug. 4, 2021