Take Action: Urge Denial of OppFi’s 160% APR National Bank

July 16, 2026

Opportunity Financial (OppFi), a predatory lender that charges interest rates of 160% or higher, is seeking approval from the Trump Administration to buy BNC Bank, a national bank, and turn it into OppFi Bank. Approval would allow OppFi to circumvent interest rate limits in the 45 states where OppFi’s outrageous rates are prohibited.

It is unprecedented for a national bank to be associated with 100%+ APR lending. Such loans put consumers and small business owners at risk of falling into a debt trap. 

Urge the Federal Reserve to Reject Predatory Lender OppFi’s Acquisition of BNC Bank

Please submit comments, include any problems you have seen with loans from OppFi, and explain why the agencies should reject predatory lenders’ efforts to become national banks.

Currently, 45 states prohibit triple-digit interest rates on many installment loans. But if the bid to purchase BNC Bank is approved, OppFi could use its new bank charter to issue 160% or higher APR loans across the country. OppFi also plans to begin offering earned wage payday loans, bringing payday loans to all 50 states. 

OppFi’s proposed acquisition of BNC Bank follows the application of Enova (owner of CashNetUSA, NetCredit and OnDeck) to buy Grasshopper Bank, which would similarly allow Enova to make loans up to 100% or higher across the country.

With people struggling to pay rent and buy groceries, we must urge federal banking regulators to close the door on any bank that charges 100% APR or higher and issues loans that put people in debt traps and ruin credit ratings. Tell Banking Regulators to Say ‘No’ to a 160% APR National Bank!

Submit Comments to the Federal Reserve by August 12 ([email protected])