Consumer complaint received 2026-05-12 00:00:00
Product: Payday loan, title loan, personal loan, or advance loan — Installment loan
Issue: Charged fees or interest you didn't expect — 
Company: Opportunity Financial, LLC
State: NJ

Complaint narrative:
I am filing this complaint against OppLoans / OppFi and XXXX XXXX XXXX regarding a high-cost installment loan made to me as a New Jersey resident . The loan was originated on or about XX/XX/year>. The loan amount was {$3000.00}. The documents and OppLoans correspondence reflect an APR of approximately 158.65 % and an agreed annual interest rate of 160.0 %. OppLoans has confirmed in writing that interest accrues daily, that the daily rate is calculated as 1/365 of the 160.0 % annual rate, and that payments are applied first to any charges or fees, then to accrued interest, and only then to principal. I dispute the legality, enforceability, and collectability of this loan, including the collection of interest, finance charges, and any amount beyond the net principal advanced. I am a New Jersey resident, and I believe this loans rate far exceeds New Jerseys usury limits. OppLoans and XXXX XXXX XXXX appear to be relying on a bank-partnership or rent-a-bank structure to impose a triple-digit interest loan on a New Jersey consumer while attempting to avoid New Jersey consumer-protection and usury laws . Although XXXX XXXX XXXX is listed as the lender, OppLoans / OppFi is the consumer-facing company, platform operator, servicer, payment processor, and collector communicating with me about repayment, payment scheduling, interest, disputes, and collection. I have repeatedly asked the company to explain the legal basis for collecting a 158.65 % APR / 160.0 % annual interest loan from a New Jersey resident, but the response has been a general assertion that XXXX XXXX XXXX is a Utah state-chartered FDIC-insured bank and that federal law preempts New Jersey law. I do not believe that response adequately addresses the substance of my dispute or the role of OppLoans / OppFi in this lending arrangement. I have attempted to resolve this directly with the company in writing. I requested a principal-only resolution, a complete payment history, a transaction ledger, a payoff breakdown separating principal, interest, finance charges, fees, and other charges, a detailed explanation of daily interest calculations, confirmation of how payments are applied, confirmation of the current owner/servicer of the loan, and confirmation of the legal basis for charging this rate to a New Jersey resident. I also requested confirmation of my arbitration opt-out, confirmation that automatic payment authorization was revoked, and confirmation that my second monthly payment date was changed from the XXXX to the XXXX. OppLoans refused to provide a principal-only resolution and continues to insist that the loan is lawful. I am not refusing to repay the money actually advanced. I am willing to repay the net principal balance in a fair and reasonable manner. However, I dispute the collection of triple-digit interest and charges that I believe are unlawful, unfair, abusive, and not enforceable against me as a New Jersey resident . There is also a servicing issue involving my repayment schedule. I requested that my second monthly payment date be moved from the XXXX to the XXXX because I can not pay on the XXXX but can pay on the XXXX. OppLoans eventually confirmed in writing that the payment schedule had been updated to reflect the XXXX, but the online portal did not clearly reflect the change. I am concerned that OppLoans may impose additional interest, late charges, adverse account status, or negative credit reporting because its own system failed to properly reflect the agreed payment-date change. I also revoked authorization for automatic payments. I do not authorize OppLoans, OppFi, XXXX XXXX XXXX, or any related servicer, processor, affiliate, or assignee to initiate automatic ACH withdrawals, recurring debits, or debit-card payments from my account without new written authorization. I am requesting that the CFPB review this matter because OppLoans / OppFi and XXXX XXXX XXXX are attempting to collect a triple-digit APR loan from a New Jersey resident , refusing a principal-only resolution, continuing to accrue daily interest, and failing to fully resolve servicing and payment-schedule issues despite repeated written disputes.

Company response to consumer: Closed with explanation