# Online lending
OppFi Files Legal Action in California, Seeks to Continue Offering Loans Above 36% Interest Rate
Online lender claims exemption from California law. Online lender OppFi - a fintech company offering a range of consumer credit products - filed a complaint this week seek injunctive relief from the California Department of Financial Protection and Innovation.
Online Lender Elevate Pays $4 Million Settlement for Violating DC Law
Payday lender was charging 99%-251% interest on loans. Advocates at the National Consumer Law Center applaud District of Columbia Attorney General Karl Racine’s announcement today that DC has reached a settlement with predatory rent-a-bank lender Elevate that requires it to abide by the District’s interest rate limits and to provide over $4 million in relief to wronged consumers.
Illinois-based Online Lender Lobbies to Repeal Payday Loan Interest Rate Caps
OppFi seeks to get around state law designed to protect consumers. The Chicago Sun-Timesreports that online lender OppFi engaged in a shadow lobbying campaign to overturn Illinois’ new Predatory Loan Prevention Act (PLPA) which caps interest rates on payday loans at 36%.
MoneyLion Forced to Issue Refunds in Settlement with State of Minnesota
Online Lending Platform was Offering Loans with Interest Rates Up To 645%. The Minnesota Department of Commerce has announced a settlement with online lending platform MoneyLion that will result in refunds to some borrowers as well as a fine paid by MoneyLion.