CHICAGO, June 16, 2016 — OppLoans, the leader in socially responsible online lending to the non-prime customer segment, has announced the publication of a new white paper titled “Borrowers Deserve Better than a Payday Loan: The Story Behind the 36% APR Benchmark.”
In the face of increasing public distrust of payday lenders, new regulatory proposals, and a massive credit shortage in the American underbanked population, OppLoans highlights the difference between predatory payday lenders and other greater-than-36% lenders servicing the non-prime customer.
“OppLoans fully supports the recent proposals by the CFPB to curb payday lending. We agree that the $50 billion dollar payday industry is predatory and borrowers deserve better,” said Jared Kaplan, CEO of OppLoans. “We authored this white paper to illuminate the alternatives borrowers have in this era of online financing. If you’re an underbanked customer unable to get a loan at the arbitrarily arrived-at 36% benchmark, you shouldn’t be forced to turn to a payday product. OppLoans is here to show borrowers that they have better, safer, lower-cost options.”
The full white paper can be read on the OppLoans website here.
Opportunity Financial, LLC, doing business as OppLoans, is one of the highest-rated online lenders in the industry. With faster funding, significantly lower rates, total transparency, and unmatched customer service, OppLoans provides non-prime borrowers a safe and reliable alternative to payday lending. OppLoans is licensed and able to lend or arrange loans in the following states: Alabama, California, Delaware, Idaho, Illinois, Kansas, Maryland, Missouri, New Mexico, Ohio, South Carolina, Tennessee, Texas, Utah, Virginia, and Wisconsin.
For more information about online personal loans, please visit the OppLoans website at OppLoans.com or call (855) 408-5000.