Originally appearing in Reuters on Aug. 31, 2023, Jody Godoy interviews Lauren Saunders for coverage of a California case against an online lender offering small loans at over 150% interest violates state law that would deal a blow to finance companies that profit from cash-strapped borrowers.
California’s fight with OppFi could set an example for other states.
“The more they succeed, the more you will see other states join in and pursue predatory lenders.”
Several nonbank lenders have already exited California.
Lauren Saunders, associate director at the National Consumer Law Center
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