OppFi SPAC Presentation Deck
Credit Access Product - the OppLoan
Traditionally, financing options for the underbanked have been limited, with exorbitant interest rates
and poor customer service
The OppLoan's Market Leading Terms
• No origination fees
No late fees
• No NSF fees
• No prepayment penalties
Report to the 3 major credit bureaus
• Work compassionately with customers who require
payment plan modification
26
Simple interest, amortizing installment loans with no
balloon payments
●
Underbanked Option APRs
-17,000%
1. Credit Karma; based on average charge of $34 on average transaction of $24 to be repaid within three days
2. CFPB; from 2017 lawsuit, the annual percentage rates for four tribal lenders installment loan products was between 440 % and 950%
Bank Overdraft¹
-450% - 950%
3. FTC and CFPB; based on title lenders charging average of 25% per month and typical two-week payday loan with a $15 per $100 fee
4. FTC: based on $83/month, 12-month Lease to Own (LTO) plan to purchase -$500 item and $39/week, 48-week LTO plan to purchase-$600 item
5. Lend Academy, assumes $200 amount financed with $5 finance charge 7 days between the advance and employee's regularly scheduled paydate
Tribal
Lenders²
-300% - 400%
-100% -300%
-130%
A Cheaper,
Better
Product for
Non-Prime
Average
Loan
Amount
-$1,500
Average
Term
-11 Months
59% - 160%
Payday & Title Lease to Own Earned Wage OppFi
Loans 3
Access5
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