I appreciate the opportunity to address the concerns raised in your recent piece (“Todd Schwartz, founder and CEO of high-interest lending company, named 2024 Freeman Distinguished Lecturer”) regarding myself, the founder and CEO of OppFi, being named the 2024 Freeman Distinguished Lecturer at Tulane University.

First and foremost, I want to emphasize that I started OppFi because I wanted to provide a more responsible financial solution to the millions of consumers who are often overlooked by traditional banking institutions. Our mission is to help expand credit access to the 60 million underbanked Americans who might not qualify for prime credit products but need them for emergencies like car repairs or medical expenses.

At OppFi, we facilitate accessible lending products through our platform to the median U.S. consumer, who is employed with an average yearly income of $50,000, yet has limited to no savings and a low credit score that inhibits their access to credit from main street lenders.

Loans through the OppFi platform are fully amortizing with simple daily interest and no origination fees, late fees or NSF fees. For example, on a $1500 loan, the cost averges around $4 to $5 a day. This is a much better option and lower cost than overdraft, NSF and late fees or payday loans that customers frequently get assessed or use. Additionally, OppFi reports payments to all three major credit bureaus, potentially improving their credit scores in the process. We also check to see if eligible consumers can qualify for a sub-36% APR product elsewhere through our TurnUp Program, and if they do, we help them obtain access to this better-priced financial product. However, less than 2% of consumers who opt into this program receive and close a loan with a sub-36% APR lender – further indicating the need for the credit we facilitate.

The piece omitted another essential perspective – that of our customers. OppFi has served over 3 million customers, upholding a 4.5/5.0-star rating on Trustpilot, an A+ from the Better Business Bureau (BBB), and a 4.8/5-star rating on Google reviews. The products we facilitate have garnered over 21,000 5-star reviews, and we maintain a Net Promoter Score of 78, which in the credit-challenged space stands uniquely alone.

It’s disappointing that allegations from a plaintiffs’ attorney law firm have skewed the narrative and casted doubts on OppFi’s values and practices. OppFi operates within a highly regulated industry and adheres to all applicable state and federal laws, and the products we facilitate are designed to be a more affordable alternative to other short-term credit options available to subprime consumers.

Moreover, my contributions to Tulane University extend far beyond lecturing; my donation established the Schwartz Family Center for Experiential Business Learning, significantly advancing hands-on, real-world business experience and corporate partnerships. I am dedicated to advancing business education and preparing students for successful careers, which reflects the values and mission that drive OppFi.

While we hold in high regard the freedom of press and the critical role of journalism in our society, we urge The Hullabaloo to commit to higher standards of journalistic rigor and impartiality. Biased reporting does a disservice not only to your readers, but also undermines the journalistic integrity expected by your esteemed institution.