OppLoans, a direct-to-consumer online lending platform, has secured its first bank-led asset-backed revolving credit facility.
This facility structure will enable OppLoans to broadening access to online personal lending products for more middle-income consumers with credit challenges.
“The creation of this unique credit facility not only further validates the strength of our business model and mission, but also illustrates our commitment to helping millions who are financially underserved,” said OppLoans’ CEO Jared Kaplan. “We will continue to improve access to simple and affordable financial products that can help support a path to a better financial situation for many middle-income consumers.”
The credit facility was led by BMO Harris Bank.
“BMO Harris Bank is excited to expand its relationship with OppLoans through this new financing. We have been impressed with the growth of OppLoans and its ability to serve its targeted client base,” said Robert Bomben, director, BMO Harris Bank.
Founded in 2012 by Todd Schwartz, managing principal of Schwartz Capital Group, OppLoans’ lending platform serves customers in 37 states and Washington, D.C.
