Magazine : Archives : 4th Quarter 2022

The War on Subprime Lending

From his office in One Two Pru, a 41-story granite skyscraper located in downtown Chicago, Todd Schwartz can see much of the booming East Loop. He just can’t lend to it. “Illinois is our home state,” says Schwartz, the founder, CEO and executive chairman of Opportunity Financial. “That makes me the most sad. There are still a lot of people out there who need access to credit.” Illinois last year passed a law that makes the type of loans Opportunity Financial offers illegal. Unfortunately for OppFi, as it’s known, and the banks that partner with the fintech to offer subprime...