Is "OPPFINANC DES:PAYMENT ID:LAIXXXXX6552 INDN:JOHN DO" fraud?

Written by Lily Tran

June 18th, 2024

Medium Risk

What is "OPPFINANC DES:PAYMENT ID:LAIXXXXX6552 INDN:JOHN DO"?

OppLoans, established in 2009, is a financial technology company that provides personal lending services. The company offers installment loans, with an emphasis on serving consumers who have less-than-optimal credit scores. They provide loans that are typically used for a variety of personal expenses, such as medical bills, home repairs, or other emergencies. OppLoans operates predominantly online, enabling customers to apply for loans and manage their accounts through their digital platform. The company seeks to deliver a more accessible alternative to traditional payday loans and aims to offer clear terms and repayment plans.

  • OPPFINANC: Source of the transaction (financial institution or descriptor)
  • DES: PAYMENT
  • ID: LAIXXXXX6552
  • INDN: JOHN DOE
  • CO ID: XXXXX24481
  • PPD: Standard Entry Class Code (indicates the type of ACH transaction, in this case, PPD means Prearranged Payment and Deposit entry, typically used for direct deposits or bill payments)
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