Two U.S. Senators are opposing OppFi’s attempt to acquire a national bank.

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Democrats Chris Van Hollen of Maryland and Elizabeth Warren of Massachusetts wrote to the company last week to voice their opposition, arguing that OppFi’s business model is based on “predatory lending practices,” such as triple-digit interest rates.

“OppFi—a nonbank lender that provides financial services to consumers through installment loans—brands itself as a lender that ‘empower(s) everyday consumers to overcome financial hurdles and build long-term financial stability,’” the senators’ letter said. “But, a closer look into its business model reveals persistent, predatory financial strategies.”

The letter noted that OppFi’s effort to acquire BNCCORP and its subsidiary to become a bank holding company comes months after lender Enova attempted to do the same thing with Grasshopper National Bank.

Enova has since called off that deal, saying last month that the acquisition process is “susceptible to political pressure and outside advocacy.”

OppFi’s products, Warren and Van Hollen argued, have “the potential to be even more harmful than Enova’s,” saying that OppFi lends up to 195% APR and has “very aggressive refinancing practices.” By contrast, Envoa had proposed loans that were “limited to a still-egregious 99.99% APR,” the letter said.

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The senators added that, given these practice and rising opposition to the application, OppFi should withdraw its application.

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