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Borrowings (Tables) | 9 Months Ended
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Sep. 30, 2021
Debt Disclosure [Abstract] |
Schedule of Borrowings | The following is a summary of the Company’s borrowings (in thousands):
Purpose |  | Borrower |  | Borrowing Capacity |  | September 30, 2021 |  | December 31, 2020 |  | Interest Rate as of September 30, 2021, Except as Noted |  | Maturity Date
Secured borrowing payable |  | Opportunity Funding SPE II, LLC |  | $ | 38,036 |  |  | $ | 19,791 |  |  | $ | 16,025 |  |  | 15.00% |  | December 2021
Senior debt |  |  |  |  |  |  |  |  |  |  |  |
Revolving line of credit |  | OppFi-LLC |  | $ | — |  |  | $ | — |  |  | $ | 5,000 |  |  | LIBOR plus 2.50% |  | February 2022
Revolving line of credit |  | Opportunity Funding SPE III, LLC |  | 175,000 |  |  | 87,500 |  |  | 59,200 |  |  | LIBOR plus 6.00% |  | January 2024
Revolving line of credit |  | Opportunity Funding SPE V, LLC |  | 75,000 |  |  | 37,500 |  |  | 24,222 |  |  | LIBOR plus 7.25% |  | April 2023
Revolving line of credit |  | Opportunity Funding SPE VI, LLC |  | 50,000 |  |  | 25,000 |  |  | 16,148 |  |  | LIBOR plus 7.25% |  | April 2023
Revolving line of credit |  | Opportunity Funding SPE IV, LLC; SalaryTap Funding SPE, LLC |  | 45,000 |  |  | 7,500 |  |  | 12,506 |  |  | LIBOR plus 3.85% |  | February 2024
Total revolving lines of credit |  |  |  | 345,000 |  |  | 157,500 |  |  | 117,076 |  |  |  |  |
Term loan, net |  | OppFi-LLC |  | 50,000 |  |  | 48,468 |  |  | 14,650 |  |  | LIBOR plus 10.00% |  | March 2025
Total senior debt |  |  |  | $ | 395,000 |  |  | $ | 205,968 |  |  | $ | 131,726 |  |  |  |  |
Subordinated debt - related party |  | OppFi-LLC |  | $ | — |  |  | $ | — |  |  | $ | 4,000 |  |  | 14.00% | (1) | December 2023
Other debt |  | OppFi-LLC |  | $ | — |  |  | $ | — |  |  | $ | 6,354 |  |  | 1.00% | (2) | April 2022
(1) |  | Interest rate as of 12/31/2020 and for the subsequent period thru and until loan was repaid |  |
(2) |  | Interest rate as of 12/31/2020 and for the subsequent period thru and until loan was forgiven |  |
Summary of Required Payments for Borrowings, Excluding Secured Borrowing and Revolving Lines of Credit | As of September 30, 2021, required payments for all borrowings, excluding secured borrowing and revolving lines of credit, for each of the next five years are as follows (in thousands):
Year |  | Amount
Remainder of 2021 |  | $ | — |
2022 |  | — |
2023 |  | — |
2024 |  | — |
2025 |  | 50,000 |
Total |  | $ | 50,000 |

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