Google’s Payday Loan Company Settles with CFPB

POSTED BY TEAM BMHP / CFPB

If you’re a payday loan or installment loan lender and you claim you’re going to help consumers build their credit scores, you’d better really do it!

, if you’re unaware of this factoid, Google funded Lendup!

CONSUMER FINANCIAL PROTECTION BUREAU ORDERS LENDUP TO PAY $3.63 MILLION FOR FAILING TO DELIVER PROMISED BENEFITS
Online Lender Did Not Help Consumers Build Credit or Access Cheaper Loans, As It Claimed

WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) took action against online lender Flurish, Inc., doing business as LendUp, for failing to deliver the promised benefits of its products. The CFPB found that the company did not give consumers the opportunity to build credit and provide access to cheaper loans, as it claimed to consumers it would. The Bureau has ordered the company to provide more than 50,000 consumers with approximately $1.83 million in refunds. The company will also pay a civil penalty of $1.8 million.

“LendUp pitched itself as a consumer-friendly, tech-savvy alternative to traditional payday loans, but it did not pay... Click to read more.

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