An Online Payday Alternative Will Pay $6.3 Million for Misleading Borrowers

An Online Payday Alternative Will Pay $6.3 Million for Misleading Borrowers

Sep, 28th 2016

LendUp, an online lender that promised friendlier alternatives to high-cost payday loans, will pay $6.33 million in refunds and fines for violating consumer finance laws.

LendUp, which operates in 24 states, will refund $1.83 million to more than 50,000 borrowers as part of the federal settlement, the Consumer Financial Protection Bureau announced Tuesday. In addition, LendUp will refund California customers $1.62 million as part of a separate settlement with the California Department of Business Oversight.

The company will also pay $1.8 million and $1.06 million to the federal bureau and California department, respectively, to cover penalties and other costs.

The San Francisco-based lender is part of a wave of tech companies that promote a less toxic form of payday loans.

Traditional payday loans don’t require credit checks, but do carry...

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