Google-funded loan startup to pay for $6.3m for ‘deceptive’ methods
Specialists state the LendUp situation is significant for companies within the growing online ‘fintech’ sector that claim to supply a much better option to pay day loans
CFPB manager Richard Cordray stated LendUp ‘pitched it self being a tech-savvy replacement for conventional payday advances, nonetheless it would not spend sufficient focus on the consumer monetary laws’. Photograph: REX/Shutterstock
CFPB director Richard Cordray stated LendUp ‘pitched itself as a tech-savvy replacement for conventional payday advances, nonetheless it failed to spend sufficient focus on the consumer laws’ that is financial. Photograph: REX/Shutterstock
A lending that is google-funded will need to pay $6.3m in fines and refunds for many “deceptive” practices, signaling the usa government’s curiosity about managing the growing industry of online alternatives to old-fashioned pay day loans. Read More →