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LENDUP
PERSONAL LOAN REVIEW
LendUp is an online lender that makes small loans — both single-payment and installment loans — to borrowers with low credit scores. LendUp’s rates are as high as traditional payday loans in some cases, and lower than payday loans in others
CONSUMER WARNING
CFPB 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
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 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 enough attention to the consumer financial laws,” said CFPB Director Richard Cordray. “The CFPB supports innovation in the fintech space, but start-ups are just like established companies in that they must treat consumers fairly and comply with the law.”
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LendUp
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Lendup Review
LendUp Review
CONSUMER WARNING:
CFPB Orders LendUp to Pay $3.63 Million for Failing to Deliver Promised BenefitsOnline Lender Did Not Help Consumers Build Credit or Access Cheaper Loans, As It ClaimedThe 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 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 enough attention to the consumer financial laws,” said CFPB Director Richard Cordray. “The CFPB supports innovation in the fintech space, but start-ups are just like established companies in that they must treat consumers fairly and comply with the law.”