CFPB accuses LendUp of again deceiving borrowers
The Consumer Financial Protection Bureau is accusing the online lender LendUp of violating a five-year-old consent order and deceiving thousands of borrowers about the cost of its installment loans.
The Oakland, California-based company misrepresented the benefits of repeat borrowing by claiming that certain borrowers would gain access to larger loans at lower rates, the CFPB said in a lawsuit filed Wednesday. The suit also alleges that LendUp illegally failed to provide timely and accurate notices to consumers whose loan applications were denied.
https://www.americanbanker.com/news/cfpb-accuses-lendup-of-again-deceiving-borrowers
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