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.