Google-backed LendUp fined by regulators over payday financing techniques

Google-backed LendUp fined by regulators over payday financing techniques

Online lending start-up LendUp, which includes billed itself as a much better and much more affordable option to old-fashioned payday lenders, will probably pay $6.3 million in refunds and charges after regulators uncovered extensive rule-breaking during the business.

The Ca Department of company Oversight, which oversees loan providers business that is doing Ca, therefore the federal customer Financial Protection Bureau stated Tuesday that LendUp charged unlawful charges, miscalculated rates of interest and neglected to report information to credit reporting agencies despite guaranteeing to do this. 继续阅读“Google-backed LendUp fined by regulators over payday financing techniques”