LendUp To Pay $1.25M To Settle CFPB Service Member Claims

By Emilie Ruscoe (January 20, 2021, 5:51 PM EST) -- Fintech company LendUp Loans LLC, a self-described "alternative to payday loans," will pay the Consumer Financial Protection Bureau a $950,000 civil penalty and set aside $300,000 to pay back military members and their families whose LendUp loans didn't meet federal requirements for lending to service members.

According to the settlement terms included in a Wednesday order by U.S. District Judge Jeffrey S. White in California, LendUp neither admitted nor denied wrongdoing in connection with its deal with the CFPB, and LendUp, which used to be known as Flurish Inc., was barred from collecting on, selling or assigning any debts from loans...

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