CFPB Suit Claims Florida Loan Co. Misleading Consumers

Law360 (November 6, 2020, 8:47 PM EST) -- A Florida fintech company and its CEO offering a bank-like deposit program to fund short-term rideshare driver loans are misleading consumers and charging annual percentage rates of almost 1,000%, according to a complaint filed by the U.S. Consumer Financial Protection Bureau.

Driver Loan LLC and CEO Angelo Jose Sarjeant offer cash-advance loans for drivers working for rideshare companies like Uber and Lyft, deceiving customers who make deposits and take loans, the CFPB says in its lawsuit filed Thursday in Florida federal court.

Driver Loan began offering short-term, high-interest loans in 2017 to drivers, and while the company tells consumers the annual...

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