Fintech Darling LendUp To Pay $6.3M In CFPB-Calif. Deal

By Evan Weinberger (September 27, 2016, 3:40 PM EDT) -- LendUp agreed Tuesday to pay around $6.3 million in settlements with the Consumer Financial Protection Bureau and a California regulator over claims that the online payday lending alternative misled consumers about the prospects of improving their credit through the company's lending program.

According to the CFPB and the California Department of Business Oversight, LendUp and its parent company, Flurish Inc., made false promises that consumers would be able to climb up the "LendUp ladder" and rebuild their credit by paying back loans they took out, which would qualify them for loans on better terms that would be reported to credit bureaus...

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