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Thursday, September 29, 2016

CFPB Orders LendUp to Pay $3.63 Million for Failing to Deliver Promised Benefits

The CFPB has taken action against the online lender Flurish, Inc., doing business as LendUp, for failing to deliver the promised benefits of its products. The bureau found that the company did no give consumers the opportunity to build credit and provide access to cheaper loans, as it claimed to consumers it would.

The bureau has ordered the company to provide more than 50,000 consumers with approximately 1.83 million in refunds. The company will also pay a civil penalty of $1.8 million. Additionally, LendUp will be required to pay the California Department of Business Oversight $1.62 million in consumer refunds and a $1.06 million civil penalty.

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