On the web Payday Lender LendUp To Pay Millions For Overcharging, False Advertising

On the web Payday Lender LendUp To Pay Millions For Overcharging, False Advertising

SAN FRANCISCO BAY AREA (CBS SF) — a san francisco bay area startup with millions in investment capital funding – hailed by many people as an option to abusive payday lending – has decided to spend millions in redress for overcharging consumers and utilizing misleading advertising techniques.

The technology that is financial LendUp, which bills itself a “payday loan alternative” consented this week to cover $6.3 million to clients and regulators after allegations of widespread violations of payday and installment loan regulations.

The vice president of the East Coast public relations firm Glover Park Group Sarah Craighill, provided a statement on behalf of LendUp while LendUp CEO Sasha Orloff did not respond to a CBS San Francisco inquiry.

The declaration from LendUp describes the present regulatory actions as addressing “legacy issues that mostly date back again to our start as an organization.” Craighill declined to express whenever corrective measures had been taken by LendUp and declined to touch upon just what items, policies or charges LendUp has changed since reaching settlements with Ca and federal regulators. Continue reading “On the web Payday Lender LendUp To Pay Millions For Overcharging, False Advertising”