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Silicon Valley’s Favorite Payday Lender needs to Pay 3.6 Million for “Deceptive Practices”

Lending startup and Silicon Valley darling LendUp need to pay a lot more than 3.6 million in fines and needed consumer restitution by the Consumer Financial Protection Bureau for just what the federal regulator stated had been violations of “multiple federal customer economic security regulations.”

The business established 5 years ago and began lending in 2012 in the premise it can offer short-term loans that didn’t make use of individuals, with rates that weren’t predatory along with tools that offered clients the chance to build credit.