CFPB v. LendUp Loans, LLC

LendUp Loans, LLC allegedly made deceptive marketing claims. According to the CFPB, though LendUp claimed consumers who ascended the LendUp Ladder would gain access to lower interest rates and larger loans, many borrowers did not actually get those benefits. LendUp also allegedly failed to timely issue required adverse-action notices and failed to provide accurate denial reasons on its adverse-action notices to thousands of loan applicants.

Summary generated from official Consumer Financial Protection Bureau press release