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Pay day loan alternative LendUp to pay for $6.3 million for misleading customers

Pay day loan alternative LendUp to pay for $6.3 million for misleading customers

LendUp is a component of a revolution of businesses guaranteeing a less form that is toxic of loans, but it owes fines and refunds for breaking customer finance guidelines.

LendUp, a lender that is online promised friendlier options to high-cost pay day loans, can pay $6.33 million in refunds and fines for breaking customer finance guidelines.

LendUp, which runs in 24 states, will refund $1.83 million to a lot more than 50,000 borrowers within the federal settlement, the customer Financial Protection Bureau announced Tuesday.