LendUp Customers to Get $40M Refunds

More than 100,000 customers misled by LendUp's false claims

The Consumer Financial Protection Bureau (CFPB) announced that more than 100,000 customers of now-defunct nonbank installment lender LendUp will receive a total of $40 million in payments.

The CFPB found that LendUp misled consumers about the so-called "LendUp" ladder and consumers were offered loans at smaller amounts with higher interest rates.

The action comes as the CFPB ordered LendUp to stop making loans as a result of multiple violations of the law and a failure to adhere to the CFPB's previous orders about those violations. LendUp's pattern of misconduct dates back to 2016.

The CFPB notice says that a total of 118,101 customers were harmed by LendUp's deception and those customers will begin receiving payments from the $40 million fund starting on May 8th.

Customers who want more information about the payment plan can email the CFPB.

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