LendUp Agrees to Halt Making New Loans to Resolve CFPB Lawsuit

On December 21, 2021, the CFPB announced that LendUp Loans, an online lender with heavy venture capital backing, has agreed to halt making any new loans and collecting on certain outstanding loans in order to resolve a September 2021 lawsuit. The lawsuit alleges that LendUp continued to engage in illegal and deceptive marketing despite a 2016 consent order.

This is not the first time LendUp has been subject to actions by the CFPB. The CFPB also sued LendUp in 2020 for alleged violations of the Military Lending Act.