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Online lending start-up LendUp, that has billed it self as a much better and much more alternative that is affordable old-fashioned payday lenders, will probably pay $6.3 million in refunds and charges after regulators uncovered extensive rule-breaking during the business.

The Ca Department of Business Oversight, which oversees loan providers working in Ca, in addition to federal customer Financial Protection Bureau stated Tuesday that LendUp charged unlawful charges, miscalculated rates of interest and did not report information to credit agencies despite guaranteeing to take action. (more…)