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LAWSUITS NEWS & LEGAL INFORMATION

MoneyLion Predatory Lending Class Action Reaches Settlement


This is a settlement for the Consumer and Financial Fraud lawsuit.

Richmond, VA: 3,800 plaintiffs in a consumer financial fraud class action lawsuit will receive refunds and debt forgiveness, following the announcement of a settlement with the defendant, MoneyLion of Virginia LLC.

The class action complaint alleged predatory lending practices by the defendant. According to attorneys for the class, MoneyLion offered consumers closed-end, installment loans between January and July 2017 despite not having the license to do so. Additionally, the company allegedly charged consumers annual interest rates as high as 359 percent APR.

It is estimated that the settlement deal will save plaintiffs about $3 million in fees and interest.

According to the terms of the deal, MoneyLion will pay $359,811.50 in refunds, and surrender $2,354,097.05 in illegal interest. Further, it will pay $10,000 in civil penalties, $20,000 in costs and fees, and be banned from making misrepresentations about its license status, allowable interest rates and allowable fees.

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Published on Feb-19-18


READER COMMENTS

Posted by

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I've been with moneylion for about five years right they have me paying a loan back without even giving me any of the money

Posted by

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I want to sue MoneyLion for the bull rap fees ect over the years since I have been a customer of theirs.

Posted by

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I'm looking to file a class action lawsuit against moneylion Inc moneyline has took out a loan on my behalf I have contacted moneylion on several attempts regarding disputing a transaction money line was very racial and denied my claim in 2 hours of reporting my claim

Posted by

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I was a victim of a scam I was attempting to purchase a vehicle through eBay when my account was hacked I had no knowledge of my account being hacked and when the buyer asked me to purchase gift cards to pay for the transaction of the vehicle I proceeded to do so I did learn later on from my bank moneylion that my account has been in a fraudulent activities when I contact them and also eBay to retrieve my $2,600 moneylion told me that there's nothing they can do about it they also removed the transactions from my transaxle but me being a concern Banker customer I have screenshot all the transactions that took place and have receipts of the transaction with my last four digits of my card number when I pulled all the emails over to moneylion it told me there's nothing they can do I have to contact Publix and Winn-Dixie and as well as eBay eBay told me that the money was tooken off the car and I had to contact my bank I did so and moneylion told me that I would not be getting anything back no credit no refund I would like to file a lawsuit against moneylion this is not the first time this has happened to me moneylion has took money out of my account and when I brought it to their attention the transactions were removed

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