Request Legal Help Now - Free

Advertisement
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.

Legal Help

If you have a similar problem and would like to be contacted by a lawyer at no cost or obligation, please fill in our form.
Published on Feb-19-18


READER COMMENTS

Posted by

on
MoneyLion has truly stolen thousands of dollars from my “RoarAccount.” As I have been reading these other comments I am finally feeling a little relief knowing that other individuals have experienced the same thing. The individuals across seas that you deal with are tremendously negligent! They lie, lie, lie, and then lie more. I have repeatedly told them that my “roundups” and “shakenbakes,” have never reached my account but they have shown deposited. Furthermore, I had an initial MoneyLion loan of $300 that was repaid. I then received another credit builder loan for $1,000, in which I only received $300 of the funds. I was not even two months late, I then made a lump sum payment to catch the loan up. Two days later I see the loan was marked as “failed to pay, or written off,” on my credit report. It dropped my credit score over 60 points. No one in their company, which apparently located in the Philippians has once had an answer. It’s truly unbelievable. Furthermore, I have thousands of dollars of charges that are from “spoofed” companies. Meaning it looks like the authentic but it is something completely different. I knew this was happening but I couldn’t verify it until I got an authentic VPN. These people are true criminals! Like everyone else I cannot cancel my account as it is saying I owe a membership fee. Interestingly enough, they have pulled that fee over 3 times a month from an alternative bank account. Ya all truly unbelievable. I pray for justice and truth to prevail.

Posted by

on
I have been a client of Money Lion since December 2020 and yes the fees are extreme but I dealt with it because times were tough and they were there. BUT my experience with them recently has not been a good one.
**Money Lion was over paid back in April on my “credit builder” plus loan and yes, they returned the overpayment but THEN turned around and falsely reported me to the credit bureaus as a settlement/paid less the balance owed. I’ve never been late, always paid on time and paid 100% what was owed to them. Their false negative reporting caused my score to drop over 50 points and has now cost me. I have spoken with costumer service, sent emails and disputed with the bureaus. I hope this gets resolved quickly. I also have been trying to cancel my membership with them because I don’t want to do business with them anymore. Yet they’re still taking their fees out of my account twice a month. . Beyond Frustrated with Money Lion at this point.

Posted by

on
They never let me cancel my membership until I finished paying the loan which i defaulted on . And in the meantime kept charging me $18.40 (9.20 every 2 weeks) a month on top of the loan payment in default. I had to manually stop the ACH payments from my bank account and I have no idea where I stand with the defaulted loan. I want to sue them back for all the predatory fees and interest. I hate them with a bloody passion.

Posted by

on
I was paying the loan and membership fees. Was not able to cancel, at anytime. Also when the loan is complete. They say you can get another Lon anytime as a member no questions. But they deny. After them literally stealing my funds earned in investments I refused to place any money back into the account.

Posted by

on
They never let me cancel my membership until I finished paying the loan. And in the meantime kept charging me $20 a month on top of the loan payment.

Posted by

on
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

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

Posted by

on
Just need to know if my status and account info or life info is okay this make total sense letting people also only use 100 dollars out of 500 for a loan until you pay back that full amount bullshit especially sense I could use that money right now

Posted by

on
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

on
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

ADD YOUR COMMENT ON THIS ISSUE

Please read our comment guidelines before posting.


Note: Your name will be published with your comment.


Your email will only be used if a response is needed.

Are you the defendant or a subject matter expert on this topic with an opposing viewpoint? We'd love to hear your comments here as well, or if you'd like to contact us for an interview please submit your details here.

Request Legal Help Now! - Free