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Advocate Andy

Online lender charged rates in excess of 36%, trapped consumers in memberships. The Consumer Financial Protection Bureau (CFPB) announced it is suing online lender MoneyLion for charging illegal interest rates in excess of 36% to military service members in violation of the Military Lending Act. The CFPB also alleges MoneyLion trapped customers in membership programs and refused to cancel memberships even when asked.

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MoneyLion Sued for Charging Illegal Interest Rates

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