Alphabet-Backed Loan Company LendUp In Trouble with Regulators

Not too long ago Google cracked down on payday loan advertising. At the same time, however, Google’s parent company Alphabet had actually backed a payday loan company with capital. Now that company is in trouble with regulators. “The company, California-based LendUp, bills itself as an alternative to traditional payday lenders that can help risky borrowers build up their credit with short-term loans and get access to more favorable lending terms over time. But federal and state regulators say that LendUp didn’t live up to its promises, and now the company has agreed to pay a total of $6.3 million in penalties.”