MoneyLion accused of making illegal loans to NC borrowers

Law360 (June 19, 2019, 5:55 p.m. EDT) – Online lending startup MoneyLion on Tuesday withdrew a lawsuit in federal court accusing it of knowingly forcing North Carolina borrowers with matching short-term loans exorbitant interest rates and “draconian” conditions without a loan license in the state, in violation of federal and state law.

Lewis Corpening, a resident of North Carolina, claims in the lawsuit, originally filed in Mecklenburg County Superior Court, that MoneyLion Inc. knows it is distributing the equivalent of payday loans at “mind-blowing interest rates” In Tar Heel State despite numerous laws prohibiting the practice.

Depending on the costume, MoneyLion, a mobile application, offers the …

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