Zero Parallel, LLC
The
Consumer Financial Protection Bureau (CFPB) took action against an online lead aggregator
for steering consumers toward lenders who offered illegal or unlicensed loans
that were void in the consumer’s state. Zero Parallel, LLC sold consumers’
payday and installment loan applications to lenders it knew were likely to make
void loans that the lenders had no legal right to collect. The
CFPB found that Zero Parallel committed an abusive practice by selling loan
applications to lenders in a manner that prevented consumers from understanding
the risks, costs, or conditions of the loans they were offered, and it entered
an order imposing injunctive relief and a $100,000 penalty.
Related documents
Press release
CFPB Takes Action Against Zero Parallel for Steering Consumers Toward Bad Deals