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.
CFPB Takes Action Against Zero Parallel for Steering Consumers Toward Bad Deals