April 15, 2019

Online lending company, Avant, LLC, will pay $3.85 million to settle FTC charges for deceptive loan servicing practices and for misleading its consumers. Allegedly, Avant made unauthorized charges on consumers’ accounts and unlawfully required consumers to agree to automatic payments from their bank accounts. Avant has also been charged with failing to give consumers accurate payoff quotes or timely credit payments made by check. In addition to the monetary sanctions, under the settlement, Avant will be prohibited from taking unauthorized payments or collecting payment by means of remotely created check (RCC). FTC

Tagged in: Financial Institution Fraud,