Minnesota Borrowers to Receive Refunds in State’s Settlement with MoneyLion

Online Lending Platform Offered Loans with Rates Up To 645%

The Minnesota Department of Commerce has announced a settlement with online lending platform MoneyLion that will result in refunds to some borrowers as well as a fine paid by MoneyLion.

MoneyLion violated Minnesota state law by failing to be licensed by the state when it provided Minnesota-based consumers with certain loans with excessive annual interest rates of up to 645%. The…