SAN FRANCISCO BAY AREA (CBS SF) ??” a san francisco bay area startup with millions in investment capital funding ??“ hailed by many people as an option to abusive payday lending ??“ has consented to spend millions in redress for overcharging customers and utilizing misleading advertising techniques.

The monetary technology business LendUp, which bills itself a ???payday loan alternative??? consented this week to cover $6.3 million to clients and regulators after allegations of widespread violations of payday and installment loan regulations.

The vice president of the East Coast public relations firm Glover Park Group Sarah Craighill, provided a statement on behalf of LendUp while LendUp CEO Sasha Orloff did not respond to a CBS San Francisco inquiry. Read the rest of this entry »