The Consumer Financial Protection Bureau sued Driver Loan LLC for making false statements about small-dollar loans and other financial services the Miami company provided to Uber and Lyft drivers.
Driver Loan and its chief executive, Angelo Jose Sarjeant, advertised interest rates on 15-day loans up to $500 that were significantly lower than what the drivers actually paid.
The advertisements said that the loans carried an annual percentage rate of 440% when in reality they had an approximately $975% APR, according to a complaint filed Thursday in the U.S. District Court for the Southern District of Florida.
Driver Loan, which began ...
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