This is the new MLex platform. Existing customers should continue to use the existing MLex platform until migrated.
For any queries, please contact Customer Services or your Account Manager. Dismiss

MoneyLion, DailyPay accused by New York AG of issuing illegal loans

( April 14, 2025, 21:06 GMT | Official Statement) -- MLex Summary: New York Attorney General Letitia James announced lawsuits accusing payday lenders MoneyLion and DailyPay of giving out illegal high-interest loans. The attorney general said that due to the short terms of paycheck advance loans issued by the companies, the fees they charge amount to outrageous annual interest rates in the triple digits. Both payday lenders also engage in abusive tactics that push workers to frequently take out new loans to cover gaps created by their prior loans. The lawsuits seek to end MoneyLion and DailyPay’s illegal payday lending practices in the state, obtain restitution for tens of thousands of impacted workers, and impose civil penalties.Statement follows in full. Also see attached files. ...

Prepare for tomorrow’s regulatory change, today

MLex identifies risk to business wherever it emerges, with specialist reporters across the globe providing exclusive news and deep-dive analysis on the proposals, probes, enforcement actions and rulings that matter to your organization and clients, now and in the longer term.


Know what others in the room don’t, with features including:

  • Daily newsletters for Antitrust, M&A, Trade, Data Privacy & Security, Technology, AI and more
  • Custom alerts on specific filters including geographies, industries, topics and companies to suit your practice needs
  • Predictive analysis from expert journalists across North America, the UK and Europe, Latin America and Asia-Pacific
  • Curated case files bringing together news, analysis and source documents in a single timeline

Experience MLex today with a 14-day free trial.

Start Free Trial

Already a subscriber? Click here to login

Documents

Related Sections