New York sues DailyPay and MoneyLion, alleging predatory payday lending [Yahoo! Finance Canada]
MoneyLion Inc. Class A (ML)
Company Research
Source: Yahoo! Finance Canada
NEW YORK (Reuters) - New York's attorney general sued DailyPay and MoneyLion on Monday, accusing the app-based financial technology companies of exploiting workers by charging excessive fees to collect paychecks more quickly, with effective interest rates above 200% and sometimes topping 750%. Attorney General Letitia James called the companies predatory payday lenders that obscure the "exorbitant and plainly usurious" fees they charge workers, who hope to bridge gaps between payroll schedules and when bills come due. James said MoneyLion's $8.99 fee on a $100 two-week advance under the "Instacash" brand name carries an effective annual interest rate of 234%, while DailyPay's $2.99 fee on a $20 seven-day advance carries
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News
- Gen Completes Acquisition of MoneyLion, Accelerating the Company's Leadership in Financial Wellness [Yahoo! Finance]Yahoo! Finance
- NY AG alleges two wage access providers made illegal loans [Yahoo! Finance]Yahoo! Finance
- New York sues DailyPay and MoneyLion, alleging predatory payday lending [Yahoo! Finance]Yahoo! Finance
- MoneyLion Inc. Stockholders Approve Proposed Acquisition by Gen Digital Inc.Business Wire
- How To Navigate Tariff-Fueled Financial Stress As A Woman Entrepreneur [Forbes]Forbes
ML
Earnings
- 11/7/24 - Miss
ML
Sec Filings
- 4/17/25 - Form 25-NSE
- 4/17/25 - Form S-8
- 4/17/25 - Form S-8
- ML's page on the SEC website