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ARTICLE · 02 OCTOBER 2017

CFPB Takes Action Against Zero Parallel LLC For Issuing Allegedly Illegal Payday Loans

Troutman Pepper Locke LLP
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On September 5, the Consumer Financial Protection Bureau signed a consent order against payday and installment loan company Zero Parallel LLC and its president and primary owner...

United StatesConsumer Protection
Ebony Dryver
Ebony Dryver
Stephen Piepgrass
Stephen Piepgrass
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On September 5, the Consumer Financial Protection Bureau signed a consent order against payday and installment loan company Zero Parallel LLC and its president and primary owner for acts the CFPB alleged were unfair, deceptive, and abusive.  The order concludes the matter initiated by a complaint filed against the owner of Zero Parallel and another of his entities on July 8, 2016.

According to the CFPB, Zero Parallel receives leads from consumers looking for quick, small-dollar installment loans, commonly referred to as "payday loans", and sells those leads to lenders and remarketing companies.  According to the CFPB, consumers interested in obtaining such loans would enter their personal information into a form on the company's website.  Zero Parallel would then sell the consumers' information to various lenders who would contact the consumers to provide and/or service the loan.

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