LendEDU
Also known as: LendEDU.com.
The FTC alleged that LendEDU presented paid rankings as objective product information and promoted fake positive reviews. The Commission finalized a settlement that restricted those practices and required a $350,000 payment.
Resolved. Refunded, settled, ceased operating, or the claim did not hold up. Kept for the record.
Identity
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- Registrations
- In the Matter of LendEDU (FTC administrative proceeding 182-3180, 2020)
- Locations
- Delaware
- Other handles
- LendEDU.com
- Jurisdictions
- United States (federal)
Settlement finalized over paid rankings and reviews
The FTC alleged that LendEDU claimed its comparison website offered “objective,” “accurate,” and “unbiased” information about consumer financial products. Those products included student loans, personal loans, and credit cards. According to the agency, LendEDU instead gave higher rankings and ratings to companies that paid for placement and falsely said advertiser compensation did not affect the site’s information. The FTC also alleged that the company promoted fake positive reviews of LendEDU.com.
In May 2020, after a public comment period, the Commission finalized its settlement with the Delaware comparison-shopping website and its operators. The final order prohibits misrepresentations about the objectivity of product rankings, the influence of compensation on content and rate tables, and material connections or endorsements involving companies. The order also requires LendEDU to pay $350,000.
What is not established: The supplied documents characterize the conduct as FTC allegations resolved through a settlement. They do not report an admission by LendEDU.
Sources
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- Enforcement action May 26, 2020
- Enforcement action May 26, 2020
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First recorded May 26, 2020 · Last updated May 26, 2020