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Market
Change in SoLo Funds user base by end of 2024
5
Resolution / Starting Odds
Increase in users • 25%
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Platform shutdown • 25%
Company reports or credible market analysis
Story
CFPB Sues SoLo Funds Over Deceptive Loan Practices, Digital Trickery
May 17, 2024, 04:18 PM
The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against SoLo Funds, a peer-to-peer lending platform, for allegedly deceiving borrowers about the true cost of its loans. Despite advertising zero-interest loans, SoLo Funds reportedly used digital trickery and dark patterns to ensure that almost every borrower paid a fee, disguised as a 'tip' or 'donation.' The lawsuit, filed in California federal court, aims to address these deceptive practices and follows repeated run-ins SoLo Funds has had with state regulators.
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