CFPB Sues SoLo Funds for Deceiving Borrowers and Illegally Extracting Fees

News Consumer protection English Sanctions & Fines

Date: 17th May, 2024 Source: Consumer Financial Protection Bureau Country: USA Original Source

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The Consumer Financial Protection Bureau (CFPB) has sued online lending platform SoLo Funds for deceiving borrowers about the total cost of loans. Despite marketing itself as a consumer-friendly alternative to high-cost, short-term loans, SoLo uses "dark patterns"" to ensure that almost every borrower pays a fee

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today sued the online lending platform SoLo Funds for deceiving borrowers about the total cost of loans. The CFPB alleges that SoLo markets itself as a consumer-friendly alternative to high-cost, short-term loans. Despite advertising zero-interest loans or 0% APR loans, SoLo’s use of dark patterns ensures

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CFPB Sues SoLo Funds for Deceiving Borrowers and Illegally Extracting Fees

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CFPB Sues SoLo Funds for Deceiving Borrowers and Illegally Extracting Fees

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