05/18/2023
Important actions out of Connecticut, California, and DC to effectively bar SoLo Funds, which uses ‘tips’ and ‘donations’ to conceal triple-digit APRs, from facilitating unlicensed payday loans at rates that violate state rate caps.
"A tip is something that goes to a human being after good service, not a cost paid up front to a company to get a loan,” said Lauren Saunders, associate director of the National Consumer Law Center.
Consent orders target SoLo Funds platform offering loans as high as 511%-4,280% APR WASHINGTON – Advocates applauded new consent orders from California, Connecticut, and the District of Columbia that block the fintech payday loan website SoLo Funds from offering unlicensed payday loans that use .....