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A Predator Petitions for Right to Prey
Online payday predator asks prey to help keep the doors open
An online lending platform known for interest rates in excess of 4000% APR is asking its customers to sign a petition to allow the company to continue preying on desperate borrowers.
SoLo Funds — a fintech lending platform — has started a change.org petition in an attempt to fight back against state regulators attempting to shut down the company due to its predatory practices.
Pitting themselves as a sort of David fighting financial goliaths, SoLo says in its petition:
People should be able to help people. We should be able to transact with each other directly. And we should be able to benefit or profit from that. This concept is not new. It’s just not popular because it doesn’t profit those with economic power.
It’s not clear how helpful it is to offer short-term loans with interest rates exceeding 4000%.
This is especially true in a climate where lower cost alternatives to payday lending…
