A Predator Worse than Legalized Loan Shark Payday Lenders?
SoLo Funds Offers Loans at Rates in Excess of 1000%!
A new report offers alarming details about a new competitor in the payday predator market. It appears SoLo Funds is offering peer-to-peer or “community” lending with rates in excess of 1000%. This would make the loans more than double the cost of payday loans — which can carry interest rates of up to 460%.
Consumer Bureau Report Highlights Debt Trap Caused by Payday, Title Loans | by Andy Spears | Medium