A Predator Worse than Legalized Loan Shark Payday Lenders?

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

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Andy Spears

Andy Spears

1.1K Followers

Writer and policy advocate living in Nashville, TN —Public Policy Ph.D. — writes on education policy, consumer affairs, and more . . .