Sketchy Solo Funds Reaches Lending Milestone
Rates up to 4000% haven’t slowed down the predatory lending newbie
I’ve written before about the legal troubles surrounding fintech lender Solo Funds and their “innovative” lending platform offering loans with interest rates up to 4000%.
Now, American Banker reports that Solo Funds has reached a lending milestone — $100 million in loans.
According to AB:
The company, which has picked up on an idea that LendingClub and Prosper abandoned several years ago, recently reached a milestone of $100 million in loans made through its platform. It has 700,000 users. It’s also creating what it calls a “lending [distributed autonomous organization]” or co-op, an independent entity that will manage the person-to-person loans.
The company’s leaders say SoLo has a unique model that is bringing affordable credit to underserved communities. State regulators and critics call it a standard-issue payday lender.
