SoLo Funds settles lawsuit over predatory lending accusations in District of Columbia

The District of Columbia Attorney General today announced an agreement with SoLo Funds, a fintech company that enables peer-to-peer lending, to settle a lawsuit that alleged SoLo Funds engaged in predatory lending practices.
The practices alleged include Los Angeles-based SoLo Funds not telling customers “the true cost of the loans on its platform” and that it “facilitated loans with over 500% APR on average — far exceeding the District’s 24% usury cap,” according to the Office of the Attorney General’s written release.
In addition, the OAG claims company was “advertising affordable and

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