The Consumer Financial Protection Bureau sued SoLo Funds, alleging that the online lending platform used “digital dark patterns” to illegally collect fees from borrowers. The lawsuit also alleged that SoLo Funds misrepresented the cost of loans, made false threats, collected money consumers didn’t owe, and created a credit scoring model with...
As the pandemic lingers and as individuals and families endure cash crunches and job losses, the exposure to unplanned expenses can reach critical levels. As PYMNTS research has found, roughly 60 percent of Americans live paycheck to paycheck. And statistics from the Federal Reserve show...
SoLo Funds announced it has added a Mastercard integration so users can link their debit accounts to the peer-to-peer (P2P) lending platform. The company noted there are 100,000 Visa cardholders who already use the SoLo Funds platform, which allows users to request and receive a...
Forty-four percent of employees say they’ve been paid late due to issues arising from manual payroll processing and other discrepancies. In latest Disbursements Tracker, PYMNTS explores how digital disbursement tools are putting a new (fast and daily) spin on payroll. Plus, Travis Holoway, CEO of...
February 10, 2021
As the pandemic lingers and as individuals and families endure cash crunches and job losses, the exposure to unplanned expenses can reach critical levels. As PYMNTS research has found, roughly 60 percent of Americans live paycheck to paycheck. And statistics from the Federal Reserve show that even before the coronavirus devasted household finances, that on […]
July 19, 2024
The Consumer Financial Protection Bureau (CFPB) is intensifying its scrutiny of SoLo Funds, a lending startup backed by tennis star Serena Williams. The CFPB has introduced a proposed rule that would restrict the way SoLo charges its customers. This action follows a lawsuit filed by the regulator earlier this year, alleging deceptive lending practices by […]
May 17, 2024
The Consumer Financial Protection Bureau sued SoLo Funds, alleging that the online lending platform used “digital dark patterns” to illegally collect fees from borrowers. The lawsuit also alleged that SoLo Funds misrepresented the cost of loans,...
April 05, 2019
SoLo Funds announced it has added a Mastercard integration so users can link their debit accounts to the peer-to-peer (P2P) lending platform. The company noted there are 100,000 Visa cardholders...
