TechCrunch
Fintech lender SoLo Funds is being sued again by the government over its lending practices
The Consumer Financial Protection Bureau (CFPB) is suing SoLo Funds, a fintech company that enables peer-to-peer lending, alleging that the company used “digital dark patterns” to deceive borrowers and illegally took fees while advertising to consumers that there were no fees. “The CFPB is suing SoLo for using digital trickery to hide interest and fees on its online loans,” CFPB Director Rohit Chopra said in a May 17 press release announcing the suit. The CFPB also alleges that the company misrepresented the cost of loans, interfered with the ability of consumers to understand what they were agreeing to, collected on loans they shouldn’t have and made false threats related to credit reporting.
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