Birdwatch Note Rating
2025-02-24 00:53:25 UTC - HELPFUL
Rated by Participant: AECCBD14223EFF93FF4D5432D0BA6DAFAA3EB6D4A5F3B84C5B9E5BDD2FBD4D81
Participant Details
Original Note:
SoLo advertised "zero-interest loans," but "almost all of SoLo’s loans carry an equivalent annual percentage rate of over 36% APR, and many loans carry an APR in excess of 300%, with some over 1,000%." https://www.bloomberg.com/news/articles/2024-10-22/solo-funds-faces-claims-of-hidden-fees-trail-of-lawsuits-follow https://www.attorneygeneral.gov/taking-action/ag-henry-reaches-settlement-with-california-based-lender-over-alleged-illegal-tip-and-donation-scheme-saving-pennsylvanians-hundreds-of-thousands-of-dollars/ https://www.consumerfinance.gov/about-us/newsroom/cfpb-sues-solo-funds-for-deceiving-borrowers-and-illegally-extracting-fees/
All Note Details