Birdwatch Note Rating
2025-02-24 17:19:40 UTC - HELPFUL
Rated by Participant: B467127AC9FE438BDE6354723D954115F5FC2FEA2505302094623F95B4FC7056
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