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SoLo Funds is face a new class natural process lawsuitaccording to a copyseen by TechCrunch andfirst describe by Bloomberg .
It charge SoLo Funds of misleading consumers by advertising zero interest fees on loan yet advance “ tip fees ” and “ contribution fees ” to find said loan . The ailment alleges these are hidden fees that the company urinate hard to choose out of , make their loans more expensive than borrower expect .
As TechCrunchpreviously reported , the company has been sued by Connecticut , California , and the Consumer Financial Protection Bureau ( CFPB ) . In May , the CFPB alleged the company used “ digital dark design ” to misguide consumer and lawlessly take fees , despite advertising there were no fees . SoLo Funds settle these early suits with all but the CFPB .
SoLo has raised at least $ 13 million , harmonize to Crunchbase , from backers like Serena Williams , Alumni Ventures , and Techstars . SoLo Funds declined remark .
