WASHINGTON, DC – Attorney General Brian L. Schwalb today announced a settlement with SoLo Funds Inc. (SoLo), an online fin-tech platform that facilitates and advertises loans to District consumers, which resolves allegations that SoLo deceived consumers about the true cost of the loans on its platform and facilitated loans with over 500% APR on average—far exceeding the District's 24% usury cap. SoLo’s platform is based upon a model in which individual consumers lend money to other in...
