SoLo Funds faces a class action lawsuit alleging deceptive practices regarding 'zero interest' loans, which actually include hidden 'tip' and 'donation' fees.
The complaint highlights that these additional fees mislead consumers regarding the actual cost of loans, contravening the company's advertised zero fee structure.
This lawsuit adds to a series of actions against SoLo Funds, including previous allegations from states and the CFPB accusing the company of using digital dark patterns.
With significant backing from investors like Serena Williams and Alumni Ventures, SoLo's business practices are now under scrutiny, affecting its growing reputation and financial operations.
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