SoLo Funds lets borrowers set their own flat fees but consumer authorities want it to state costs as a yearly interest rate
US consumer regulators are increasing the pressure on a Serena Williams-backed lending start-up, introducing a proposed rule that would restrict the way it charges customers. The action by the Consumer Financial Protection Bureau and its director, Rohit Chopra, follows a lawsuit filed by the regulator earlier this year for deceptive lending practices.
The CFPB would require SoLo and other upstarts to price their loans in terms of annual interest rates, and not as a flat fee. The rule would also require SoLo to ensure that the fees borrowers are paying on its website to obtain loans do not exceed federal or state caps on what lenders can charge. SoLo Funds, which was launched in 2018 by two Black entrepreneurs, Rodney Williams and Travis Holoway, says it gives individuals more power over what they pay when they take out a loan.
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