LA-based SoLo Funds raises $10 million to offer an alternative to predatory payday lenders – TechCrunch
LA-based SoLo Funds raises $10 million to offer an alternative to predatory payday lenders SoLo Funds wants to replace payday lenders with a community-based, market-driven model for individual lending, and now has $10 million to expand its business in the U.S. Payday lenders offer high-interest, short-term loans to borrowers who are at their most vulnerable, and the terms of their loans often trap borrowers in a cycle of debt from which there’s no escape. Around 80% of Americans don’t have adequate savings to cover unforeseen expenses, and it’s that statistic that has made payday lendin...
Source: techcrunch.com
