November 11, 2024
SoLo Funds Reaffirms Commitment to Affordable Lending Amid Pennsylvania Settlement
SoLo Funds Addresses Pennsylvania AG’s Announcement and Reiterates Mission
SoLo Funds, a leading peer-to-peer lending platform, has responded to the recent announcement by Pennsylvania Attorney General Michelle Henry regarding a settlement. The company emphasizes that this resolution does not imply any admission of wrongdoing or indicate that users were required to pay excessive tips or donations.
Revolutionizing Financial Inclusion: SoLo Funds’ Impact
As a mission-driven fintech company, SoLo Funds was established to provide accessible financial solutions to underserved communities, offering a viable alternative to predatory lending practices. The platform’s innovative peer-to-peer lending model empowers users to obtain short-term loans without the burden of high-interest rates, promoting financial inclusion and affordability.
2025 Cash Poor Report Highlights SoLo Funds’ Affordability
The 2025 Cash Poor Report, conducted in partnership with Opinium Research, Pace University, The Global Black Economic Forum, The Aspen Institute Financial Security Program, and the Independent Women’s Forum, highlights the financial challenges faced by cash-poor Americans. The report reveals that consumers paid over $39 billion in fees beyond the advertised Annual Percentage Rate (APR) when seeking short-term capital—a 34% increase from 2023.
Notably, the report ranks fintech platforms, including SoLo Funds, as the most affordable borrowing options for the second consecutive year, while subprime credit cards were identified as the most expensive alternative. This underscores our commitment to providing cost-effective financial solutions for those living paycheck to paycheck.
Pennsylvania Exit: Implications for Consumers
As part of the settlement, SoLo Funds will temporarily cease operations in Pennsylvania. This decision may impact thousands of residents who previously relied on the platform for affordable and flexible lending solutions. Given the findings of the 2025 Cash Poor Report, which highlights the rising cost of traditional financial products, this exit may force many Pennsylvanians to turn to higher-cost alternatives such as predatory lenders, payday loans, or high-interest credit cards (Banking Dive).
Commitment to Return and Serve Pennsylvania Residents
Despite this temporary setback, SoLo Funds remains committed to returning to Pennsylvania and continuing to serve its residents with innovative, consumer-friendly financial solutions. The company is actively working on product updates and enhancements that align with the settlement terms, ensuring compliance while maintaining the peer-to-peer lending model that has made SoLo Funds a leader in financial accessibility (SoLo Funds Blog).
Transparency and Consumer Choice: SoLo Funds’ Priority
SoLo Funds has always prioritized transparency in its platform’s features, including optional tips and donations, which allow users to support the community-driven model that powers SoLo Funds. To enhance user experience and ensure informed decision-making, the company continues to refine its platform and provide comprehensive financial education resources about how these features work (SoLo Funds Press).
Moving Forward: Innovation and Compliance
This resolution underscores SoLo Funds’ ongoing commitment to innovation, compliance, and consumer-first lending practices. The company will continue to collaborate with regulators and stakeholders to ensure that SoLo Funds remains a trusted, compliant, and accessible financial resource (PR Newswire).
SoLo Funds remains steadfast in its mission to offer equitable financial solutions and looks forward to re-entering the Pennsylvania market soon with enhanced financial products that continue to put consumers first (CAMEO Network).