Consumer complaint received 2025-06-18 00:00:00
Product: Money transfer, virtual currency, or money service — Domestic (US) money transfer
Issue: Confusing or missing disclosures — 
Company: SoLo Funds Inc.
State: WY

Complaint narrative:
Ive already filed a complaint and finally got my money back so Im going to explain this is simply as possible and add some new information regarding children and how theyre directly deceiving consumers in a discrete way. 
SoloFunds is a peer to peer lending app that steals from its users. How? 
Say you loan someone {$200.00}, SoloFunds offers a repayment guarantee ( known as Lenders Protection to reinforce the lenders confidence and trust ) promising youll be reimbursed for a majority of the {$200.00} if the borrower doesnt repay the loan within the time frame outlined in the loan agreement. However ; that repayment is given as credits that are only useable within the SoloFunds system and you HAVE to lend those credits to HOPEFULLY get tangible currency back into your wallet. 
The issue here is that they are dishonest in this practice : {$170.00} out of the {$200.00} the lender provided to an anonymous borrower is reimbursed utilizing these credits. In the SoloFunds loan agreement, they state the borrow has 30 DAYS AFTER LOAN REPAYMENT DUE DATE TO REPAY THE LOAN. SoloFunds uses the original due date to say hey the borrow didnt repay today so heres credits, minus the {$30.00} because we promised a majority and itll be in credits that are worthless outside of our application. So when the borrower pays, 1 day or 29 days past the original due date, SoloFunds receives that payment ( plus the {$15.00} tip the borrower intended to give to the lender making the total repayment due= {$210.00} ). Per their own loan agreement, if that loan is not satisfied within the original repayment period the borrower still has 30 days to repay the lender, yet SoloFunds collects that money and gives the lender worthless credits while absorbing any tips fixed into the total ( {$210.00} ). Are we not seeing how unethical that is and it violates their own loan agreements. I have screenshots, NOWHERE does it state that that Lender Protection overrides the loan agreement stating the borrower has 30 days to repay the lender AFTER the original repayment date. Again, SoloFunds collects {$210.00} while giving the lender credits and stealing their tips as well as violating their contract terms. If you cant see how that is wrong, you shouldnt be in a position where youre supposed to be protecting consumers of any kind. 
Secondly, SoloFunds advertises their application is rated for children from XXXX  old and up ; however, this is the actual proclamation within their privacy policy Information from Children SoLo never intends to collect personal information from children under 13 years of age. If we obtain actual knowledge that we have collected personal information from a child under the age of XXXX, we will promptly remove the data from our system, unless we are legally obligated to retain such data. Please contact us if you believe we have unintentionally collected information from a child under the age of XXXX. 

After my last report they finally removed their XXXX  accreditation advertisement ( after you guys allowed me to become yet another victim of SoloFunds ) without any penalty or punishment for misleading thousands. Now, theyre targeting children as young as XXXX years old while claiming they dont intend to obtain information from a child under XXXX ( that should still be a giant red flag ). So here we are AGAIN SoloFunds being stripped of their accreditations and found guilty of misleading and unethical business practices in 2024. According to SoloFunds the case was dismissed ; HOWEVER, these are public records and I have the screenshots and links contradicting their dismissal claim. The settlement happened in Pennsylvania under the Loan Interest Protection Law and Consumer Discount Company Act. You guys failed me and completely disregarded my case even though SoloFunds did the exact same thing to me and its public knowledge and the CFPB should absolutely know about that because it was YOUR CASE and we will be furthering this, I dont care about receiving my money back at all, I want this company held accountable and shut down so they cant prey on millions of others struggling as well as inflicting predatory practices upon children as young as XXXX ( they dont want you to know that so theyll try to erase it but remember : I have the screenshots )

Company response to consumer: Closed with explanation