CHECCHIA v. SOLO FUNDS, INC.

CourtDistrict Court, E.D. Pennsylvania
DecidedJune 7, 2023
Docket2:23-cv-00444
StatusUnknown

This text of CHECCHIA v. SOLO FUNDS, INC. (CHECCHIA v. SOLO FUNDS, INC.) is published on Counsel Stack Legal Research, covering District Court, E.D. Pennsylvania primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
CHECCHIA v. SOLO FUNDS, INC., (E.D. Pa. 2023).

Opinion

IN THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF PENNSYLVANIA

STEVEN CHECCHIA, CIVIL ACTION

Plaintiff, NO. 23-444-KSM v.

SOLO FUNDS,

Defendant.

MEMORANDUM MARSTON, J. June 7, 2023 Plaintiff Steven Checchia, individually and on behalf of a putative class, sued Defendant Solo Funds Inc. (“SoLo”) for violations of the Unfair Trade Practices and Consumer Protection Law (“UTPCPL”), the Loan Interest and Protection Law, and the Consumer Discount Company Act in the Philadelphia County Court of Common Pleas. (Doc. No. 1, Ex. A (“Compl.”).) SoLo removed the case to this Court (see Doc. No. 1) and has moved to compel Checchia to arbitrate his claims, arguing that when Checchia created his SoLo account, he agreed to SoLo’s Terms and Conditions, which contained an arbitration provision (Doc. No. 8). Checchia opposes the motion, contending that SoLo cannot prove that a valid agreement to arbitrate exists and that even if such an agreement did exist, the arbitration provision is unenforceable. (Doc. No. 12.) The Court held oral argument on May 23, 2023. For the reasons discussed below, the Court denies SoLo’s motion. I. Background: The Complaint The following facts are taken from Checchia’s Complaint. A. SoLo’s Business Model SoLo1 owns and operates a lending mobile application called “SoLo.”2 (Compl. at ¶ 9; see also id. at ¶ 8 (SoLo “makes loans or advances to Pennsylvania consumers over the internet”).) The application “connect[s] investors who wish to fund advances to consumers who wish to obtain advances.” (Id. at ¶ 10.) “To obtain an advance through the [SoLo] app,

consumers enter the amount they seek and the term to repay that amount,” and “are then asked if they wish to pay money to obtain their advance.” (Id. at ¶¶ 15–16.) “Specifically, consumers are asked if they wish to ‘tip’ the investor that funds their advance, and if they wish to ‘donate’ to [SoLo] for issuing their advance.” (Id. at ¶ 17.) SoLo recommends that consumers pay 12% of their advance to the investor (a “tip”) and 9% to SoLo (a “donation”). (See id. at ¶¶ 17–18.) “Although consumers can theoretically obtain an advance without paying money, in practice, consumers cannot obtain an advance through the [SoLo] app without agreeing to pay money to obtain the advance.” (Id. at ¶ 19.) “The ‘tips’ and ‘donations’ consumers must pay to obtain their advance are costly.” (Id. at ¶ 21.) SoLo also

obtains other fees from the consumers who have received advances, such as recovery fees, late fees, administrative fees, and synapse transaction fees. (See id. at ¶¶ 36, 39–40.) Ultimately, Checchia claims that SoLo “misrepresents that its advances cost nothing” to consumers. (Id. at ¶ 24; see also id. at ¶¶ 25–26 (alleging that SoLo’s promissory note and Truth-in-Lending Act (“TILA”) disclosures include “false” representations, since they state that

1 SoLo is a technology company, not a bank. (Compl. at ¶¶ 6–8.) 2 According to SoLo’s Director of Product, Eddy Muñoz, “SoLo provides an online platform that connects third-parties seeking to borrow money (called ‘Borrowers’) with third-parties offering to lend money (called ‘Lenders’).” (Muñoz Aff. at ¶ 3.) This platform is accessible online on SoLo’s website and via the Mobile Application. (Id.) a consumer’s advance has a $0.00 Finance Charge and a 0% annual percentage rate (“APR”) when in actuality “the advances issued through the [SoLo] app have significant costs”); id. at ¶ 60 (“The advances [SoLo] issues through the [SoLo] app are payday loans, which have been repackaged in a user-friendly app, which are deceptively rebranded as no-cost advances, and which [SoLo] falsely and misleadingly represents as having 0% APRs.”); id. at ¶¶ 68–69.)

Checchia pleads that SoLo’s “business takes advantage of consumers’ lack of awareness of how [SoLo’s] fees add up to make the advances facilitated through the [SoLo] app difficult to repay and more costly than other forms of credit.” (Id. at ¶ 71.) B. Checchia Obtains Advances Through SoLo’s Mobile Application Checchia “obtained various cash advances through the [SoLo] app” for “personal, family, and/or household purposes.” (Id. at ¶¶ 76–77.) In doing so, Checchia has paid for “tips” and “donations.” (Id. at ¶ 78.) “Each time Checchia paid a ‘tip’ and/or ‘donation,’ the charges he paid, in the aggregate, exceeded 6%.” (Id. at ¶ 79.) By way of example, on October 21, 2022,

Checchia obtained a $450 cash advance; he paid a $31.50 “donation” to SoLo and a $40 tip to the investor. (Id. at ¶ 80.) “The cash advance was to be repaid in two weeks, yielding a 414.25% APR,” notwithstanding SoLo’s representation that the advance at issue had a $0.00 Finance Charge and a 0% APR. (Id. at ¶¶ 81–82.) Checchia alleges that he was unaware of the costs associated with SoLo’s cash advances and that he has since stopped using the SoLo app. (Id. at ¶¶ 84–85.) II. Background: Motion to Compel

Along with its motion to compel, SoLo filed affidavits by Eddy Muñoz, SoLo’s Director of Product, and Albert Wildeman, SoLo’s Vice President of Data Analytics. (See Doc. Nos. 8-1, 8-2.) SoLo also attached to its motion copies of the SoLo sign-up page and its Terms. (See Doc. No. 8-1, Exs. A & B.) The Court sets forth the relevant facts from those documents below. A. Checchia’s Loans Checchia created his SoLo account (the “Checchia Account”) on February 26, 2022. (Muñoz Aff. at ¶ 7; Wildeman Aff. at ¶ 6.) Checchia signed up for the Checchia Account

through SoLo’s Mobile Application. (Muñoz Aff. at ¶ 7.) Between February 28, 2022 and the end of 2022, Checchia contracted for 19 loans through SoLo’s Platform, for a combined total amount of $6,175 (the “Loans”). (Wildeman Aff. at ¶ 7.) Checchia paid back all but one of the Loans. (See id.) The timeline of the Loans is outlined as follows: 1. On February 28, 2022, a loan in the amount of $100 was funded by a Lender. Checchia paid back the loan on March 11, 2022.

2. On March 26, 2022, a loan in the amount of $150 was funded by a Lender. Checchia paid back the loan on April 8, 2022.

3. On April 10, 2022, a loan in the amount of $50 was funded by a Lender. Checchia paid back the loan on April 22, 2022.

4. On April 23, 2022, a loan in the amount of $225 was funded by a Lender. Checchia paid back the loan on May 6, 2022.

5. On May 7, 2022, a loan in the amount of $300 was funded by a Lender. Checchia paid back the loan on May 20, 2022.

6. On May 21, 2022, a loan in the amount of $375 was funded by a Lender. Checchia paid back the loan on June 3, 2022.

7. On June 4, 2022, a loan in the amount of $400 was funded by a Lender. Checchia paid back the loan on June 17, 2022.

8. On June 18, 2022, a loan in the amount of $200 was funded by a Lender. Checchia paid back the loan on July 1, 2022.

9. On July 1, 2022, a loan in the amount of $500 was funded by a Lender. Checchia paid back the loan on July 15, 2022.

10. On July 21, 2022, a loan in the amount of $325 was funded by a Lender. Checchia paid back the loan on July 29, 2022.

11. On July 29, 2022, a loan in the amount of $500 was funded by a Lender. Checchia paid back the loan on August 12, 2022.

12. On August 17, 2022, a loan in the amount of $450 was funded by a Lender. Checchia paid back the loan on August 26, 2022.

13. On August 31, 2022, a loan in the amount of $325 was funded by a Lender. Checchia paid back the loan on September 9, 2022.

14. On September 9, 2022, a loan in the amount of $350 was funded by a Lender. Checchia paid back the loan on September 23, 2022.

15. On September 23, 2022, a loan in the amount of $500 was funded by a Lender. Checchia paid back the loan on October 7, 2022.

16. On October 7, 2022, a loan in the amount of $425 was funded by a Lender. Checchia paid back the loan on October 21, 2022.

17.

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