SoLo Funds: Lend & Borrow

Name: SoLo Funds: Lend & Borrow
Rating: 4.3952 (21769 reviews)

Finance

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SoLo Funds: Lend & Borrow

Finance

4.4

21.8K ratings

Age Rating

Seller

SoLo Funds Inc.

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User Reviews for SoLo Funds: Lend & Borrow

Has Potential But Needs Work (Lender)

From an investors standpoint, this app has great potential, but does little to protect lenders from losing money. I’ve lent over $16,000 to more than 60 individuals and found that most people on this platform pay their loans back late, with many not paying back at all. I found that most of the loans I funded rolled over, giving the borrower an extra 14 days to pay back their debts. I don’t think borrowers should be given an extra 14 days to pay off their debts, especially with all loan terms being 30 days or less. 7 extra days to pay back is enough in my opinion. If someone doesn’t pay back on time they should be over drafted like some auto payments do. If not overdraft, then they’re account should be charged daily until the funds are repaid. The collections process doesn’t seem to be effective at all. If your loan goes into collections, just consider it gone. I don’t imagine anyone paying back a less than $300 debt in collections, especially when borrowing from this app has no effect on their credit score. The solo scoring system is off. I noticed many people have high scores that have never borrowed money on this platform. Contacting support is also a pain. You can only communicate with them via email and they often take a week or more to respond. If they provided lenders with more payback protection, adjusted the collections process, fixed the scoring system, and added live phone call support, this app would be great.

Biggfran, Jan 07, 2020

Awesome App

I downloaded this app one day when I saw someone talking about it online. There are so many apps that say loans or payday loans instantly! This app will deliver!I didn’t get to work due to snow, and needed groceries and diapers and requested a loan, it was funded in under thirty minutes of my request, and in my account the moment I looked. Thank you Rosemary, for your generosity! You saved us in a tight situation. When used the right way this app can be a beautiful thing! People helping others out of the kindness or their heart, because the fees are minimal, and you won’t get rich lending small amounts, but you can be rich in the fact you saved someone from not sleeping on the streets, not having power or water, making sure their children have what they need, and being their hope when they have none!Now it’s a great way for me to loan people when they need it. No credit checks doesn’t matter if you have none. Also, you can see peoples lending history and their repaid loans, if the tip is not sufficient, you as the loaner can request a higher tip for funding the loan, the highest is 12%, this app is a wonderful thing! I am so great-full for the creators of this app! Such a wonderful thing for everyday people who can’t get traditional loans!

clairebelee, Feb 07, 2022

Really helpful

I’ve used this a few times for lending. I started off with a bad score now I have a good one because of me paying back on time. I paid back 2 days late once because of being low on money & it didn’t decrease my score which was nice because it was only a few days and definitely just a one time thing. The only issue I have is when borrowing we have to donate a pretty large amount to solo. It shouldn’t be called a donation & it should be called a fee because it isn’t voluntary. We don’t have the option to not donate to solo. I have to pay $35+ on a loan on top of a tip for the lender. So the loan typically costs me $80 more than what I borrowed. It helps in trapping people who are in need in a cycle of debt. Also, I don’t like that lenders can modify the terms of the loan. I want to tip the lenders for helping, but almost every time I’ve put a loan out and didn’t tip the max, a lender would update and change it to the max tip. Aside from those it’s been instant & I haven’t had any issues with getting my funding or paying back loans. I’d say it’s great for people with less than stellar credit who need funding fast. Just make sure you pay back on time and there won’t be any issues!

dee12223344, Apr 10, 2022

Changed the way I handle life!

SoLo was something I was very skeptical of at first. I’m just being honest. It’s just that once you get started it’s so easy! Service reps were there to help me along every step of the way when I first got started. Now, I’m making loan request on my own, paying them back, and watching my self confidence rise as I begin to take back my life with the help of SoLo Loans! There really is a community of people that want to help you! When I get my finances straightened out, I will give back and fund SoLo Loans myself. We should all be in this together! It makes me feel good to know I’m not the only one that struggles financially at times. It makes me feel good that there are such good kind hearted people who go out on a limb, with the use of the borrowers SoLo number to tell them their payback record, and help people in real need of things and they have know idea who they are! That’s kindness! That’s what this world need A WHOLE LOT MORE OF! Thank you SoLo, thank you to the people who have funded my 4 loans so far, thank you to all the people who have paid back on time as you said you would! Once again! We are all in this together!TK - WV

holygra, Jan 28, 2023

Excellent resource for financial freedom

SoLo’s mission sets it apart from any other bank or financial services company. Those who are in need of immediate help are able to get a loan very quickly on the platform. Borrowers don’t have to lose their dignity walking into a major bank that may reject them, or a predatory payday loan shop with crazy hidden fees. This app could save people in emergencies like fixing a car so you can get to work, getting food to feed your family, etc., along with just getting back on your feet from financial hardship. The borrower always sets the terms and agrees to any changes suggested by the lender. The loans are funded not by a major corporation but by other SoLo members who have a little extra cash and want to help the community while also taking the chance to earn some profits. These lenders are everyday individuals who will use the proceeds in their local community or to help their own family. In my time on SoLo as a lender I’ve found it to be rewarding helping others, doing good while earning some. Any concerns I’ve had have been quickly addressed by SoLo support with professionalism and dedication. In particular the support agent Gladys has been great. Additionally SoLo has begun education resources with strategies for financial independence, and is working on improvements to the app to help the underserved with better banking options.

MattRM89, Jul 07, 2022

Poor Customer Service

The first time getting a loan there was no problems at all , it was actually easier than I thought so I chose to request another loan when needed. When I requested my second loan , a lender accepted it but I was unable to withdraw the funds due to issue within their app. I reached out to customer service multiple times via email and live chat, no one responded to my emails and the live chat would tell me they’re busy and will contact me later. After about a week I was told to send pictures to verify my identity , days go by and I still never received another email. By now the cash that I was unable to withdraw is due. I had to email them and demand them to cancel out the entire loan considering I wasn’t able to access the funds due to issues within the app and poor customer service. I requested the funds May 12 it is now June 1st and they’re still giving me the run around. Every time I get an email from customer service they’re asking for documents that I’ve sent over email multiple times already to verify my identity and that I am the cardholder. Which is funny to me because they’ve tried to charge that same card that they want me to verify, for the total amount of the loan. I highly wouldn’t recommend just based on their customer service , this is a serious issue that needed to be resolved in a timely matter.

Maurixh, Jun 01, 2023

No gimmicks, No Credit Approval, The Real Deal!!!

I have downloaded and checked out a number of lending apps online and in the app store and I will say thay Solo is HANDS DOWN the best and easiest way I have ever recieved funding! The tips and fees are realistic and dont make borrowing hurt your financial situation costing more then you can afford. Don’t be discouraged if your first, second, third or maybe even fourth request for a loan are not funded in the 3 days they stay on the marketplace, someone will come thru for you and the request process literally takes all of 3 minutes. Once my loan was funded and I accepted the terms the money was in my bank account and available to me in seconds!! I highly recommend this app for temporary financial relief as long as you are true to your promise to pay back in the allotted time frame as these lenders are people just like the borrowers paying out of their personal pocket to help those in need and should be appreciated for their kindness and caring to help others. I am excited to watch my credit build with Solo and can’t wait to be in a position to help others the way my lender helped me!! Thanks a million to Jake for lending me the funds I requested and the team at Solo that put out one of the best lending apps I have found!!! HIGHLY RECOMMENDED ♥️

Moms-Leave It, Oct 09, 2021

My review of Solo

I was looking for an app that would loan someone in need with a job that can barrow a couple of bucks here and there and pay it back when payday comes. I tried them all, but every app wanted to be my coach on how to save money. The apps wanted a fee every month, but wouldn’t loan me any money, cause of this or that, but kept taking there $5 a month and I was pretty upset about that. I Googled apps that would loan money and came across a review about Solo Funding, so I said what the heck. I downloaded Solo and registered like it ask me to and requested a loan. I will say if you need money for the future start early with your request, cause Solo takes time to work. Solo is people like you and me loaning money to each other and making a couple of bucks to help. I thought it was crazy, cause for a week I tried and tried and no loan. Finally someone loan me what I asked for and I thought it was the coolest thing and that person came through for me (thank you by the way to whom loan me the money) but that’s just it, I don’t even know who loan me the money, but a BIG THANK YOU to that person. All I can say is try Solo it might work for you, but don’t get frustrated someone will help you just start early with your request before your deadline. Thank you Solo Funding for helping me. 👍🏼

rp5026, Sep 12, 2019

This is a very good app so far

I just started back on solo funds after a few years of having trouble with the verification steps, however, they must’ve did away with that because now, I just login with my Gmail, and I was able to take out my first loan with them, for $100, and it was pretty quick, and simple. So thank you guys for the much-needed help, the only suggestion I have, is to kind of make your app a little bit more accessible when it comes to the calendar, because when I try to set up a payment arrangement schedule, it won’t let me click on May for some reason so I just did it on the website where it was more accessible for screen readers. The app is to except for that part of the calendar. Other than that, you guys keep up the great work, and I just referred a friend to you guys so hopefully he’ll be able to get back on the market or on the market. I should say and get some help. Seems like the best peer to peer lending platform so far. Keep up the great work. and for those who are out there saying we get paid for reviewing stuff like this average person does not get paid to do this review. I am not getting paid to do this review. This is just my own opinions and how I feel about this app. But anyway, that’s all I have to say.

Southwestair, May 07, 2023

Best lending app out there!

This is literally the best lending app there is. I have been using them for months now. You can either request a loan or you can make money and fund a loan. You can pay back in two weeks or less. You are graded by a number system from 0-99. If you pay on time your number goes up. I’m at 90. Lenders will loan to you easier the higher number you are. But I never ever have had to wait for a lender. When I hit request I am immediately funded. You choose the tip you want to give your lender. You can choose whether to tip Solo or not. I was tipping up until today because the higher your loan is the higher the tip. (Talking about tipping the APP not the lender!) This is the only thing Solo needs to change. Let us decide what tip. You can tell us what is preferred but let us decide. The tipping was way high to where I shut off that option. I’ll tip again but right now I stopped it. Also, when you choose a tip to a lender they can come back and ask for more before they will fund you. You can decline this and your loan will continue to stay in the request column. Oh and One time I requested in middle of night. That was actually only time I didn’t get funded right away. So I deleted my request and asked again during the daytime. So I suggest that. I have not lended money so I can’t give any review on that. As far as a borrow I’m hooked !

WildcatMom4, Mar 30, 2023

Description

Access up to $575 on your own terms or supply funds to make a social impact and return. Fun fact → SoLo Funds is a Certified Public Benefit Corporation. SoLo is a community finance platform where our members step up for one another.

We enable financial services for real people, powered by people. We back each other because we believe in each other. Here’s why thousands of members use SoLo… ACCESS UP TO $575 ON YOUR OWN TERMS We give you choice and control where others don’t. No interest, no credit checks. We come through for each other because we’re in this together. EARN MONEY WHILE HELPING OTHERS SoLo is a great way to make a social impact while also earning a return on your money. Our data driven tools allow you to verify and make smarter choices. Fund a request today. We’re people helping people. Fun fact → SoLo won the 2022 Visa Everywhere DEI Contest amongst the nation’s best fintechs SOLO PROTECTION We’re in this together. We protect each member in our community via secure and easy communication between bank accounts while creating a safety net for potential losses. Fun fact → SoLo was selected as one of Fast Company’s World Changing ideas in 2022 SOLO WALLET Leverage our banking solution to build financial autonomy. Deposit, withdrawal, and bank with SoLo. Fun fact → SoLo won NBCUniversal’s LIFTOff Financial Impact Challenge NO HIDDEN FEES We’re not here to surprise you with fees. SoLo guarantees no hidden fees, no minimum balance fees, transactions fees, expedition fees and no overdraft fees. GET MONEY UNIVERSITY We believe that access to information is the key to building strong financial habits. Take courses, learn, and share this free resource with others. Fun fact → SoLo was selected in 2021 for Global Inclusive Fintech 50 by the Center for Financial Inclusion For more information please visit our website https://solofunds.com/ . (1) $575 Cash Requests: Criteria applies, see Terms https://solofunds.com/terms/ for more details. (2) SoLo Wallet: The bank services are provided by Synapse's partner banks, Members FDIC. Zero APR, no APR, no interest rate, zero interest. All loans regardless of the early schedule payment have the same terms, with 90 days for repayments and default. The early repayment schedule for a loan request can differ between members with all loans up to 90 days to pay in full until defaulted. Your initial scheduled early repayment date can be skipped without issue and repaid manually in-app at any time with minimum and maximum repayment schedule up to 90 days. All loans have up to 90 days to pay in full until defaulted. See SoLo's Privacy Policy https://solofunds.com/privacy