Blog

Anyone who relies on a paycheck knows that budgeting is crucial. Inflation and the looming student loan repayments mean we need to know exactly how much money we have and where it’s going. Our fave – the 50/30/20 budgeting method – is a simple yet effective approach to taking charge of your money matters. Whether you’re a seasoned budgeter or just dipping your toes into financial planning, this method offers a clear way to track your funds and achieve your goals. Read More

When life throws unexpected financial challenges our way, it helps to know others have faced these hurdles head-on. Hear from our members who've leaned on the SoLo community for a lifeline when they needed emergency funds. Read More

It’s no secret that many Americans live paycheck to paycheck. With inflation on the rise, families are doing what they must to make ends meet. But what happens when an emergency occurs? Many families turn to traditional, soulless financial institutions. With that comes hidden fees and an annual percentage rate (APR) that doesn’t truly reveal the costs to those in need. President Biden has taken a stand against these so-called “junk fees,” but that is only one piece of the puzzle. The cost of borrowing continues to get more expensive for average Americans. That’s why we propose a new term for lending, Total Cost Rate. This removes the fluff and deceptive text to provide a real look at what people must pay when dealing with unplanned expenses. Consumers deserve to understand how much borrowing truly costs and what options they have. Read More

SoLo, the largest community finance platform in the US and a 2023 CNBC Disruptor 50 company, has reached a resolution with the Connecticut Department of Banking regarding its 2022 temporary Cease & Desist order. This announcement comes on the heels of resolution announcements in DC and CA. The resolutions in all three jurisdictions included no admission of wrongdoing, and a clear path forward. Read More

Today, SoLo Funds, Inc. announces an agreement with the California Department of Financial Protection & Innovation, to resume operations in the State of California. SoLo is based in Los Angeles with nearly 100 employees, and is bringing a fintech company to the market powered by real people helping people. Read More

Read More

Read More

Backed by New Voices Fund, SoLo has achieved success by creating a community finance platform that allows users access to funds as borrowers and make an impact as lenders. Read More

SoLo, the largest Black-owned B Corp fintech offering a variety of products and solutions for economically disadvantaged communities, announces the expansion of its leadership team, appointing Collin Schwartz as General Counsel to develop and lead all legal strategy, Kyle George as the Head of Government & Regulatory Affairs, and Manny Alvarez as Advisor. Read More

SoLo advocates for fresh thinking about how to make access to money fairer for all, so on National Get Smart About Credit Day, we want to think about how the lending community can make credit make more sense–for everyone. Read More

SoLo Funds partners with Stride Health to provide affordable health insurance to our members with an easy application. Read More

At the first-ever SoLo Worldwide Community Finance Summit, hosted at the Culture House at LA Tech Week, the SoLo family did what we do best—celebrated each other and the impact a community can make. Read More

SoLo Funds has always been about working together. We built this company on a concept of people helping people, creating new paths to financial freedom and growing wealth. Now we’re working with ESSENCE to expand our community with Ese, a new platform that aims to build wealth and the collective financial power of Black women. Read More

SoLo Funds is the only Black-owned financial services Certified B Corp in US & Canada Read More

SoLo Funds, Inc. (“Solo”), an innovative consumer finance marketplace, today announced the addition of Faith Sedlin and Nicole Bayard to the SoLo team. Faith joins as the company’s newest Board Member, focusing on product innovation, growth, and supporting SoLo’s Founders. Nicole will serve as SoLo’s Director of Growth, leading a cross-functional team to drive growth through strategic product initiatives, market expansion, and community engagement. Read More

Seth Metcalf joins the company as COO from a high-growth insurtech leader Read More

The lack of options — which are either limited or no resources — in our communities are the root cause of many of the issues most Americans face. Read More

Few jobs offer more freedom and flexibility than working as a freelancer. Beyond the ability to work from home on your own time, freelancing offers limitless opportunities for advancement. Once you’ve found your footing as a successful freelancer, launching a business is an excellent way to expand your growth potential! Read More

When you are out of a job, making ends meet today feels almost impossible. And saving for the future? That’s a dream you might fear is completely out of reach. But it’s not. Here are some tips on how to use your time and money to ensure you pay your bills today without sacrificing your financial future. Read More

We’ve all felt the immediate consequences of the pandemic, from getting the hang of social distancing to changing how we shop and work. Along with those consequences, there’s a bigger, scarier consequence too, which is the economic uncertainty we’re all living in. However, the journey to financial freedom isn’t something that happens overnight. That’s why we want to suggest some strategies that will help pull you through this time of economic uncertainty.  Read More

As a young family, few things are more important than financial planning. This is because, when it comes down to it, money helps each member of your household stay healthy and thriving. Read More

With summer coming to an end and the first autumn breeze being felt, many people will begin to look forward to the upcoming holidays and for some, holiday travel. Winter vacations are becoming increasingly popular thanks to lower costs and less crowded destinations. So how can you plan for your winter trip without your wallet feeling the burden? Read More

At SoLo, our goal is to build a healthy, successful community of members where everyone can win together. Allowing our voices to be heard through voting is a key building block of this goal, which is why we’re organized some information on how to vote in the 2020 U.S. Election. Read More

Your 20s are a time of exciting change and opportunity for many people, but among the less exciting things you must do is make decisions about insurance. While it might not be the best part of adulting, it’s a critical part, so let’s take a look at what you need to know. Read More

Taking a short-term loan is often a stressful experience, and it can be an expensive one too. SoLo’s mission is to empower underbanked individuals by offering affordable options for short-term loans that have never been available before. Read on to find out how SoLo is disrupting the payday lending industry through a more modern, convenient, socially responsible lending service. Read More

Digital Minimalism is practiced in two primary ways: intentional use and digital decluttering. A Digital Minimalist does away with mindless scrolling, social media checking, and video streaming that could result from routine email checking. Read on to find out 4 ways you can use these practices to save yourself some cash. Read More

For the lowest-income individuals, it’s disproportionately expensive to borrow money. With predatory interest rates and unattainable criteria, getting a loan in America is a defeating — if not dangerous — process for many. Tackling the same problem through two different solutions, SoLo Funds and Kiva offer affordable loan products - one of personal lending, one of business lending. Read More

Millennials are famously mistrustful of big banks and stock markets, having grown up on corruption and crashes. There's certainly something to it, but what these characterizations tend to miss is that many in the millennial generation have learned to cope with their relative financial misfortune in effective and informative ways. Inside are five particular ways in which millennials are saving money. Read More

Roughly 6 in 10 American adults are living with a chronic health condition and 4 in 10 have at least two, according to the Centers for Disease Control and Prevention. This leaves many unable to work and puts their financial security at risk. By financially planning for a chronic or other health condition, you and your family can mitigate some of the stress that comes with it, so that you can focus on what really matters. Read More

When it comes to financial planning, only one in four Americans have an actual plan, according to Charles Schwab’s Modern Wealth Index. Yet, financial planning is a crucial part of better money management for everyone. Recent research has shown that as much as 25 percent of Americans are missing out on medical help because of affordability. So how can we plan for our personal and financial wellness? Read More

It’s never too early to start teaching your child about money, because let’s face it: it’s a huge component of our daily lives. Teaching your child about money management and savings from an early age can help give them the upper hand. It will help them develop good money habits while also teaching them important life skills along the way. Here are some ways you can help set your child up for a lifetime of financial success. Read More

Looking for increased financial security? We’ve got 5 tips to help you get there. Read More

Besides the convenience and time benefits of these innovations in personal finance, mobile and online banking can also increase the confidence and knowledge small business owners have about their financial health. However, even with all the benefits that employing mobile/online banking can provide, it can also come with increased vulnerability if you do not take proper precautions. So how can we all stay safe? Read More

Over the past few weeks, the severity of the COVID-19 situation has rapidly increased in the US, causing dramatic ripple effects throughout the country, from mega-corporations all the way down to individuals. As businesses have temporarily shuttered and layoffs have proliferated across the country, we’ve gathered some of the most pertinent information here to help support you through this challenging and unpredictable chapter in our history. Read More

These days, the average American has about $38,000 in personal debt. While debt is not necessarily always a bad thing, it does come with extra costs than can certainly add up over time — and this comes in the form of interest. So how can you use interest to your advantage? Read More

The most common age to retire is 62, but with some smart saving and investing, it is possible to retire years earlier. This allows you to lower your stress levels by having more free time to do the things you enjoy. At the same time, retiring early doesn’t mean slowing down. So, what steps do you need to make this dream a reality? Read More

Those espousing the conventional wisdom of real estate will generally tell you that it is better to own a home than rent one, but every rule - including an unwritten dictum like this one - has exceptions. To aid in your efforts at deciding how exactly to go about acquiring your next home, let's take a closer look at the pros and cons of each approach. Read More

Sinking funds are a great tool to get your life on track. Money doesn’t come easy, and debt can, unfortunately, be easy to come by. Over time, the interest earned on debt can become a nerve-racking expense hanging over your head. Read on to find out how to save your way to your next car, vacation, or education! Read More

Although filing for bankruptcy is a way out of drowning in overwhelming debt, it usually has dire repercussions on your credit score, thereby harming your chances of getting approved for loans. This is, however, not to mean you cannot get loans after filing for bankruptcy. Read on to find out what things you can do to ensure you get approved for a loan in this situation. Read More

Many people try to avoid talking about money as long as they can. With someone as important as your significant other, though, this can turn out to be disastrous. Discussing your financial life and goals can help both of you plan better for the future, especially if you live together (or ever plan to do so). Read on for a few tips for on how to navigate your discussion in a productive and respectful way. Read More

Looking to make a move, but strapped for cash? There are a host of things you can do to make sure you don’t break the bank before relocating. SoLo is here to offer our best tips for a smooth and efficient move that is conscious of your wallet. Read More

There are many different financial options on the market — home loans, car loans, student loans, borrowed capital to get a small business off the ground — and without them, so many essential transactions and businesses struggle to take shape. However, most of these options only help companies or individuals making large purchases. For decades, banks and other traditional financial institutions have held a virtual stranglehold on the lending landscape, but that’s all changing as services such as SoLo Funds use the power of peer-to-peer lending to give individuals access to emergency funds at the tap of a button. Read More

Getting ahold of your first new car is undeniably exciting. It's also a serious commitment. Most people don’t have the liquid capital to buy the vehicle outright with their cash on hand, meaning there’s two choices as for payment - financing or leasing. Historically, financing has been the more common choice as opposed to leasing, but in this day and age the decision may not be quite as clear-cut. We’ll take you through the ins and outs of both possibilities to help determine what makes the most sense for your financial situation. Read More

What is a secured card anyways? A secured credit card is largely similar to prepaid debit: Both are issued by traditional creditors and require an upfront investment by their users. By depositing funds from a non-credit bank account (or, in prepaid debit's case, cash or check at your bank's branch), you provide the financial institution collateral that eliminates or mitigates their risk. Read on to find out more about this unique type of credit option. Read More

Technology has changed the world in many ways over the past few decades, and the financial sector has been one area that has seen some of the greatest leaps forward. Not only are old processes and schools of thought being upgraded to modern standards of speed and convenience, but entirely new products and markets have emerged. However, with all these changes come new questions of ethics and responsibility. So where does that leave fintech products and companies? Read More

New to lending on the SoLo app? Our Marketplace is a platform that empowers lenders to utilize a portion of their uninvested savings in an unconventional way. We have seen accomplished lenders use our platform for many reasons since our launch in 2018— the two main ones being to help others and to enjoy a good financial return. The most successful power-lenders on SoLo have maintained a portfolio with limited defaults, and we connected with some of them to gather their best tips and strategies to guide you as you begin your lending journey. Read More

Renting can sometimes be considered more of a young person's living strategy - those from early college age into their late 20s - but data from the Pew Research Center makes it clear that things aren't nearly so cut and dried. As of 2016, 43.3 million people referring to themselves as heads of household (which includes single individuals) for U.S. Census Bureau questionnaires said they rented their residences. Percentage-wise, that comes out to 36.6 percent, which is close to the all-time-high 1967 figure of exactly 37 percent. Additionally, renting rates are up among demographic groups traditionally viewed as homeowners, such as middle-aged adults. All told, renting in America is on a significant upward trajectory. Read More

New to lending on the SoLo app? Our Marketplace is a platform that empowers lenders to utilize a portion of their uninvested savings in an unconventional way. Read More

Ah, credit cards: So attractive at first, so complicated later on - at least, if you're not careful in choosing the exact best card for your particular situation. Read More