Version 4 of SoLo is here: a new look on phone and web, IQ guiding your loan request, your lending strategy up front, and everything in your account carried over.
The SoLo you used before was designed before SoLo Score and IQ could do what they do now. You probably felt it: serious work happening underneath, on screens that didn't give it much room. Version 4 fixes that.
Version 4 of SoLo brings a new and improved product experience, a new brand, a new voice, a sharper story of our ambition on a new website, and updates to the web app. We've been operating at a higher weight class for a long time, and now the app shows it.
Here's what changes when you update, and what stays exactly where you left it.
Think about how a traditional credit system works. It looks at someone's past and stops there. SoLo looks at how repayment actually works for that person, which is why we call SoLo an intelligence ecosystem.
Two pieces do most of that work. SoLo Score is built on eight years of repayment data. IQ is our financial intelligence guide. Together, they measure risk with eight years of proprietary repayment intelligence.
We launch new features and products regularly, and you deserve a world-class experience that matches the products you use every week. We didn't change anything for the sake of change. Some updates make SoLo easier to use today. Others set us up to ship new features faster from here.
The first thing you'll notice is the look. Brighter colors, photos of real people in everyday moments, and a lot more breathing room. Screens are cleaner and less overwhelming, and color shows up where it points you to the thing that matters on that screen. Light mode and dark mode are both there, too.
If you use SoLo on a laptop, the web app is now designed one-to-one with mobile. You get the same wallet, the same Home screen and the same SoLo Score layout, with light and dark modes and IQ chat any time you want it.
IQ has a redesigned look, but the bigger change is that requesting a loan is now a conversational flow. IQ walks you through the request, shows you your SoLo Score along the way, and tells you if something's out of range before you submit.
We made IQ the cornerstone of the new product flow so members start working with our intelligence network early and feel supported every step of the way. There's more coming. For now, think of IQ as a financial intelligence guide in your pocket. Whether you're borrowing, lending, banking or doing general financial planning, IQ is there for you. IQ only sees the accounts you choose to connect, and we don't train our models on your data.
Setting your lending strategy used to mean digging through settings, and it was easy to miss. In v4, the lending wizard shows up the first time you lend, so you can set your strategy right when it's useful.
Over time, we'll roll out new features across IQ and the core app to help you monitor performance and track your real return profile against the strategy you set.
Tap the new notification bell to see your notifications. Wallet notifications, the ones about money coming in and going out, are separated from general notifications. It's a small change. It might be the one some of you like most.
Status screens got friendlier as well. When you move money, you'll see a clear confirmation like "Deposit Initiated," so you know it went through.
Your account, your balances and your existing loans all carry over, and you don't need a new account. Update the app on your phone, or refresh the site if you're on the web.
Once you've had a look around, tell us what feels clearer and what's hard to find. Members usually spot both before anyone else does.
SoLo Alpha is the next piece of the intelligence ecosystem: a high-return investment account powered by the personal loan asset class, with returns averaging 16% annualized return or more.* Your deposits fund real personal loans for real members, and you earn as they repay. We anticipate an initial 90-day lock-up after deposit so capital is fully deployed.
SoLo Alpha is not yet available. The pre-list is open now at solofunds.com/alpha: a short questionnaire with no charge, no commitment and no position. When the funded waitlist opens, you'll be the first to know.
Review every request carefully, and treat other members with respect. Fund according to your own goals and how much risk you're comfortable with. Paycheck connections and a clearer app help, but lending through SoLo involves risk, including the risk of borrower default and loss of principal.
The new SoLo, the new brand and the new website are live. Update your app and spend some real time in it, then join the SoLo Alpha pre-list at solofunds.com/alpha. We want to hear exactly what you think.
*Average annualized return based on trailing 12-month performance data for strategies utilizing borrowers with a SoLo Score of 55+. Returns vary by strategy, deposit timing, and utilization rate. Past performance does not guarantee future results. Not a bank APY.
SoLo Alpha is not yet available. Joining the pre-list or the waitlist does not create a membership, an account, or any obligation on the part of SoLo Cooperative, Inc. to offer membership. Program features, lending strategies, return figures, lock-up periods, withdrawal windows, fees, membership requirements, and launch timing are preliminary and subject to change before launch and in accordance with the final membership agreement and bylaws.
SoLo Alpha is offered by SoLo Cooperative, a separate legal entity from SoLo Funds, Inc. Neither entity guarantees the obligations of the other.
Lending through SoLo involves risk, including the risk of borrower default and loss of principal. Lender returns are not guaranteed. Historical performance figures reflect platform-wide averages and do not predict future results. Individual results vary.
