SoLo (Social Loans) is peer to peer lending in the purest form ever. From your mobile device you can now lend to or borrow from anyone in the country.
We’ve created a way for you to stop lending and borrowing solely between friends and family because that’s embarrassing and stressful. We’ve removed the strain on personal relationships, and eliminated the strain of payday loans. You can thank us later...
Using SoLo is fast, simple and secure
Payday loans are expensive and inconvenient. SoLo is affordable and easy. You should be a lender to help a peer in financial distress while still making a return on your money. You should be a borrower to prevent the debt traps created by taking payday loans
and build your credit along the way. Everyone should take advantage of our free financial literacy courses. We have something for everyone to benefit from.
The loan range on the platform is between $50 - $1,000. The more you use SoLo and the higher your SoLo score is, the more you’re eligible to borrow.
In short, we just don't know you yet. So, let's change that, use SoLo frequently, repay loans on-time and watch your limit grow.
Time to receive funds for a loan depends on what the borrower and lender have connected to send/receive funds. Listed below are estimates of timing to receive funds based on what you have connected.
- ACH to Card - 1 business day
- ACH to ACH - 2 business days
- Card to Card - instant transfer (Recommended)
- Card to ACH - 1 business day
Anyone who does not have an outstanding loan on the SoLo platform may be a lender.
Lend to help others when you have extra cash, but when life hits you with a financial surprise (which is inevitable) be a borrower on the platform. The only stipulation is that you cannot lend if you have an active loan as a lender or borrower.
No, borrower’s may only request one loan at a time. A loan must be fully repaid before requesting a new loan.
PCI is a security standard designed for credit and debit cards. For any product that is not related to credit and debit cards, we still adhere to the same standard of security. Our hosting provider is a Level 1 Service Provider under PCI DSS.
Your Social Security number (SSN) is a unique way to identify you. Please rest assured that we only use it for the purpose of verifying your identity in effort to mitigate fraud and to assist our prediction of creditworthiness.
We take the safety of your personal information seriously and we are committed to protecting it.
All transactions are completed via ACH, connecting your bank account is necessary to get you your money.
ACH (Automated Clearing House) is a network that facilitates electronic transactions between financial institutions. In layman’s terms, it’s the engine behind direct deposits and direct payments.
The maximum loan duration is 30 days
The SoLo score is a users Social Credit Score. We complete due diligence on our end to satisfy Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements.
We internally analyze financial information to predict a borrower's ability to repay loans in a timely manner.
There is no cost to sign-up for a SoLo profile.
Once your loan is placed into the marketplace, you will have to cancel the loan entirely and recreate another loan to reflect the new information.
Personal information (I.e phone number, email, etc.) can be updated in the settings tab of the SoLo application.
In your user profile, locate the active loan, open up the loan, and click the cancel button on the loan summary page.
SoLo gives borrowers the option to opt into the Rollover process if they can’t afford to repay the loan on the originally scheduled repayment date.
If the borrower does not opt into the Rollover process and still fails to repay, that is considered a defaulted loan. The lender has the option to send the debt to collections.
The Rollover process is a 2 week extension to pay back a loan. In the rollover process, there is a late-fee assessed which is paid directly to the lender.
Loans may only be rolled over once. If the loan is not settled by the end of the rollover process, the loan becomes eligible for collections.
Interested in working with SoLo, check below for open positions.