Access for all
78% of American workers live paycheck to paycheck, often forced into taking loans from family, friends, or payday loans that average 400% APR. Our mission at SoLo is to provide affordable access to loans for those in need by connecting borrowers to lenders through our mobile Marketplace. Lenders earn “appreciation tips” while borrowers set their own payback terms. It’s a win win for everyone.
FICO scores don’t tell the whole story. The SoLo Score can help. We take various types of information into account to help determine a Borrower’s creditworthiness.
Gift a Loan
Feeling generous? Make someone's day by choosing to gift a loan to a Borrower without requiring repayment.
You're in good hands. We use bank-level security encryption and do not store or sell sensitive information.
Pay back your loans early without any penalties or added fees. Doing so will help encourage Lenders to continue funding your future loans.
Join the SoLo Community
Get started as a lender or borrower for free. Currently available only on iOS.
How much does it cost to borrow money on SoLo?
There are ZERO transaction fees to use SoLo! Assuming you pay back the loan on time, it can be as cheap as $0 or at most 10% of your loan request, which comes in the form of a lender appreciation tip. If you want to help keep the SoLo community alive, you can choose to add an optional donation to SoLo. This donation will not in any way impact the size, visibility, or risk of your loan.
What if my loan request never gets filled by a lender?
Funding a loan request is up to the discretion of a lender. To make your loan more attractive to lenders you can try offering a generous lender appreciation tip when you create your loan. This becomes the lender's profit and provides an incentive to do business with you.
You can also make your loan more attractive by paying your loans back early or on time. This will increase your SoLo Score, which is our way of assessing creditworthiness. The higher your score, the more trust future lenders will have in you as a borrower.
Your loan will be active on the Marketplace for 5 days. After 5 days, your loan will be cancelled.
As a lender, will I be contacted by your collections partner if the borrower gets sent to collections?
No, you will not be contacted by our collections partner as they are collecting the funds on behalf of SoLo. If they collect anything from the borrower, SoLo will transfer the funds immediately to your account.
What if I want to contact the lender to say “thanks for the loan”?
At this time, we don’t share personal information of any of our users. You can help keep the SoLo community healthy by one day lending to another borrower in need or leaving a review about your positive experience on our App Store page.
What happens if a borrower doesn’t repay on time?
The borrower can opt in to a 2 week extension, called Rollover, up to 2 days before their loan is due. The borrower is charged a 5% or $5 (whichever is greater) Rollover fee that is paid directly to the lender when the borrower repays. At this time we do not allow the lender to accept or decline the borrower’s desire to Rollover a loan, so lenders should bear this in mind as they fund loans.
If the borrower does not opt in to Rollover and we are unable to pull funds from the borrower on the specified payback date, the borrower is sent to Collections Pending. Collections Pending is a 30 day period during which SoLo makes numerous attempts to collect funds on behalf of the lender. Our team sends multiple emails and push notifications and also calls the borrower to collect funds. The borrower is charged a 5% or $5 (whichever is greater) Collections Pending fee that is paid directly to the lender when the borrower repays.
If the lender would like to send the borrower to Collections immediately, they have the option to do that, but note that once the loan is in Collections the lender can only expect to receive a maximum of 70% of the loan back, because our collections partner (not us!) takes a 30% fee of whatever they collect. We advise lenders to let us attempt to collect funds from the borrower during the entire Collections Pending process for the highest likelihood of repayment.
If the borrower still does not repay during Collections Pending, the borrower automatically goes to Collections, where we send the borrower’s account to our third party collections agency who attempts to collect funds from the borrower on the lender’s behalf. Our collections partner (not us!) takes a 30% cut of whatever funds they are able to collect. At this point, the borrower will also be banned from using SoLo in the future and they may be reported to the major credit bureaus with a derogatory mark, which would negatively impact their credit score for the next 7 years.