Frequently Asked Questions
+ What is SoLo?
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...
+ Why Should I use SoLo?
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.
+ How much can I borrow?
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.
+ It says the max limit is $1,000. Why is my limit less?
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.
+ Who can be a lender?
Anyone who does not have an outstanding loan on the SoLo platform may be a lender.
+ Can I be both a lender and a borrower?
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 borrower.
+ Can I take out more than one loan at a time?
No, borrower’s may only request one loan at a time. A loan must be fully repaid before requesting a new loan.
+ Is SoLo PCI Compliant?
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.
+ Is my information really private?
+ Why do you need my Social Security Number?
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.
+ Why do I need to connect a bank account?
All transactions are completed via ACH, connecting your bank account is necessary to get you your money.
+ What is ACH?
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.
+ What is the duration of a loan?
The maximum loan duration is 30 days
+ What is a SoLo Score? How can i check the credibility of a borrower?
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.
+ Does it cost to sign up on SoLo?
There is no cost to sign-up for a SoLo profile.
+ How can I change the information on my submitted loan request?
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.
+ How can I update my personal information?
Personal information (I.e phone number, email, etc.) can be updated in the settings tab of the SoLo application.
+ How can I cancel my loan request?
In your user profile, locate the active loan, open up the loan, and click the cancel button on the loan summary page.
+ What happens if a borrower is late paying back?
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.
+ What is the Rollover process?
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.
+ How do I contact SoLo?
For any issues you may have, please send us an email at firstname.lastname@example.org and we’ll get back to you within 24 hours.
+ Do you have any job openings?
Interested in working with SoLo Visit Here for open positions.