+ Terms of Service
SoLo Terms and Conditions
These Terms and Conditions govern use of the Platform and the Services. Please note that your application for any loan through the Platform is subject to a separate agreement that will be provided to you upon application. THIS AGREEMENT DOES NOT COVER THE LOAN APPLIED FOR OR OBTAINED THROUGH THE PLATFORM, unless otherwise stated herein.
You are only authorized to access the Platform or use the Services (regardless of whether your access or use is intended) if you agree to abide by all applicable laws and to this Agreement.
You will be notified in the event that your consent to additional terms and conditions is necessary to participate in certain other services provided through the Platform. SoLo may modify this Agreement from time to time and such modification shall be effective upon posting on the Platform. You agree to be bound to any changes to this Agreement when you use the Platform after any such modification is posted. It is therefore important that you review this Agreement regularly upon each use of the Services to ensure you are updated as to any changes.
THIS AGREEMENT CONTAINS AN ARBITRATION PROVISION THAT AUTHORIZES EITHER PARTY TO ELECT MANDATORY AND BINDING ARBITRATION OF CERTAIN DISPUTES WHERE PERMITTED BY LAW. THE TERMS OF THE ARBITRATION PROVISION ARE SET FORTH IN THE SECTION ENTITLED “RESOLUTION OF DISPUTES BY ARBITRATION.” PLEASE READ THIS ARBITRATION PROVISION CAREFULLY.
The Platform. The Platform provides a means by which you may: (1) as a "Borrower," submit an application ("Application"), and subject to the discretion of other users, obtain a personal loan ("Loan"); and/or (2) as a "Lender," evaluate Applications and subsequently fund Loans. SoLo is not engaged in the brokering or origination of loans made through the Platform, but merely provides a marketplace for Borrowers and Lenders. While SoLo may determine your eligibility to access the Platform or to use the Services and may provide functionality utilized by Lenders in evaluating Applications, SoLo is not involved in the decision to fund a Loan.
Third Party Content. The Platform may contain third party content related to third parties (including links to third party websites), which is not owned or controlled by SoLo.
Access. Use of the Platform and Services are void where prohibited. By creating a profile ("Profile"), you represent and warrant that (a) all information you submit in connection with your Application is complete and accurate; (b) you will maintain the accuracy of such information; (c) the information submitted is your own; and (c) your use of the Services does not violate any applicable law or regulation. SoLo may, in its sole discretion, delayed or restricted, either permanently or temporarily, your access to the Services, and may impose conditions or restrictions on your use, to avoid a violation of law.
Login Protection. You will not disclose your login credentials (user name or password) to any person. You understand and agree that the we may rely on the use of your login credentials to access your Profile through the Platform and are therefore authorized to act upon instructions and information received from any person that enters your login credentials. You are solely responsible for the activity that occurs on your [profile], and you must keep your login credentials secure. You must notify SoLo immediately of any breach of security or unauthorized use of your Profile.
Social Media Authorization. You authorize SoLo to utilize information contained in your social media accounts (e.g., Facebook, Instagram, Twitter, LinkedIn) for purposes of augmenting data that you provide to SoLo through the Platform.
Terms Specific to Borrowers
Eligibility. In submitting an Application, you further represent and warrant that (1) you are at least 18 years of age; (2) you are a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card; and (3) you currently reside in one of the five states in which we lend – Kentucky, Indiana, Ohio, Tennessee, and West Virginia.
Account at Evolve Bank. To obtain proceeds from Lenders in connection with Loans approved through the Platform, you will be required to open a checking account (an "Account") at Evolve Bank & Trust ("Evolve Bank"). The Account will be governed by separate terms and conditions with Evolve Bank to which SoLo is not a party.
Credit Report Authorization. By submitting an Application, you authorize SoLo to conduct a credit inquiry (known as a "soft credit pull" or "soft credit inquiry"), the results of which will be used to assist Lenders in making a credit decision. Upon your request, we will provide you with the name and address of any consume reporting agency from which we obtained your credit report.
SoLo Score. You authorize us to utilize data contained in your Application, including supporting documentation provided, information related to your social media accounts, and a credit report, to develop a proprietary score (the "SoLo Score"). The SoLo Score will be provided to prospective Lenders to assist in the making of a credit decision without receiving a copy of any such credit report or your Application.
Loan Repayment. You may be required to pay principal, interest, fees, or other amounts for Loans made through the Platform. The repayment terms for such Loans are subject to separate agreements into which you must enter prior to receiving Loan proceeds.
Communication. By providing my telephone number(s) (whether for a cellular phone, other wireless device, fixed-line or landline telephone), you (a) expressly authorize Lender or any third-party debt collector to contact me at the phone number using autodialed, or any other type of calls or voice or text messages, and consent pursuant to the federal Electronic Signatures in Global and National Commerce Act ("E-Sign Act"), 15 U.S.C. Section 7001, and (b) represent that the phone number that you have provided belongs to you and not to any other person. You understand that you are not required to give consent as a condition of purchasing any property, goods, or services.
Notices. Unless otherwise required by applicable law, any notice that must be given to you may, at Lender’s option, be provided to me electronically, by telephone, in writing by U.S. Mail or any other manner selected by Lender, in each instance using the contact information Lender or its representative has on ﬁle for you.
Terms Specific to Lenders
Account at Evolve Bank. To fund Loans approved through the Platform and to receive payment from Borrowers, you will be required to open an Account at Evolve Bank, which shall be governed by separate terms and conditions to which SoLo is not a party.
Debt Collection. SoLo does not engage in any debt collection activity related to Loans made through the Platform. Lenders have the option of entering into True Accord, a third party debt collector, for such services.
Intellectual Property Rights. The content on the Platform (the "Content") and the Services are subject to copyright and other intellectual property rights under local and international laws conventions. To the best of its knowledge, SoLo uses only Content that it owns or is otherwise allowed and permitted for use by the owner(s) of the copyrights and other intellectual property rights therein. Content on the Platform is provided to you AS IS only and it may not be used, copied, reproduced, distributed, transmitted, broadcast, displayed, sold, licensed, or otherwise exploited for any other purposes whatsoever without the prior written consent of the respective owners. SoLo reserves all rights not expressly granted in and to the Platform, Services and the Content. You agree to not engage in the use, copying, or distribution of any of the Content or Services other than expressly permitted herein for any commercial purposes. You agree not to circumvent, disable or otherwise interfere with security related features of the Platform or features that prevent or restrict use of Services or copying of any Content or enforce limitations on use of the Platform or any of the Services or Content therein.
LIMITATION OF LIABILITY. UNLESS APPLICABLE LAW REQUIRES OTHERWISE, YOUR EXCLUSIVE AND MAXIMUM REMEDY AGAINST SOLO OR ITS AFFILIATES IS A REFUND OF ANY DONATION AMOUNT. NO OTHER REMEDY IS AVAILABLE TO YOU, INCLUDING, BUT NOT LIMITED TO ANY REMEDY FOR INCIDENTAL, INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES. THESE LIMITATIONS APPLY WHETHER YOUR CLAIM ARISES DUE TO SOLO’S (OR ITS AFFILIATES’) NEGLIGENCE, OTHER FAULT, ERROR, OMISSION OR NON-PERFORMANCE. NEITHER SOLO NOR ITS AFFILIATES ACCEPT ANY RESPONSIBILITY FOR THE ACTS OR OMISSIONS OF A LENDER OR ANY OTHER USER OF THE PLATFORM.
Events Beyond Control. Under no circumstances shall SoLo be held liable for any delay or failure in the Platform and/or the Services and/or information on the Platform directly or indirectly resulting from, arising out of, relating to or in connection with events beyond the reasonable control of SoLo, including, without limitation, Internet failures, equipment failures, electrical power failures, strikes, labor disputes, riots, insurrections, civil disturbances, shortages of labor or materials, fires, floods, storms, earthquakes, explosions, acts of God, war, terrorism, intergalactic struggles, governmental actions, orders of courts, agencies or tribunals or non-performance of third parties. The provisions of this paragraph are in addition to, and not intended to limit or modify, the limitation of Limitation of Liability section as stipulated above.
Governing Law. This Agreement is governed by Ohio law without regard to its conflicts of law rules, supersedes all prior agreements or understandings between you and us, and cannot be modified orally. You and we agree to submit to the personal jurisdiction of a state court located in the State of Ohio or a United States District Court, Southern District of Ohio located in Columbus, Ohio for any actions for which the parties seek to retain the right to seek injunctive or other equitable relief in a court of competent jurisdiction to prevent the actual or threatened infringement, misappropriation, or violation of a party’s copyrights, trademarks, trade secrets, patents, or other intellectual property rights, as set forth in the Section entitled “Resolution of Disputes by Arbitration” below.
DISPUTE RESOLUTION. IF YOU RESIDE IN THE UNITED STATES, UNLESS OTHERWISE SPECIFIED BY APPLICABLE LAW, YOU AGREE THAT ANY DISPUTE, CLAIM, OR CONTROVERSY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY ALLEGED BREACH, TERMINATION, ENFORCEMENT, OR INTERPRETATION THEREOF, INCLUDING STATUTORY CONSUMER CLAIMS, OR TO THE USE OF THE SERVICE (TOGETHER, "DISPUTES") WILL BE SETTLED BY BINDING ARBITRATION, EXCEPT THAT EACH PARTY RETAINS THE RIGHT TO SEEK INJUNCTIVE OR OTHER EQUITABLE RELIEF IN A COURT OF COMPETENT JURISDICTION TO PREVENT THE ACTUAL OR THREATENED INFRINGEMENT, MISAPPROPRIATION, OR VIOLATION OF A PARTY'S COPYRIGHTS, TRADEMARKS, TRADE SECRETS, PATENTS, OR OTHER INTELLECTUAL PROPERTY RIGHTS. YOU ACKNOWLEDGE AND AGREE THAT YOU ARE WAIVING THE RIGHT TO A TRIAL BY JURY OR TO PARTICIPATE AS A PLAINTIFF OR CLASS MEMBER IN ANY PROCEEDING. UNLESS BOTH YOU PARTIES OTHERWISE AGREE IN WRITING, THE ARBITRATOR MAY NOT CONSOLIDATE MORE THAN ONE PERSON’S CLAIMS, AND MAY NOT OTHERWISE PRESIDE OVER ANY FORM OF ANY CLASS OR REPRESENTATIVE PROCEEDING.
ANY SUCH ARBITRATION SHALL BE INITIATED AND HELD IN THE OFFICE OF THE AAA IN DETROIT, MICHIGAN. JUDGMENT ON THE ARBITRATION AWARD MAY BE ENTERED IN ANY COURT HAVING JURISDICTION THEREOF.
NOTE THAT THIS AGREEMENT TO ARBITRATE CONSTITUTES A TRANSACTION IN INTERSTATE COMMERCE RENDERING THE INTERPRETATION AND ENFORCEMENT OF THIS PROVISION SUBJECT TO THE FEDERAL ARBITRATION ACT. THIS ARBITRATION WILL BE ADMINISTERED BY THE AMERICAN ARBITRATION ASSOCIATION ("AAA") UNDER THE COMMERCIAL ARBITRATION RULES AND THE SUPPLEMENTARY PROCEDURES FOR CONSUMER RELATED DISPUTES (THE "AAA RULES") THEN IN EFFECT, EXCEPT AS MODIFIED BY THIS SECTION THE AAA RULES ARE AVAILABLE AT www.adr.org/consumer OR BY CALLING THE AAA AT 1-800-778-7879.
EACH PARTY SHALL BEAR ITS OWN COSTS AND FEES FOR EXPERTS AND ATTORNEYS. THIS EXCLUSIVE ARBITRATION REMEDY SHALL NOT BE AVAILABLE UNLESS INITIATED WITHIN ONE YEAR AFTER THE DISPUTE AROSE. THIS SECTION WILL SURVIVE ANY TERMINATION OF THIS AGREEMENT.
Indemnification. Except as otherwise set forth in this Agreement, you agree to release, indemnify, defend, and hold SoLo and its affiliates and subsidiaries, and their respective officers, directs, employees, and agents, harmless from and against any claims, liabilities, actions, proceedings, damages, losses, and expenses, (including without limitation attorney's fees), or losses of any kind arising out of: (a) any breach of the Agreement by you; (b) your actions and omissions in connection with the Services; and (c) our actions or omissions, provided that they are taken/omitted in accordance with this Agreement or your instructions. This provision shall survive the termination of this Agreement.
Use of Affiliates. We may use affiliates in the provision of the Services. Each affiliate shall be entitled to avail themselves of any and all rights and limitations set forth in these terms and conditions as if the affiliate were SoLo itself (e.g., indemnification and limitation of liability).
Assignment. You may not assign or transfer this Agreement, by operation of law, otherwise without prior written consent from us. Any attempt to assign or transfer without such consent will be null; however, we may assign or transfer this Agreement, at our sole discretion, without restriction.
Third Party Beneficiary. This Agreement does not and is not intended to confer any rights or remedies upon any person other than the parties, including but not limited to any Lender.
Waiver. We may delay in enforcing any of our rights under this Agreement without forfeiture. Any waiver by use shall not be deemed a waiver of any other right or of the same right at another time.
Change in Terms. We may change the terms and conditions of this Agreement from time to time, at our sole discretion. We may add new terms or delete or amend existing terms, add new services and discontinue existing services, or convert existing services into new services. We will give you reasonable notice in writing or by any method permitted by law of an adverse change to this Agreement. Prior notice may not be given when not required by law or where an immediate change is necessary for security purposes. By continuing to use the Services after any such change, you agree to be bound by the changed terms and conditions of this Agreement as of the effective date of such changes.
Entire Understanding. Except as they may be supplemented by additional SoLo policies, guidelines, standards, or terms for a specific feature, service, or offering, this Agreement sets forth the entire understanding and agreement between you and us, whether written or oral, with respect to the subject matter addressed herein, and shall supersede any prior or contemporaneous understandings or agreements with respect to such subject matter.
Severability. If any of the provisions of this Agreement are, in whole or in part, determined to be void or invalid, the remainder of this Agreement shall remain in full force and effect.
Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
Information We Collect About You
We collect information about you in the following ways:
(I) Information You Provide: To use SoLo's website [solofunds.com ] (the "Platform"), whether as a prospective borrower or a prospective lender, you will be required to create a user profile (a "Profile"), which will include furnishing Personal Information, which may include your name, email address, mailing address, telephone number and Social Security Number. If you are interested in obtaining a loan, you will also be required to provide additional financial information, which may include income, employment, and bank account information. To verify your identity and the information that you have been provided, you may also be asked to scan and upload images of certain documents, including your driver’s license or other form of identification.
(II) Information from Third Parties: Third parties, such as credit bureaus and social media platforms, may provide us with information related to you. We may combine this information with information we already have about you to assist prospective lenders in evaluating your loan request or for similar purposes.
How We Use Information We Collect. Information we collect from you may be used in one or more of the following ways:
To verify your identity and age as well as to guard against potential fraud;
To obtain, with your authorization, third-party data from credit bureaus, social media sites, or others in connection with your loan request;
To personalize your experience using the Platform;
To provide customer service and to send regular communications regarding your transactions and related offers;
To enable our service providers to provide you with services, such as funds payments, billing, and collection activities, as needed;
To market additional products and services to you;
To improve the Platform and to develop or offer new products and services;
To enforce agreements with you;
To comply with a court order, legal process, or applicable law, including retaining personal data or responding to any government or regulatory request; and/or
For any other purpose for which you provide your consent.
Information We Share. We may share information with third parties for everyday business purposes, including:
Other SoLo users that are interested in considering your loan request, including but not limited to those SoLo users that ultimately fund your loan request (the "Lender");
Our banking partner, Evolve Bank, and other third party service providers, including SynapseFi, our software provider, and True Accord, a debt collection company (but only to the extent that a Lender separately contracts with True Accord for such services);
Credit bureaus to report repayment status of loans made through the Platform, as permitted by law; and
Government officials, including law enforcement, when we subject to subpoena, court order or similar legal procedure or we need to do so to comply with law.
SoLo will not sell or license any of your personal information to third parties for their marketing purposes and will only share your personal information with third parties as described above. We may share aggregated, non-identifiable user information with third parties, such as advertisers and content distributors.
Third Party Data Collection
Compliance with State and Federal Laws
Modifications to This Policy
Your continued use of the Platform after any modification of this policy shall constitute your agreement to be bound by any such changes. We will, however, seek your consent to future modifications to the extent we are required by applicable law.
How You Can Contact Us
You may either log in to your Profile on the Platform or email us at firstname.lastname@example.org to request access to, correct, or delete any personal information that you have provided to us. Please note that we may not accommodate a request to change information if we believe the change would violate any law or legal requirement or cause the information to be incorrect.