3.12 Safe to install
Empowering Peer-to-Peer Lending with SoLo Funds
SoLo Funds offers a straightforward platform for individuals seeking quick loans while enabling lenders to provide support within their community, though concerns about fees and repayment terms should be noted.
Access up to $575 on your own terms or contribute funds for social impact and returns.
Fun fact: SoLo Funds is a Certified Public Benefit Corporation.
SoLo is a community finance platform where members support each other. We provide financial services for real people, powered by people. We support one another because we believe in each other.
Here's why thousands of members choose SoLo:
- Access up to $575 on your own terms: Unlike others, we give you choice and control. No interest, no credit checks. We stand together and support each other through this.
- Earn money while helping others: SoLo allows you to make a social impact while earning a return on your money. Our data-driven tools help you verify and make smarter choices. Fund a request today and be a part of people helping people.
- SoLo Protection: We prioritize community safety through secure and seamless communication between bank accounts, creating a safety net for potential losses.
- SoLo Wallet: Take advantage of our banking solution to build financial autonomy. Deposit, withdraw, and bank with SoLo.
- No hidden fees: We are transparent with our fees. SoLo guarantees no hidden fees, no minimum balance fees, transaction fees, expedition fees, or overdraft fees.
- Get Money University: We believe that access to information is vital for building strong financial habits. Take our courses and share this free resource with others.
For more information, please visit our website https://solofunds.com/.
(1) $575 Cash Requests: Criteria applies, see Terms for more details.
(2) SoLo Wallet: The bank services are provided by Synapse's partner banks, Members FDIC.
Zero APR, no interest rate, zero interest.
All loans, regardless of the early repayment schedule, have the same terms, with 90 days for repayments and default. The early repayment schedule for a loan request may vary between members. All loans can be paid in full within 90 days or until defaulted. You can skip your initial scheduled early repayment date without any issues and manually repay it in-app at any time. The minimum and maximum repayment schedule is up to 90 days. All loans must be paid in full within 90 days or until defaulted.
See SoLo's Privacy Policy https://solofunds.com/privacy
Overview
SoLo Funds: Lend & Borrow is a Freeware software in the category Business developed by SoLo Funds Inc..
The latest version of SoLo Funds: Lend & Borrow is 3.12, released on 07/04/2024. It was initially added to our database on 09/15/2023.
SoLo Funds: Lend & Borrow runs on the following operating systems: Android/iOS.
Users of SoLo Funds: Lend & Borrow gave it a rating of 4 out of 5 stars.
Pros
- User-friendly interface for both lenders and borrowers.
- Allows users to lend and borrow small amounts of money easily and quickly.
- Lenders can earn interest on their funds, providing an income opportunity.
- The app fosters a sense of community by allowing users to support each other financially.
- Flexible repayment plans for borrowers that vary based on the amount borrowed.
Cons
- The interest rates for borrowers can be relatively high compared to traditional loans.
- Lenders take on the risk of borrowers potentially not repaying, leading to potential financial loss.
- Limited regulatory oversight may raise concerns about the legitimacy and user safety of the transactions.
- Not all users may qualify to borrow based on creditworthiness, limiting access for some individuals.
- The service is primarily available in specific geographical areas, limiting user base.
FAQ
What is SoLo Funds?
SoLo Funds is a mobile lending exchange that connects lenders with borrowers for the purpose of providing affordable access to small-dollar loans.
How does SoLo Funds work?
Lenders on SoLo Funds can offer small-dollar loans to borrowers in need. Borrowers can request a loan, and once approved, they receive the funds directly to their bank account.
Is SoLo Funds safe to use?
SoLo Funds prioritizes the security and privacy of its users. The platform uses encryption to protect user data and transactions, and lenders and borrowers are verified through a comprehensive verification process.
What are the benefits of using SoLo Funds?
Some benefits of using SoLo Funds include quick access to small loans, affordable interest rates, transparent fees, and the ability to build a credit profile by repaying loans on time.
Who can use SoLo Funds?
SoLo Funds can be used by individuals who are at least 18 years old, have a valid U.S. bank account, and pass the verification process on the platform.
How quickly can borrowers receive funds from SoLo Funds?
Once a loan request is approved on SoLo Funds, borrowers typically receive the funds in their bank account within 24-48 hours.
What are the interest rates on loans through SoLo Funds?
Interest rates on loans through SoLo Funds vary depending on the lender and borrower agreement, but they are generally more affordable compared to traditional payday loans.
Can borrowers extend their loan terms on SoLo Funds?
Borrowers on SoLo Funds have the option to extend their loan terms for an additional fee, but it is recommended to repay loans on time to avoid additional costs.
Are there any fees associated with using SoLo Funds?
SoLo Funds charges nominal fees for its services, including a service fee for facilitating the loan transaction. These fees are transparent and disclosed upfront.
Is there a limit to how much borrowers can request on SoLo Funds?
Borrowers on SoLo Funds can request loans ranging from $50 to $1,000, depending on their financial need and borrowing history on the platform.
David Fischer
I am a technology writer for UpdateStar, covering software, security, and privacy as well as research and innovation in information security. I worked as an editor for German computer magazines for more than a decade before joining the UpdateStar team. With over a decade of editorial experience in the tech industry, I bring a wealth of knowledge and expertise to my current role at UpdateStar. At UpdateStar, I focus on the critical areas of software, security, and privacy, ensuring our readers stay informed about the latest developments and best practices.
Latest Reviews by David Fischer
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