SoLo Funds: Lend And Borrow 4+. Make Loans On Your Own Terms

Developer Reaction ,

Many thanks for your review. We apologize for almost any inconvenience it has triggered you. When possible, could you please e-mail in and type App Review when you look at the line that is subject? In that way, we are able to make fully sure your e-mail is escalated for further review.

Many thanks once again therefore we look ahead to resolving this to you.

Has Possible But Needs Work (Lender)

This app has great potential, but does little to protect lenders from losing money from an investors standpoint. I’ve lent over $16,000 to significantly more than 60 individuals and found that a lot of individuals with this platform pay their loans right back later, with several perhaps perhaps not repaying at all. I discovered that a lot of of this loans I funded rolled over, providing the debtor a supplementary fortnight to cover their debts back. I don’t think borrowers should always be given an extra week or two to cover their debts off, particularly along with loan terms being thirty day period or less. 7 days that are extra repay is sufficient I think. If some body does pay back on n’t time they should be over drafted like some car re payments do. Then they’re account should be charged daily until the funds are repaid if not overdraft. The collections process does seem to be n’t good at all. When your loan gets into collections, simply ponder over it gone. I don’t imagine anybody trying to repay a lower than $300 debt in collections, particularly when borrowing from no effect is had by this app on the credit history. The solamente scoring system is off. We noticed people that are many high ratings which have never ever lent cash on this platform. Calling support normally a discomfort. You can easily just communicate they often take a week or more to respond with them via email and.

Should they supplied lenders with additional payback security, modified the collections process, fixed the scoring system, and added real time telephone call help, this software will be great.

Developer Response ,

Many thanks for the review. We appreciate your feedback therefore we apologize for almost any inconvenience this could have triggered you.

We wish to make clear which our collections procedure is much more than a message or two to borrowers. SoLo posseses a interior process to avoid records from planning to collections. But, whenever we are not able to get loan repayments, we pass those reports onto our collections agency for further action. Those reports may also be obstructed from using SoLo and reported towards the credit agencies.

When financing, there’s always risk involved. You want to guarantee our loan providers are aware of that so we have actually supplied some guidelines on recommendations: Checking the SoLo rating and transactions that are previous.

As being a Lender, you’ve got access to look at a Borrower’s deal history and whether or not they have actually compensated their past loans on time. This can help you evaluate exactly how creditworthy a Borrower was. Make sure to top cash advance in Colorado become acquainted with the regards to your loan before financing and borrowing. SoLo doesn’t insure loans only at that right time, so be sure you are confident with the potential risks you take and read your Loan Agreement carefully.

Please e-mail our help group for almost any further questions you might have at .

My breakdown of Solo

I happened to be trying to find an application that will loan somebody in need by having work that will barrow a few dollars in some places and repay when payday comes. We tried them all, but every application wished to be my advisor on how to cut costs. The apps desired a cost every but wouldn’t loan me any money, cause of this or that, but kept taking there $5 a month and I was pretty upset about that month. We Googled apps that would loan money and found an assessment about Solo Funding, and so I said what on earth. I downloaded Solo and registered want it ask us to and asked for that loan. I am going to state if you’d like cash for the start that is future along with your demand, cause Solo takes time to function. Solo is individuals as you and me personally loaning cash to each other and making a few bucks to assist. I was thinking it absolutely was crazy, cause for a week i attempted and tried with no loan. Finally somebody loan me personally what I asked for and I thought it absolutely was the coolest thing and that individual arrived through by the way to whom loan me the money) but that’s just it, I don’t even know who loan me the money, but a BIG THANK YOU to that person for me(thank you. All i could state is decide to try Solo it could work you just start early with your request before your deadline for you, but don’t get frustrated someone will help. Thank you Solo Funding for assisting me personally.

Developer Reaction ,

Many thanks a great deal for the review! We appreciate your feedback therefore we are content to possess you as an element of the SoLo community!