I’ve used this a few times for lending. I started off with a bad score now I have a good one because of me paying back on time. I paid back 2 days late once because of being low on money & it didn’t decrease my score which was nice because it was only a few days and definitely just a one time thing. The only issue I have is when borrowing we have to donate a pretty large amount to solo. It shouldn’t be called a donation & it should be called a fee because it isn’t voluntary. We don’t have the option to not donate to solo. I have to pay $35+ on a loan on top of a tip for the lender. So the loan typically costs me $80 more than what I borrowed. It helps in trapping people who are in need in a cycle of debt. Also, I don’t like that lenders can modify the terms of the loan. I want to tip the lenders for helping, but almost every time I’ve put a loan out and didn’t tip the max, a lender would update and change it to the max tip. Aside from those it’s been instant & I haven’t had any issues with getting my funding or paying back loans. I’d say it’s great for people with less than stellar credit who need funding fast. Just make sure you pay back on time and there won’t be any issues!
This is literally the best lending app there is. I have been using them for months now. You can either request a loan or you can make money and fund a loan. You can pay back in two weeks or less. You are graded by a number system from 0-99. If you pay on time your number goes up. I’m at 90. Lenders will loan to you easier the higher number you are. But I never ever have had to wait for a lender. When I hit request I am immediately funded. You choose the tip you want to give your lender. You can choose whether to tip Solo or not. I was tipping up until today because the higher your loan is the higher the tip. (Talking about tipping the APP not the lender!) This is the only thing Solo needs to change. Let us decide what tip. You can tell us what is preferred but let us decide. The tipping was way high to where I shut off that option. I’ll tip again but right now I stopped it. Also, when you choose a tip to a lender they can come back and ask for more before they will fund you. You can decline this and your loan will continue to stay in the request column. Oh and One time I requested in middle of night. That was actually only time I didn’t get funded right away. So I deleted my request and asked again during the daytime. So I suggest that. I have not lended money so I can’t give any review on that. As far as a borrow I’m hooked !
SoLo’s mission sets it apart from any other bank or financial services company. Those who are in need of immediate help are able to get a loan very quickly on the platform. Borrowers don’t have to lose their dignity walking into a major bank that may reject them, or a predatory payday loan shop with crazy hidden fees. This app could save people in emergencies like fixing a car so you can get to work, getting food to feed your family, etc., along with just getting back on your feet from financial hardship. The borrower always sets the terms and agrees to any changes suggested by the lender. The loans are funded not by a major corporation but by other SoLo members who have a little extra cash and want to help the community while also taking the chance to earn some profits. These lenders are everyday individuals who will use the proceeds in their local community or to help their own family. In my time on SoLo as a lender I’ve found it to be rewarding helping others, doing good while earning some. Any concerns I’ve had have been quickly addressed by SoLo support with professionalism and dedication. In particular the support agent Gladys has been great. Additionally SoLo has begun education resources with strategies for financial independence, and is working on improvements to the app to help the underserved with better banking options.
From an investors standpoint, this app has great potential, but does little to protect lenders from losing money. I’ve lent over $16,000 to more than 60 individuals and found that most people on this platform pay their loans back late, with many not paying back at all. I found that most of the loans I funded rolled over, giving the borrower an extra 14 days to pay back their debts. I don’t think borrowers should be given an extra 14 days to pay off their debts, especially with all loan terms being 30 days or less. 7 extra days to pay back is enough in my opinion. If someone doesn’t pay back on time they should be over drafted like some auto payments do. If not overdraft, then they’re account should be charged daily until the funds are repaid. The collections process doesn’t seem to be effective at all. If your loan goes into collections, just consider it gone. I don’t imagine anyone paying back a less than $300 debt in collections, especially when borrowing from this app has no effect on their credit score. The solo scoring system is off. I noticed many people have high scores that have never borrowed money on this platform. Contacting support is also a pain. You can only communicate with them via email and they often take a week or more to respond. If they provided lenders with more payback protection, adjusted the collections process, fixed the scoring system, and added live phone call support, this app would be great.
I have downloaded and checked out a number of lending apps online and in the app store and I will say thay Solo is HANDS DOWN the best and easiest way I have ever recieved funding! The tips and fees are realistic and dont make borrowing hurt your financial situation costing more then you can afford. Don’t be discouraged if your first, second, third or maybe even fourth request for a loan are not funded in the 3 days they stay on the marketplace, someone will come thru for you and the request process literally takes all of 3 minutes. Once my loan was funded and I accepted the terms the money was in my bank account and available to me in seconds!! I highly recommend this app for temporary financial relief as long as you are true to your promise to pay back in the allotted time frame as these lenders are people just like the borrowers paying out of their personal pocket to help those in need and should be appreciated for their kindness and caring to help others. I am excited to watch my credit build with Solo and can’t wait to be in a position to help others the way my lender helped me!! Thanks a million to Jake for lending me the funds I requested and the team at Solo that put out one of the best lending apps I have found!!! HIGHLY RECOMMENDED ♥️
I downloaded this app one day when I saw someone talking about it online. There are so many apps that say loans or payday loans instantly! This app will deliver! I didn’t get to work due to snow, and needed groceries and diapers and requested a loan, it was funded in under thirty minutes of my request, and in my account the moment I looked. Thank you Rosemary, for your generosity! You saved us in a tight situation. When used the right way this app can be a beautiful thing! People helping others out of the kindness or their heart, because the fees are minimal, and you won’t get rich lending small amounts, but you can be rich in the fact you saved someone from not sleeping on the streets, not having power or water, making sure their children have what they need, and being their hope when they have none! Now it’s a great way for me to loan people when they need it. No credit checks doesn’t matter if you have none. Also, you can see peoples lending history and their repaid loans, if the tip is not sufficient, you as the loaner can request a higher tip for funding the loan, the highest is 12%, this app is a wonderful thing! I am so great-full for the creators of this app! Such a wonderful thing for everyday people who can’t get traditional loans!
I was looking for an app that would loan someone in need with a job that can barrow a couple of bucks here and there and pay it back when payday comes. I tried them all, but every app wanted to be my coach on how to save money. The apps wanted a fee every month, 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. I Googled apps that would loan money and came across a review about Solo Funding, so I said what the heck. I downloaded Solo and registered like it ask me to and requested a loan. I will say if you need money for the future start early with your request, cause Solo takes time to work. Solo is people like you and me loaning money to each other and making a couple of bucks to help. I thought it was crazy, cause for a week I tried and tried and no loan. Finally someone loan me what I asked for and I thought it was the coolest thing and that person came through for me (thank you 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. All I can say is try Solo it might work for you, but don’t get frustrated someone will help you just start early with your request before your deadline. Thank you Solo Funding for helping me. 👍🏼
The first time getting a loan there was no problems at all , it was actually easier than I thought so I chose to request another loan when needed. When I requested my second loan , a lender accepted it but I was unable to withdraw the funds due to issue within their app. I reached out to customer service multiple times via email and live chat, no one responded to my emails and the live chat would tell me they’re busy and will contact me later. After about a week I was told to send pictures to verify my identity , days go by and I still never received another email. By now the cash that I was unable to withdraw is due. I had to email them and demand them to cancel out the entire loan considering I wasn’t able to access the funds due to issues within the app and poor customer service. I requested the funds May 12 it is now June 1st and they’re still giving me the run around. Every time I get an email from customer service they’re asking for documents that I’ve sent over email multiple times already to verify my identity and that I am the cardholder. Which is funny to me because they’ve tried to charge that same card that they want me to verify, for the total amount of the loan. I highly wouldn’t recommend just based on their customer service , this is a serious issue that needed to be resolved in a timely matter.
I was a borrower for a little over 6 months. The first loan to get is a little tricky because you have no history yet but pretty soon I was getting loans within seconds because all my payments were on time. I have now switched to the lender side. A few suggestions to help lenders pick their borrowers would be to not only have the loan history but to also have on there how many days they were late and if they paid back early. This would help in deciding if some of the late payers are just a few days or a month late when they repaid their debt. Another helpful suggestion would be with the filter for looking for borrowers would be to be able to pick more than one filter at a time. One last suggestion would be to add information to someone borrowing is inform them that the repayment on the due date from their account starts early in the morning and they should set their repay date to the day after they get paid so if they say don’t get paid till 8 am and the funds are being attempted to be recovered at 3am it wouldn’t reject payment if it was set for the next day. Other than these absolutely love the app and it’s opportunities on both sides.
If I could give this app a negative score, I would. I don’t normally leave reviews but my conscience needs to warn people who are thinking of becoming lenders. I started lending in Jan 2024 to help people and earn a little money. Although I knew it was risky, I had no clue how bad of an investment it is. It’s literally a trap. Just forget about the money you put in this app because most likely you won’t get even have your money back. I’m down 1500 so far. The firmest 3 weeks were great. People were paying back on time like clockwork. For some reason after that…everyone started defaulting. I mean everyone, even though it’s tax season and some people should be getting their tax returns. To add salt to the wound, Solo immediately offers you only half of your money back in “credits” if someone is late. So if you accept, and the person decides to pay you back next week…you lost 50% of your investment for….nothing. Solo takes all that each time so it’s not worth getting the credit. We just pray the person eventually pays up. Also, there is absolutely no incentive for the borrower to pay on time since they have a 35 day grace period without any additional penalties! Solo needs to do more for lenders and take hits themselves not just us. We make their platform work so they need a major reform. I’m pulling out all my money as soon as I get it, if ever then im deleting this garbage app.
SoLo was something I was very skeptical of at first. I’m just being honest. It’s just that once you get started it’s so easy! Service reps were there to help me along every step of the way when I first got started. Now, I’m making loan request on my own, paying them back, and watching my self confidence rise as I begin to take back my life with the help of SoLo Loans! There really is a community of people that want to help you! When I get my finances straightened out, I will give back and fund SoLo Loans myself. We should all be in this together! It makes me feel good to know I’m not the only one that struggles financially at times. It makes me feel good that there are such good kind hearted people who go out on a limb, with the use of the borrowers SoLo number to tell them their payback record, and help people in real need of things and they have know idea who they are! That’s kindness! That’s what this world need A WHOLE LOT MORE OF! Thank you SoLo, thank you to the people who have funded my 4 loans so far, thank you to all the people who have paid back on time as you said you would! Once again! We are all in this together! TK - WV
I’ve read a lot of bad reviews as of recently. As a lender I have no problem with the app, it WAS shut down for about 2 weeks basically doing its updates making it restricted to log in. I waited patiently, ofc im the lender. The bad reviews come mostly from the borrowers that took a big hit from this inability to access their account in order to pay back, cause some to most to be blocked or down scored. In Which (in my second point of the bad reviews) as a lender myself, find it hard to trust the ones that got back downed, in this case long waiting times to get funded for emergencies. The way to view it (lenders) would be that if they have a loan from April 20th to May 1st that is late, understand that because of the update prevented them from paying it back bc of the shut down. Borrowers, it is recommend you uninstall the app, then reinstall then log back in. That’s if your still having bug issues. I still have faith in this app, given the fact that there’s credit checks for borrowing even 50$!! Is nuts. I look forward to help people here anyways.
The app has been a nightmare since I first started over two years ago. Loans not being repaid and sent into collections yet the very borrowers who aren’t repaying the loans are allowed to still borrow from other people. Clearly their is an issue with their rating system for borrowers. To top it all off, I’m currently getting the same email every night that a two year old loan, which was sent into collections, has been repaid...BUT IT HASN’T. When I reached out to solofunds for clarity, they told me there is a “bug” in their system and they will get it fixed so I can stop getting the same false email every night. Fast forward a month and I have 30 of the same email sitting in my inbox and they have stopped responding to my email requests for them to fix their error. I’ve reached out via social media and the response of “it’s a bug it will be fixed” doesn’t ease my mind. The idea behind the app is great but their execution and customer service has been abhorrent. *UPDATE and now they want me to email them AGAIN after I’ve opened multiple cases via their website and contacted them through social media channels and been dismissed. The customer service from this company has been SHOCKING. I still receive emails every night and still have multiple loans in collections with no end in sight. I thoroughly regret joining this app.
Don’t use this app at all. I lent out 4 loans to people with high scores and only have gotten one payment back. This company has no way of guaranteeing the lender, and there is no interest on the loans just “tips”. So the borrower isn’t actually required to pay back the so called 10 percent tip if they don’t want to. So basically the lender loans out money with a tip thinking there gonna make a little profit, but may just get back what they loaned out of the borrower pays. There communication is horrible because they only work through email and reply back to you in like two weeks, and sometimes not at all. They have this retarded donation crap that the borrower can choose to donate to the company. So basically the lender loans money to both the borrower and the company. The company makes out beautiful but the lender takes all the risk. And they try to promote it like we’re helping out each other. That’s a bunch of crap. They only give you the option to send an unpaid loan to collections, but seriously how many people actually pay back a couple hundred dollars in collections. If you’re new to lending money go to another peer to peer platform that gives more professionalism and protection to the lender if the borrower doesn’t pay back.. take my advice and don’t waste your money and lose it to this horrible company that needs to be closed. After all it’s always about making money.
This app is incredibly for those looking to borrow as a lender I have had a great time with solo. Being able to help those we are down get back up is always nice. The support for the app is really good and quick as well. The app is easy to understand and very well designed. I have a few issues or more or less suggestions. 1 the amount a borrower can request absolutely needs to be increased at least $1,000 as lender I have the capital to tackle higher amounts. I see multiple lenders having to make 2-3 loans a month just to get their desired amounts. Higher requests means better outcomes for lenders and even better donations for solo. The other big thing I wanted to suggest was making a better more organized way to view and look at my loans as a lender my past and current ones. Seeing more data or information and being able to organize them myself would be amazing. Overall this app is great and has the potential to easily be number one, but if it’s gonna best apps like Lenme then the maximum loan amounts have to be increased these borrowers want more then $575.
I wanted to believe in this black owned company but it has let me down tremendously. Not only does the app not work correctly but it doesn’t instill any accountability for the borrowers. So, before i discovered all this, I went out on a limb and decided to lend a random person I do not know (According to the acct. she’s just Maya C. from Chicago 👀) $210 with a return of $230 in 2 weeks. That was on March 2nd and it is now April 4th. Not only have I not heard a word as to when I will get my money back but they refuse to contact me directly whenever it “rolls over” again and AGAIN. They are now saying that they will have to send her to collections but who the heck is really going to pay $210 in collections? If they don’t have it now, what makes you think they’ll have it after interest and collection fees??? Seems like they need to do a more thorough check of who they’re letting people lend to. These people need to show employment check stubs so you can see how often and when they get paid so you can then try to charge their accounts when it’s time for payment. This is absolutely ridiculous. I’m SO glad I experimented with just one loan first, wish it was a lot less but after I get my money back I will never use this app or support this company again. If they’re starting to loose investors, that should tell you all you need to know about this company. Period.
I am SO grateful for this program and even more grateful for the people that have funded me. You have NO idea how much it means to me to be able to help my autistic child and also for the help it provided me when I couldn't work thru stg 3 melanoma cancer then severe case of COVID back to back! James! Alexander! I don't know your last name but YOU are me and my son's light at the end of a very dark and cold tunnel. I wish I could remember the names of everyone that has helped me and my son thru these tough times but know that we love and appreciate ALL of you and James gets a special shout out for helping us MULTIPLE times and so very very promptly!! Im an RN and have really suffered with the virus personally in a mental and physical way. I was SO SO sick and I've been SO saddened by some people's reactions to all of this. I will never forget the sound of my patients gasping for air as i held them in one arm and the tablet in the other that we used to FaceTime their families during their last moments. I wish We could give James and SoloFunds employees and creators HUGE hugs!!!! I cannot say Thank you enough. You're all in our prayers!!!!
It’s great to be able to loan money to people who need it. However, there are a couple of things you need to consider before deciding to be generous like I was. First, you may not get your money back. I gave out five different loans and two of them didn’t pay me back. It’s frustrating thinking that I’m trying to do someone a favor and it’s not like you make a whole lot of money as a “tip” to lend it either. There are a few borrowers who want to make sure the lender gets a monetary “thank you” but there are many, who, when requesting the loan, sound like they are indignant that they would be expected to pay anything snd even say so. This is how the world works when you borrow money, you pay interest, even on Solo. But you don’t have to deal with someone embarrassing you and saying you aren’t a good risk. So while I would have enjoyed lending more money to people who really needed it, I cannot afford to lose money to people who apparently think that lenders are just giving it away. I work hard for my money and wanted to help. I do hope Solo can recover my money but I still won’t get it all back if they do. It’s people like the two who still owe me money that are ruining it for the rest of you.
So twice I’ve requested a loan i was in an emergency situation, my phone was about to get shut off. The limit I was approved to request was $100. No help. Then a couple weeks later I thought hey I’ll give it one more try. Im only $50 short of what I need so I requested 50 bucks and I did the max percentage to the app and the maximum tip to the borrower to hope that somebody would loan it to me. I’m still waiting and nothing. So if it’s an emergency situation, forget it you’ll be lucky. If you get a response before the loan request expires. I mean it works off of that it’s showing that year you pay loans back and as you pay back more loans then your request limit to get higher but if you can’t get anybody to help you with the first loan then how are you ever going to get there. I feel as if it just wants my bank card information and the pin to my phone to unlock my phone because that’s what it takes. Every time I go to open the app. Strangely enough my phone has been acting funny since I downloaded this app. I get strange emails about erectile dysfunction and New to solicitations from females and I don’t even go to those kind of websites. This is an emergency that you need help with forget it! They just want your bank info and login to unlock your phone
App has been down for me going on 30+ days since the “update”. Stay way from this company at all cost. They have been stringing along their entire user base during the merger leaving everyone without money and constant issues. They were getting hit on social media and created a discord to try to quell the mob. Now the discord is just people daily that they are still not able to use the app after providing or receiving 30+ loans already. It’s always “soon, almost there, we understand your frustration”. The last update to the community was 19 days ago on 5/02. What business nowadays do you know that go more than a few days without keeping the community up to date about some ongoing issue. They have completely ignored the community. Many people who relied on this app found themselves without money. Solo had no issue retrieving loans from everyone but for some reason can’t verify a debit card. This is what happens when you have 2 clueless Fintech Bros running the show. Any other place would have hired a bunch of developers to get things under control after a week… not almost 5 weeks. Save your time, money, and the hassle by NOT downloading or using this app. If I could warn people everyday for the rest of my life I would. Stay away.
Solo Funds WAS a good loan app but they have changed how you receive your funds. It use to go immediately into your back account. Now it goes to Solo Wallet and then you have to pay a fee to get funds within 24 hours or ACH and wait 1-3 business days! The Worst update they’ve ever done ! As if the mandatory donation fees and lender fees weren’t enough now it’s an extra fee just to get your money ! Even worst they’re taking the money the lender gave you and making you Still have to deduct that money just to get your funds within 24 hours. I’ve reached out to support numerous times and have yet to get a response from ANYONE! At this point if I can’t receive my funds immediately or your making me deduct funds the lender gave to me in order to get my money there’s no point in this app! I was lended $100 and in order to get the funds it’s a 1.75% fee ! Support never replies back or even responds to you ! Its been over 24 hours and no one has reached back out to me! I don’t even know how to receive my money ! I have $100 just sitting in Solo Wallet ! At this point I no longer even want the money ! This app has disappointed me and have gone down hill !
This app definitely needs a lot of improvement! For 3+ months I tried creating an account in this app. It would continuously tell me to “start recovery” to verify my identity. I uploaded my DL, which has my address on it, the address that was on my account, and verified my SS number. There were no security questions or anything to help this process along. I was then left with an message that it could take up to 48 hours for the verification process. I then waited and opened the app up and behold, “start recovery” process alert again. I dealt with this for 3+ months and even contacted support with 4 tickets. I was told to delete the app and re-download it and I still had the same issue. My other tickets were ignored and not responded to. I finally submitted one final ticket and was told their lender can not verify my identity and so I would not be able to use their app. No security questions to answer about my identity or anything, even with me uploading my DL with address on it. My SS number is even attached to me. I have used other apps such as Brigit, Dave, Cleo, and MoneyLion with no such issues. My suggestion to anyone is to stay away from this app and use the ones I recommended they are all legit apps that will loan you money no issues whatsoever. This app is an waste of space and time. I do NOT recommend it.
So far I’ve had great success with this Solo App My first loan took a few days to get funded I assume since I didn’t have a report yet. But as long as your honest and actually pay your loan back early or on time you will get funded almost immediately after requesting a loan. Also each loan you pay back on time the limit you can borrow also increases. I’ve never had an issue with funding or debited payments. Yes I’m sure there are people with no intentions of paying back but this is the risk you take going in to the app you really can’t blame solo for that unless you fund a loan and pay for protection that solo will pay you if the borrower doesn’t then hey you knew that going in. I don’t understand all the upset over this when it’s your job to read and understand how it works beforehand. If you want to take less of a risk then only lend to people who have paid back a few loans and show integrity don’t fund 1st time borrowers. I’ve borrowed 8 times now I will update this review after my 20th time for more information.
Lenders -you may as well throw your money in the trash
I really love this concept so I tried it in 2018. I was repaid late, but I was repaid. I thought I’d give it another try about a month ago bc I have more disposable income. Now I remember why I abandoned and deleted the app 2 years ago. I only funded 2 loans for a total of $200 or so. Both are in collections and Solo has deducted a “recovery fee” before I can even hope to get anything back. There is no one to communicate with. I’m completely in the dark. They didn’t even bother to notify me that the loans were officially in collections and that they were deducting their fees from money I don’t even have yet (and will probably never get). Find a different way to help people. This experience is so bad it feels borderline criminal. Solo gets their “donations” off top and the borrowers get your money. Then Solo gets more if they ever recover anything (if they even try) and any tip you were anticipating is negated. You walk away in the negative. Solo - don’t bother responding with your canned responses. Spend that time developing a better app, business model, and lender protections. Hopefully this scheme will collapse when there are only borrowers and no lenders left. DON’T DO IT. There are batches of glowing 5 star reviews lately. I wonder if they’re paying for them or incentivizing borrowers to write them.
So I have been using solo for a year, when they did their update it runined everything! Last week on 07/04 I was funded a loan, the funds were never put into my solo wallet and I was never able to get the funds moved to my checking account. Fast forward through two weeks, I reached out almost everyday to get funds put into the account and nothing was done other giving me the same story… “the app migration is causing tech issues and “we” customer service representatives can’t do anything, we have escalated this to our tech department…we are sorry for the inconvenience yadadadada!”. Now it’s Friday/sat and I get a email saying my loan is overdue! I’m glad I called and out a stop payment on my banking account when I did, because I never got my loan money that was funded and I know they would have screwed me and took the money out of my checking account! If the shoe was on the other foot, they would be hounding the consumers/borrowers to give the money back (like they are doing already) but I never got my loan. So do I see a class action lawsuit coming in the future for fraud! Yes I do and they deserve it! I’m done with this trashy scammy app and it’s helping me to realise I can’t and don’t need to be dependent on these kinds of apps that only care about themselves!
I joined solo over a year and a half ago, first borrowing 100$ that I repaid, proceeded to lend out to SEVERAL individuals NONE of who repaid. Contacted Solo they haven’t done Anything about it. They need to be held account for the “loans” they broker and originate. They make money regardless if your paid back and laugh when you get screwed. I sense tried to use the app to borrow and for the last year I haven’t been able to use it I have received constant errors or “not verified” “card error” and countless other error messages. Every time I contact support they say they’ll fix the “bug” and I should be good to use the app but it hasn’t worked. I had some friends of mine whom are PI’s look into the company, platform and executives. This company’s exec have been funneling the money from these “unpaid loans” to use for personal spending and investments of their own. Several of the “borrowers” in this platform are fictitious and my PI’s have all the documentation to prove so. Not to mention hundreds of testimonies of individuals whom has lost money since this platform was created. I will definitely be turning over this evidence and reporting them. Fraud, Money Laundering, THEFT, Deceptive trade practices, Racketeering, the list goes on. I would highly advise against using SoLo
I used to have SoLo funds a long time ago. I opened my account, asked for a loan and waited patiently as I knew just starting out a loan was not going to come immediately. Months went by and no bite. By that time, my emergency had passed and obviously I still ended up in a bad way with no money. Smh. So if you’re just starting out and you’re in a super emergency bind...DO NOT RELY ON THIS APP. Use this app as a future loan kind of thing. Like you missed three days of work during your pay period but you know you have an important bill due or something. Second thing, my debit card stopped working with this app. I had no idea why. I stopped using SoLo. I started using apps like Dave and Float Me and Albert if I was really in a pinch! Sorry SoLo. I decided to try again. I was ready for the waiting and everything....they don’t process MASTERCARD now! This is really inconvenient and I recommend they shut the app down until they are able to accept other forms . People really need help. And going through the whole “You can start using SoLo app” stuff then to find out your card isn’t accepted is unacceptable. I could see if it’s a Chime or Netspend card but who doesn’t accept not even MasterCard???? You get a two start review for simple app navigation.
I have used Solo application for about one year and it worked perfectly. However, since the April update the application has been hit or miss. I have a loan that was due on May31, 2024 and tried to manually pay it two days prior as I have done many times without any issues, and was told by chat support their is a migration issue with manual payments, so after chatting with their customer support, I was told they would auto-debit from my bank account but after that didn’t happen, I reached out to chat support again and was informed it would be okay to transfer the money in my Solo wallet and it would be auto-debited from there. This weekend, I sent an email and as of early morning I haven’t received a response. Today, is June 3, 2024 and they still haven’t debited the payment from my wallet. Thereafter, I reached out to chat support again and now they’re saying since the loan is now overdue, their recovery department will reach out via email. I would respect them more if they would be honest and post the issue on their Solo Status site, but I don’t see any information there as to how they will resolve the issue. It seems I keep getting the run around.
I enjoyed the app. Everything worked great. Until it didn’t. Until the team decided they were going to overhaul the whole system without letting anyone know in advance. NO NOTICE WAS GIVEN. I take a loan, come back days later to withdraw the money, and surprise! My accounts signed out, I have to login- which took a couple tries because of the glitchy new update. And then I can’t add my debit card to access the funds that I’m being charged a hefty donation fee for. Now not to mention the financial difficulty this caused me, fast forward one week. The payment for the loan I could never access has come out of my account, including the tip and donation fee- which I asked to be refunded for, considering I was never able to withdraw the funds. The support has been no help whatsoever. And I still can’t access my “loan”, still can’t add a debit card. And basically paid Solo a large donation fee, and tipped the lender, for an amount that SOLO still has and I can’t withdraw. Feels like stealing
I use SoLo for lending money to borrowers. Im leaving a one star review because I notice that SoLo isn’t very open about the fact that borrowers don’t HAVE to donate to SoLo and the option to turn off donations to the app is located in the settings section under profile. To get there tap “Profile” at the bottom of the screen, then tap “Settings” in the top right, then tap the “SoLo Donations” toggle switch to the off setting (its on when the switch is Green). People are paying lots of money in donations to the app and the people lending the money are getting even less. SoLo offers lending protection to the lenders, which we pay 5% of the loan value for if we want it, and then SoLo turns around and keeps the tip (that SHOULD go to the lender) if it’s paid back as well! I would love to see how much money SoLo is making off of borrowers AND lenders… totally taking advantage of people in need and disguising their app as a way to “help” people. If you’re going to borrow on the app, I highly recommend turning off SoLo donations. If you’re lending on the app, I highly recommend using caution because I’ve gotten so many loans that have never even been repaid, you end up throwing money out the window if you aren’t cautious. I’ve learned from my mistakes.
They tell you that being new and having a “low solo score” because you are new won’t impact your ability to get a loan but it absolutely does. The only loans I have seen being funded through solo are people who tip heavily and donate heavily and have had 5-10 repaid loans. This app is essentially like being 18 again and trying to build credit but nobody will allow you credit because you don’t have any credit. I was also advised by the staff that they do not require tips or donations and your approval is not determined by either, but that in unequivocally false. The minimum donation amount is $7 and when I advised them that the app does now allow less than that the staff responded with “thank you for your feedback”. Like you just lied to me in a manner that is documented and now you aren’t taking ownership of your lie or explaining it in further detail? It’s a bias process and definitely not a good place to go if you actually have an emergency like i did with my diabetic cat. I don’t take payday loans out and I always pay my bills on time but apparently that doesn’t matter because it’s a lottery system for who bids the highest. If you’re not part of the mean girls club at solo, don’t expect to be let in anytime soon.
Normally, this will get five stars. I absolutely adore this app, but all of a sudden they decide to do an update that crashes the ability to do anything. At first, I couldn’t even login so I sent a message to support then I was able to. It made borrowing P2P so easy and paying back even easiernow when I try to borrow anything, it says oops you can’t borrow anything at the moment you’re blocked. That threw me off because I have one of the highest scores and the payback system and I pay every loan back early so I have absolutely no reason to be blocked. And the message does say from the developers in the app that the pay system works where it will automatically deduct your money, but it won’t allow you to request any loans and they will let you know when things change. I feel like that’s a huge rip off because they didn’t tell us in advance. They just sprung it on us out the blue. Once this is rectified. This will definitely get five stars but until then this app needs a -5 stars for lack of communication because I’m sure there’s a lot of people that rely on this app and I’m sure they’ve thrown off thousands of people out of the blue because they can’t get the app together right now.
I started using the Solo Funds app at the beginning of 2019. Everything was going great I was a lender and was lending money to about 4 people at a time with each giving 30$ in tips so I was making about 120$ a month for about three month just lending out money, then 2 of the people I lended money to didn’t pay me back equaling to over 700$ in lost over my personal money. I gave it a few months because doing anything but now it’s been over a year and a half since this happened and I still haven’t heard anything from the app nor they third party collections team. I don’t think they hold people accountable enough when they don’t pay the money back and the person that gets screwed is the lender. Also, after lending so much money out my score never went up it stayed at 49 points. I tried messaging the app and the first time I didn’t get a response, now about a week ago I messaged them again and they only said sorry to hear that that they’ll contact they’re collections team and I should be hearing from them soon. I’ve been in the air for over a year not nothing anything about where is my money or any information of the people that have it.
Getting Help Through this app is sort of ridiculous
I love the idea behind this app however with many apps, comes some quirks and you can call or chat w/someone (perhaps not many apps but I think the ones dealing with my bank account info and access to debiting and crediting my account, I should be able to speak to someone). Last week I had to update my debit card after a loan had been funded and it wouldn’t allow it so I had to email someone. 24 hours later I get a response that didn’t really have anything to do with what I had asked or needed. It ended up with me canceling the loan (via ridiculous emailing again) after 4 different times I sent out tickets and responded to their messages. Not once did I get a response that came close to fixing the issue I feverishly tried explaining 5 separate times. It’s easy to use and understand and there are many people borrowing as well as willing to lend. I just cannot excuse their lack of understanding and the ridiculous means of communication one has to go through to speak to someone human... who still can’t help more times than not.I love the iPhone
Easy to get excited about, but the results from the lender side aren’t worth it. The rating system isn’t anything you can trust. I’ve had several loans to individuals with a near perfect score and those didn’t pay back. The app just says they are overdue but provides no additional information (after several months of the loan going unpaid) of any collection attempts. I would love to see a log of collection activities or any other communication about what’s going on with a loan. There aren’t even dates in the app showing when a loan was issued or paid back (when they do pay back). I gave this a solid try. Loaned over $17k. THIS SHOULD ABSOLUTELY NOT BE CONSIDERED AS AN INVESTMENT VEHICLE. I’m one of many reviews out there where people have had a very similar experience. You will lose money, the wins are not enough to make up for the losses. The potential ROI is easy to get excited about. Then 3-4 months later you realize that the actual return is a loss. Not to mention the app just stopped working for everyone for about a month... did any of my loans pay back during that time? I hope not because I wasn’t notified of any payments during that month.
I spent one hour reading reviews of this app and did not see NOT ONE! positive review from a lender. Each one complained of losses that were double the profits. Each one! On top of this there were numerous complaints regarding glitches that caused payments and bank accounts to be locked. I hate predatory payday loan companies. In theory this app is a great concept, but the builders have obviously not figured out how to protect their lenders yet! They (you) need to be held accountable and forced to change your methods and protect lenders. LENDERS! create an online group and document each transaction so when enough of you have compiled a true accounting of the real losses and default percentages you can take them to court! Make sure to follow their recommendations for successful loaning to the letter and document each loan and borrowers stats for proof. I don’t know what they are missing! Maybe they need to auto withdrawal like payday lenders, maybe they need to verify employment and pay. Maybe they need to raise the loan fee to offset the losses! Maybe they do all of these things and still fail their lenders! App Developers, you should not be allowed to take one penny when your users are losing hundreds! You need to get your sh#€ straight or close shop! You are failing!
Let me walk you through my experience so far with this app. I need a small loan to help pay off a bill that was coming the day before pay day. So I used this app. Followed all the instructions and what not and got my first loan funded! Now listen it takes a minute the first loan, about a day or so to process at most! But this customer support team is the best service I’ve ever gotten!! I must have messaged them 9 times via live chat to talk to them and they were always timely never more than a 2 minute wait. They helped me understand the waiting process and talked me though the whole process. You start with a low line of credit, mine was $100 first Loan max. I got a $50 Loan and paid back within the week so I got a little increase! I took a second loan out this week and I got it funded and in my account in under 5 minutes! Give this app a chance if you really need the help! Will update the review if I can ever try being a lender when I’m more finically stable!
Wish people knew you could turn off solo donations
The app itself (as a lender) is a nice investing gamble but there are a couple things I wish were different. Most importantly, I wish more people knew they can turn off the option to add the solo donation in their settings. It does not have to be included, you can just choose to have the loan amount + tip. I don’t want to pay that as a lender and I’m sure borrowers don’t either. I don’t lend to anyone that’s not tipping at least 10% and I think borrowers would be more likely to increase their tip if they weren’t also paying quite large solo donation fees, which would also increase the likelihood of their loan being picked up. Also, the protection is not worth it unless you’re lending with money you cannot lose, in which case you shouldn’t be lending anyways. But even if a borrower is one day late if you opt for the protection Solo will give you only the insured amount (which is a percentage and I don’t believe includes the donation if it’s opted in by the borrower) and they will collect the full amount themselves, which is terrible.
The app is by far superior to any other app on the store and available to help people during a time of trouble . However , I am disappointed that there is not more in place for loans that have gone into default . Over 3 weeks is allowed before a late payment is applied . I encourage you to review this and change it to encourage timely repayment, financial stability and financial freedom and to help lenders to be able to lend to others without being penalized for the borrowers lack of repayment. The customer should be charged a late payment once their loan goes into default and that payment should be be paid in full to the lender. If it goes to collections then assess the 30% . Also I would also like to see a spot for in loan history for how late the borrowers repayments are 5,10,20,30 days to help me make a better decision . Thank you , I look forward in being part of this community and watching it grow!
I have been a user of this platform for over 2 years, I’ve made all my payments on time and have a score of 99. Since the update I can no longer use this app. I’ve been told for over a month that my bank account is being verified, and recently had the option to update my debit card which k thought would be some sort of progress in the right direction, but I was only then told that my debit card couldn’t be verified. I mean come on man- it’s the same debit card I was already using with my account. And they claim to have customer service that is available yet I’ve sent numerous emails and “chats” and have gotten NO HELP. You would think that especially seeing that I’ve been a “dedicated” user to this platform I would get some sort of urgency but no. Writing a review is my very last attempt at reaching out for help, if I get no where with this consider me another one of the users that is going elsewhere. I’ve told so many people about how great this app WAS and I’ve heard back from multiple people they are having so many issues themselves. I’ll be sure to spread the word of how NOT to utilize this platform as it’s only causing frustration rather than help.
You can make unsecured loans to individuals by using a proprietary and secret Solo score rating. Solo avoids all the usual legal rules that would prevent a highly risky platform like this from existing by pretending that the interest is a “tip” and the loan fees are a “donation”. As a lender, there is no recourse when someone decides to not pay back your money. Solo’s response to this is by suggesting you pay extra for protection that still does not guarantee you get the entirety of your money back. If Solo is unsuccessful retrieving past due money from the borrower, they then start deducting money from whatever amount they do eventually retrieve. They highly encourage you to loan to new members with no loan history by running promotions and contests that require you to do so. They also hope you just give up on your funds by sending you an “opportunity” to offer a defaulted borrower a massive discount on the loan (at your expense). I was the fool for signing up for this service thinking that Solo would qualify its borrowers in a more transparent manner. I do look forward to being part of a class action lawsuit when this deceitful and highly risky lending company is exposed for what it is.
Setting up the account was problematic. First, they ask for your bank account login information, likely to fund you contributions. Then they ask for your debit card information. That debit card cannot be a MasterCard - only found that out after inputting my bank account information. You are able to link a debit card from another account, however, so that begs the questions why they need the bank account information to begin with. You cannot change or remove your initial banking information, only the debit card. The fatal flaw in the system seems to be the algorithm for funding. I was unable to fund loans because my bank account showed a zero balance, even though both checking and savings accounts were positive. But my credit card had a zero balance. This prevents me from participating in lending money. When I asked how I can close my SoLo account - I can’t. I can delete the app and the account will remain dormant, but tech support assured me that they will not use my credit card information or any login without permission. I’m definitely not comfortable with that. A very good idea for an app, poorly executed, in my opinion. Never got a change to borrow or lend, so good luck with that.
When a loan goes accordingly, it’s a quick return on a small investment. I wish the app allowed more information like how long a borrower has been on the app and the reasons for previous loan in addition to whether they paid on time. The first few loans I funded were on time and paid I full so I got more confident in give more money. I have 2 loans yet to be paid and I’m nervous. The app doesn’t inform you if the person chooses to rollover or if they’ve been on the app. I’d like to be assured that something is happening so that I can be my money back. I can’t just trust that maybe after months I’ll get a small percentage of my investment back. The app should allow atleast limited interaction so that borrowers can communicate any issues as well. Also if a borrower has yet to accept a loan, lenders should be able to cancel. That’s why it’d be helpful to see user activity on the app so we know whether the borrower has even seen that there’s someone to fund them. I just wish lenders got some type of guarantee instead of just being left in the dark.
I have to say. I really thought this app was fake. I was short on my rent this month by about 100 dollars. I was on the App Store trying to find a cash advance like Dave and I found solo. It was an easy sign up process, almost too easy, and then i was able to request what I needed. Then I saw all the people with a request and thought for sure nobody ever got any money. I was surprised to see that just one day later someone had actually funded me the money. It was that easy. Once someone offered I was able to accept and then my money was there. If your in a pinch and you need some quick cash I would definitely use this app. I will say it wasn’t instant. It did take 24 hours for some one to pick my request. But once they did I had the money instant. I will edit this when payback time comes to see if the payback is as smooth as the getting. But so far they do what they said they would. So kudos!!
As others have said, Solo has gone downhill since the large update they did. I used to be able to rely on loans being funded pretty quickly but the last one I did had been stuck in “funding accepted” for about 2 weeks. I never received the funds but it shows the loan is still due to be paid back in 48 hours. I have reached out to customer service and each time the say it’s been escalated to the engineering team and they will reach out with an update but that has not happened still. They assure me that no money will by taken out of my account since the loan wasn’t fully funded so we’ll see. The agents I’ve talked to have been nice and professional but this issue is taking way too long to resolve. Especially when they say the app is back to being fully functional. That does not seem like the case at all. Super disappointed as this app used to be great and so helpful. Now it’s just added even more stress. Even more disappointed about this since I’ve been leaving tips each time which is not required. Wish I could take that money back.
Horrible. Customer service is the worst possible. If there is anything wrong with your loan good luck, you’re on your own. They don’t care about their customers/users. It’s sad, how can an app dealing with people’s money be so unreliable. Messaged their “support” team to be told they elevated the issue to their “engineers” to resolve it. It’s been over a week and it is saying a loan is due in 3 days. I never got the money for the loan and it was needed for an emergency. I sent a second email asking for a follow up since it had been a week since I sent my first email. Literally told me “we still haven’t heard from our engineering team” in a WEEK? You haven’t heard anything in a week and didn’t think “Maybe we should follow up on this” or maybe follow up on it when I sent the second email? Nope. Nothing. No help. Response to developer, It’s clear you don’t care and didn’t even read my review. Just sent the typical whatever automated response. I already said I contacted that useless support email and submitted two tickets and nothing has been done. Nothing has still been done as all you guys ever say is your imaginary “engineer” team is “working on it” but you haven’t heard anything back from them? It’s going on two weeks and the issue was never resolved. Literally the worst customer service. Will recommend that none of my friends ever use this app.
The idea behind solo funds is great but after several loans you begin to realize how poor the costumer service is. It takes days to respond to emails usually without a resolution. It seems as though problems arise the day you need to pay back a loan or are supposed to be paid back. Most recently I had to pay back a loan and had no issue with the app up until the date the payment was due and it said it now how to verify me through a partner site. This was the second time this issue has happened to me and when I reached out it took 5 days and multiple emails to receive a response. Once this was resolved I immediately had another issue where it would freeze at the loan submission screen. When I reached out again the response was “this is a bug we are aware of try to go back and resubmit” as if I hadn’t tried to resubmit at all. They then told me that they are working to fix this issue app wide and not just individually but multiple weeks later and they even released an update it’s still not resolved and they don’t respond back. Like I said it’s a good idea but their customer service is lacking and there always seems to be an issue.
I have been totally dissatisfied with this app. All of the risk is on the lender. If you have a loan go to collections, you just have to trust that the borrower will repay it. But if it goes past 90 days then you only get 50% back! I’ve had two loans go to collections and I have no faith that I’m getting any of that money back since it’s been like 6 months for one of them. Since the collections agency is not in communication with the lender at all, I am not even really sure that the borrower is really getting any penalty or having their credit score affected. I’m just out of $200 at this point. Also the customer service is horrible! I’ve emailed support several times asking about the collections process and about the app not working correctly with my debit card. I still haven’t gotten a response. I agree with other people that I think people are on the app to scam and get money with no intentions on paying people back. The borrower doesn’t really seem to be penalized in any way. I would only recommend this app to people who are trying to borrow money. Seems like only a win for them. Do not lend your money on this site! A possible extra $20 is not worth losing $200!
One of the WORST decisions I have made. I am super into investing and finding opportunities to be able to grow my income. I thought I would give it a try and only lend to high tiered borrowers. THE BORROWER SCORE MEANS NOTHING. Obviously there is always risk when lending/investing your money but the way the SOLO team handle the situation was unbelievable. I emailed them to try and figure out the situation and all I got was that they were out on a payback program and to wait till September. I waited and the funds still weren’t deposited into my account. So I decided to reach out one more time and see what happened and guess what? The borrower hadn’t made any payments, so what does that mean? Me the lender will not be paid back at ALL. You would think that you would have a better program integrated into the system to be able to receive funds from those who don’t pay back a loan on time. I still haven’t been able to get in touch with the solo team and figure out the situation and at this point I’m pretty sure the money is gone. Great idea, poorly executed. There is a reason these people can’t get a loan anywhere else. LENDERS BE AWARE.
The solo score .. lol. I’ve asked support many times how it’s initially come up with. If you start at a score of under 50 you’re wasting your time. I had an older bank account with a positive balance, above average credit, direct deposit into that account that shows I’m capable of paying back a loan… linked my bank account and I started with a 48 score. I’ve tried getting a loan in every different way many times and was never funded. Solo says they can’t force ppl to fund your loan. Duh. What they can do is make it so you can prove that you’re good on your word by allowing a score to initial users who can actually accomplish the whole point of using this app!!! GETTING FUNDED. I tried to fund a score of under 50. I couldn’t find anyone. THIS WAS THE MOST FRUSTRATING APP OVERALL THAT IVE USED. I kept asking them why my score was a 48. No sensible response. “ it factors a lot of things” and “ we have no control over people funding you” are the stock answers to questions that deserved a more complex response. Use Empower or the other peer to peer apps that don’t stick you with a score that makes their product pointless to you.
Access up to $575 on your own terms or supply funds to make a social impact and return. Fun fact → SoLo Funds is a Certified Public Benefit Corporation. SoLo is a community finance platform where our members step up for one another. We enable financial services for real people, powered by people. We back each other because we believe in each other. Here’s why thousands of members use SoLo… ACCESS UP TO $575 ON YOUR OWN TERMS We give you choice and control where others don't. No credit checks. We come through for each other because we're in this together. EARN MONEY WHILE HELPING OTHERS SoLo is a great way to make a social impact while also earning a return on your money. Our data driven tools allow you to verify and make smarter choices. Fund a request today. We’re people helping people. Fun fact → SoLo won the 2022 Visa Everywhere DEI Contest amongst the nation’s best fintechs SOLO PROTECTION We’re in this together. We protect each member in our community via secure and easy communication between bank accounts while creating a safety net for potential losses. Fun fact → SoLo was selected as one of Fast Company’s World Changing ideas in 2022 SOLO WALLET Leverage our banking solution to build financial autonomy. Deposit, withdrawal, and bank with SoLo. Fun fact → SoLo won NBCUniversal’s LIFTOff Financial Impact Challenge NO HIDDEN FEES We’re not here to surprise you with fees. SoLo guarantees no hidden fees, no minimum balance fees, transactions fees, expedition fees and no overdraft fees. GET MONEY UNIVERSITY We believe that access to information is the key to building strong financial habits. Take courses, learn, and share this free resource with others. Fun fact → SoLo was selected in 2021 for Global Inclusive Fintech 50 by the Center for Financial Inclusion For more information please visit our website https://solofunds.com/ . (1) $575 Cash Requests: Criteria applies, see Terms https://solofunds.com/terms/ for more details. (2) SoLo Wallet: The bank services are provided by Synapse's partner banks, Members FDIC. All loans regardless of the early schedule payment have the same terms, with 90 days for repayments and default. The early repayment schedule for a loan request can differ between members with all loans up to 90 days to pay in full until defaulted. Your initial scheduled early repayment date can be skipped without issue and repaid manually in-app at any time with minimum and maximum repayment schedule up to 90 days. All loans have up to 90 days to pay in full until defaulted. See SoLo's Privacy Policy https://solofunds.com/privacy
