Developer reaction. From an investors point of view, this application has great potential, but does little to safeguard loan providers from taking a loss.


Developer reaction. From an investors point of view, this application has great potential, but does little to safeguard loan providers from taking a loss.

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

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 a lot more than 60 people and discovered that many individuals with this platform pay their loans right back late, with numerous not trying to repay at all. I discovered that a lot of of this loans I funded rolled over, providing the debtor a supplementary fourteen days to cover back once again their debts. I don’t think borrowers should really be provided a supplementary week or two to cover off their debts, particularly along with loan terms being 1 month or less. 7 days that are extra pay off will do in my experience. If some body doesn’t repay on time they must be over drafted like some car re payments do. Illinois car title and loans Then they’re account should be charged daily until the funds are repaid if not overdraft. The collections procedure does seem to be n’t capable of all. If for example the loan switches into collections, simply contemplate it gone. We don’t imagine anybody trying to repay a significantly less than $300 financial obligation in collections, particularly when borrowing from no effect is had by this app to their credit history. The solamente scoring system is down. We noticed many individuals have high ratings which have never ever lent money on this platform. Calling help normally a discomfort. It is possible to just communicate they often take a week or more to respond with them via email and.

Should they offered loan providers with increased payback security, modified the collections process, fixed the scoring system, and included real time phone call help, this software will be great.

Developer Reaction ,

Many thanks for the review. We appreciate your feedback so we apologize for just about any inconvenience this could have triggered you.

We wish to explain our collections procedure is more than a message or two to borrowers. SoLo posseses a process that is internal avoid records from likely to collections. But, whenever we aren’t able to gather loan repayments, we pass those records onto our collections agency for further action. Those reports will also be obstructed from making use of SoLo and reported into the credit agencies.

When financing, there’s always risk involved. We should ensure our loan providers know about that and now we have actually supplied some suggestions on recommendations: Checking the SoLo rating and past Transactions.

As being a Lender, you’ve got access to look at a Borrower’s deal history and if they have actually compensated their loans that are previous time. This can help you evaluate just exactly how creditworthy a Borrower is. Make sure to become acquainted with the regards to your loan before financing and borrowing. SoLo will not guarantee loans only at that time, so make certain you are confident with the potential risks you take and read your Loan Agreement carefully.

Please e-mail our support team for almost any further concerns you could have at


I will be SO grateful because of this system and many more grateful for the folks which have funded me personally. You’ve got NO concept simply how much it indicates for me to be help that is ableto autistic son or daughter as well as for the assistance it offered me personally whenever I could not work thru stg 3 melanoma cancer then serious case of COVID right back into back! James! Alexander! I’m not sure your final title you are me personally and my son’s light which shines at the end of a rather dark and cool tunnel. We wish I really could recall the names of everybody which includes assisted me personally and my son thru these tough times but understand that individuals love and appreciate ALL of both you and James gets a particular raise your voice for assisting us NUMEROUS times and thus very immediately!! Im an RN and also have really had to endure the herpes virus myself in a psychological and real method. I happened to be SO Hence sick and i have been SO saddened by some individuals’s responses to any or all of the. I shall always remember the noise of my clients gasping for air in one arm and the tablet in the other that we used to FaceTime their families during their last moments as i held them. If only we’re able to offer James and SoloFunds employees and creators HUGE hugs. We cannot express gratitude enough. You are all inside our prayers.

Developer Response ,

Many thanks a great deal for the review. We appreciate your feedback and then we are content to own you within the community that is soLo.

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