has some bugs but great concept
Concept of the app: I give them five stars, but they had me update their app over four days ago. Then, immediately after I updated it, they had internal issues with it, so I can't use the app until they fix it, which they still yet to do, and that resulted in the three-star rating I gave them because it’s taking way too long for them to resolve this issue.
I have a new issue with the lending part instead of charging the borrower for the time spent trying to collect the money they want to take 30% from the lender as well as charge a fee to the borrower and now they sent me an email saying if I wanna take this one time offer to take half of what I lend it out instead of waiting for the 70% which I think this is a racket now I see why they sell protection to get 90% back for a fee when you lend money how do I even know that the borrower didn’t pay? We’re just supposed to take their word for it, how do we know that they’re not collecting the money and then saying they didn’t get it so they could collect more money I probably won’t lend any more money on this app again, or at least not to anybody that’s had late payments cause I’m not in it to lose money which I already have.
I have a new issue with the lending part instead of charging the borrower for the time spent trying to collect the money they want to take 30% from the lender as well as charge a fee to the borrower and now they sent me an email saying if I wanna take this one time offer to take half of what I lend it out instead of waiting for the 70% which I think this is a racket now I see why they sell protection to get 90% back for a fee when you lend money how do I even know that the borrower didn’t pay? We’re just supposed to take their word for it, how do we know that they’re not collecting the money and then saying they didn’t get it so they could collect more money I probably won’t lend any more money on this app again, or at least not to anybody that’s had late payments cause I’m not in it to lose money which I already have.
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Response from developer
Hi , thank you for your review. We truly empathize with the frustration that this experience may have caused you. We truly appreciate your honest review. We would be grateful to provide further details of this concern. Please feel free to reach out to us at help@solofunds.com. Best, Team Solo
Don’t trust this app!
Stay away from this app. I started lending money about 5 months ago, and at first everything was going fine and people were "paying back". The first thing that happened was that I had an overdue loan, so I figured it was normal, as it was the 6th time I lent money. I kept lending, but then I had 2 more overdue loans in a matter of a month. the third month I miraculously got paid by these last 2 overdue loans. I thought it was ridiculous that Solo charges a fee for working on getting back the money, so they took the "tip" plus this fee, so in the end you ended getting less than what you lent in the first place. Then, after 2 months of being overdue, money magically appeared in my wallet from the first overdue loan that I had, and I notice I didn't get the 'tip" either. It turns out that the money was never even used, it didn't even reach the person that had requested it. So the app purposefully kept the money for 2 months until it gave it back, and they called it a "funding error". I really don't know why I kept using the app, but now I have 4 overdue loans with more than 2 months of being late. I have lost around 1.5k, and adding to that, I still have like $400 in my wallet that they are not letting me withdraw. I have contacted them at least 20 times about this, and gotten nowhere with their "escalation tickets". They don't even bother to help. I really think that they have stolen the money, and they don't plan on returning it.
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Response from developer
Hi , thank you for your review. We truly empathize with the frustration that this experience may have caused you. We truly appreciate your honest review. We would be grateful to provide further details of this concern. Please feel free to reach out to us at help@solofunds.com. Best, Team Solo
Good app but not great customer service
I has been using this app since 2020 and it’s been good up until May 2024 I took out a loan while I guess they were revamping the app and due to that my loan was never placed into my checking account and I reached out over several days and weeks with no avail no help anything they just kept saying oh the loan will be canceled. The loan will be canceled and it never was finally I was able to reach out to customer service and get some qualified answer and I get email updates time and time again about we’re working on it. We’re working on it but it’s been almost 100 days since then and it’s like this app is great and I have enjoyed it thoroughly. It has helped me out of emergencies but it’s also like having a resolution post. 100 days of the revamp and remodel is very much disappointing and it’s making me want to cancel my account so hopefully with the new update, it is working back to its capacity as to what it was and if it is not, I think I may need to henceforth leave this app and move on it’s not worth getting an update every month for two months and nothing being done still very sad :(
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Response from developer
Hi , thank you for your review. We truly empathize with the frustration that this experience may have caused you. We truly appreciate your honest review. We would be grateful to provide further details of this concern. Please feel free to reach out to us at help@solofunds.com. Best, Team Solo
INCOMPETENT COMPANY
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.
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Response from developer
Hi, Thank you for the honest review. We sincerely apologize for the inconvenience as we currently have an ongoing update. We know how much you depend on SoLo, and we are exhausting our efforts to ensure a successful return to normalcy. We are in this together and want nothing more than our solution, which you have grown to love, to continue providing you with the funds you deserve. In the meantime, we genuinely appreciate your patience and understanding. We will notify you as soon as the system is fully restored. Best, Team Solo
Future lenders BEWARE
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.
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.
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Great Lending App!
This is an awesome way to not only help people out as a lender, but a great way to get funds in a pinch, borrowers just need to keep in mind, that the people who are lending money to you as a borrower are just normal working people who want to help others…. So I HIGHLY suggest that if you’re REALLY needing money and needing it fast, that you choose a responsible payback date as if you don’t pay back on time, you are discouraging lenders from lending out their hard earned money to you, especially if you are a new borrower with little to no payback history and a low score, I currently have 35 loans out to borrowers and half of them are currently late…. This is not a BANK! Be responsible in choosing your pay back date and be respectful when choosing your tip to your lender! The higher your tip the more likely you will get funded fast! Remember how hard it is to get an affordable loan with bad credit and think about how much you will have to pay for those EXPENSIVE loans…. 15% is VERY VERY low compared to what you will have to pay to any of these payday loans or pretty much any other loan that you may get. I work hard for my money and have limited funds to lend out, so when people don’t pay back or don’t pay back on time, it makes it hard for me to lend money to anyone else in need, so PLEASE keep that in mind when borrowing money. Help me help you! And all the other lenders trying to help people!
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Response from developer
Hey, Thank you so much for your review. We appreciate your feedback and we are happy to have you as part of the SoLo community. Best, SoLo Team
Great app but…
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.
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Response from developer
Hey, Thanks for your review. This is great feedback and we will be sure to provide this insight to our team. Thank you! Best, Team SoLo
Amazing just amazing
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.
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Response from developer
Hey, Thank you so much for your review. We appreciate your feedback and are happy to have you as part of the SoLo community. Best, Team SoLo
Withdrawal
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 !
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Response from developer
Hey, thank you for taking the time to leave a review. Our team typically responds to all inquiries in 24 business hours. We truly empathize with the frustration that this experience may have caused you. We would like to escalate your case. Please send another email with a subject "App Review" to help@solofunds.com, and we will make it right. Best, SoLo Team
Poor Customer Service
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.
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Response from developer
Hi Maurixh, thank you for your review. We truly empathize with the frustration that this experience may have caused you. Our team typically responds to all inquiries in 24 business hours. Please send us a ticket on our website with the subject titled "App Review" or email us at help@solofunds.com and we will make it right for you! Best,Team SoLo
