This is a very good app so far
I just started back on solo funds after a few years of having trouble with the verification steps, however, they must’ve did away with that because now, I just login with my Gmail, and I was able to take out my first loan with them, for $100, and it was pretty quick, and simple. So thank you guys for the much-needed help, the only suggestion I have, is to kind of make your app a little bit more accessible when it comes to the calendar, because when I try to set up a payment arrangement schedule, it won’t let me click on May for some reason so I just did it on the website where it was more accessible for screen readers. The app is to except for that part of the calendar. Other than that, you guys keep up the great work, and I just referred a friend to you guys so hopefully he’ll be able to get back on the market or on the market. I should say and get some help. Seems like the best peer to peer lending platform so far. Keep up the great work. and for those who are out there saying we get paid for reviewing stuff like this average person does not get paid to do this review. I am not getting paid to do this review. This is just my own opinions and how I feel about this app. But anyway, that’s all I have to say.
Show less
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, Team SoLo
Best lending app out there!
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 !
Show less
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, Team SoLo
Don’t bother if it’s an emergency
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
Show less
Response from developer
Hey, Thanks for reaching out. Funding a loan request is at the discretion of a lender. For more information, feel free to check out our help center or reach out to our support team at www.solofunds.com. Best, Team SoLo
Impressive
Ok, so as I am writing this, it’s just before 10pm est. I read a bunch of reviews and decided to check the app out. Was a bit slow processing my info, but within a few mins I was able to do my first request. I wrote what was needed and what it’s for. Within 10 mins, someone accepted it. Funds were transferred instantly! Well after banking hours mind you. Blown away. It’s a small amount but will have a big impact for me to cover some short term stuff. Outstanding, really. Cont (10/17). Have now repaid 2 times. Had a slight hiccup on the first, as I paid on time but the app wasn’t reflecting it. Turned out to be something with the lenders account needed attention. Solo cs was pretty responsive, even on a Saturday. By late Monday morning, it was resolved, and my payment from 2 days prior reflected. No complaints at all! A+ for Angelica!
Show less
Changed the way I handle life!
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
TK - WV
Show less
Response from developer
Hey Holygra, 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
Useful but a few things can be improved.
I love that this community allows to both receive the help they need and participate in helping others. That is a phenomenal way to do business and a concept I have not seen anyone do. Everything is quick, simple, and painless. The only two things I feel like it needs work is if someone sets a request, that the tip to the person giving the loan remains fixed and doesn’t allow the lender to change it. If that is what they can give, that is what they can give because that’s their budget. Raising that tip, may put them out of their budget so if they can’t pay it back right away, that is not their fault. Plus, you also get hit with yet another fee which is quite high from Solo, too high. That on average, doubles the amount to give, which makes it hard; it creates a compound effect of needing help over and over again if you are struggling, specially during either covid or a harsh winter or an emergency. I don’t think the combined amount given to solo or the lender should surpass 8% in total, but that’s just my opinion. To make more than 4%-5% off someone who needs help, is high, specially since we know the lender will want to request the highest possible tip on top of that high solo fee thats already nearly 8% on it’s own.
Show less
Best peer to peer lending app available
You can either use this site to borrow money from a peer or you can use this app as a way to make pretty safe short term investments. I’m talking once you have a good track record of always paying your loans back on time you will get a high “loan score” which os their version of a credit score and the higher your loan score the more money your eligible to borrow. You must pay the loan back within 15 days. The fees are a little high because you have to pay the person a fee for the lending you the money and the app forces you to pay them a “tip” between 7%-9% for I just borrowed $360 and I think when it’s all said and done I pay back $420 but it’s so easy to use and you get the funds instantly. I’ve also used it to generate quick investments also on those times I want a quick safe investment opportunity
Show less
Absolutely the worse company ever.
I joined solo over a year and a half ago, first borrowing 100$ 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
Show less
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.
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.
Show less
Horrible app, expensive hidden charges, and terrible support
There isn’t much to say other than that. I created an account and everything was fine. I was even able to create a loan and put it on the marketplace. Lo and behold, I was suddenly blocked for no reason whatsoever. When I contacted support, they asked for all kinds of screenshots and I immediately indulged them (and then some). They never replied to me, after many hours, and my account is still blocked.
The “donation” fee is also ridiculous. It isn’t optional, so I have no idea why they charge like $8 for a $100 loan (and that doesn’t even include the money that you tip your lender). SoLo keeps 100% of the non-optional “donation” money. If you pay 10% interest to the lender on $100, you wind up paying back almost $120. I saw that people who borrow $400-$500 wind up paying like $40 as a “donation”, not counting what they offer to the lender as their tip. Cash advance places wind up being a better deal in the end, as bad/predatory as those businesses are. At least their services are reliable and they’re transparent about it.
The “donation” fee is also ridiculous. It isn’t optional, so I have no idea why they charge like $8 for a $100 loan (and that doesn’t even include the money that you tip your lender). SoLo keeps 100% of the non-optional “donation” money. If you pay 10% interest to the lender on $100, you wind up paying back almost $120. I saw that people who borrow $400-$500 wind up paying like $40 as a “donation”, not counting what they offer to the lender as their tip. Cash advance places wind up being a better deal in the end, as bad/predatory as those businesses are. At least their services are reliable and they’re transparent about it.
Show less
