Be Careful
To the naked eye this app is useful and would normally get a 5 star rating from me, but they have a problem. When the app has glitches that affect you they don’t own up to their mistakes. I had a loan and when it’s automatically went to payback my card declined because I keep my card frozen. So I unfroze my card and went to manually pay the loan back but unfortunately it wasn’t recognizing my card on file and instead charging a different I had removed from my file because it was no longer active. I chatted with support and they removed the old card on their end so it would only charge the card I had on file. Well it was too late by then because when I went to pay it I got an error message which told me that my I wouldn’t be able to pay it for 24 hrs. Needless to say my payback was late and dropped my score by 9 point putting me at 78 and lowering the amount I could borrow. When I provided all the evidence proving they had a glitch they would not help me or assist me. The app is useful but support is useless.
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Excellent resource for financial freedom
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.
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Very selective and biased.
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.
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.
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Wonderful!
When I downloaded SoLo, I wasn’t sure what I was in store for. The reviews were great and it seemed promising so I set up an account. After I created my profile and entered the information that was needed, I requested a small loan during a time when I didn’t know how I’d get to my next paycheck. SoLo worked like a charm!! My loan was accepted and funded within a few short minutes and I was able to finally take a deep breath knowing I was able to support myself until payday. It’s been smooth sailing and the lenders are quick and efficient. The only downside is that I can not personally thank the lenders who help me. So to each of you who are kind enough to help others in a time of need…THANK YOU! This world is going thru a lot at the moment and each person that is helped thru your kindness and generosity appreciates you and this platform.
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Really helpful
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!
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Response from developer
Hey dee12223344, 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
Great lending app
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.
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Response from developer
Hey Sweetheartjayxo, 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
Awesome App
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 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!
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Response from developer
Hey clairebelee, 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
Turn OFF SoLo donations in settings!!
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.
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Rather have put my money on black
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.
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SCAM!! DON’T DOWNLOAD
I downloaded this app alike the many others I downloaded in hopes of getting a small amount that said would be deposited in 1-2 business days . When reaching out for assistance through the apps chat support I did not receive any help due to it being a robot . I sat in the chat for 20
minutes waiting for a agent to join and never did . The chat disconnected on its own due to inactivity . When reaching out to chat support again still got no help . Finally they decided to email me back the next day in the afternoon just to tell me that they had a system error . Offering no help or support with my loan as I originally reached out for . This app is a scam . Literally collecting all of my information from SSN to my home address just to not be able to get the loan . This is frustrating and I suggest you delete the app altogether from the App Store . Signing up for this app will cause you to get random phone calls from “ first loan “ and that’s definitely not of the lenders on the app . And I keep receiving 20-30 emails daily about scam loans . All because I signed up for this app .
Horrible.
minutes waiting for a agent to join and never did . The chat disconnected on its own due to inactivity . When reaching out to chat support again still got no help . Finally they decided to email me back the next day in the afternoon just to tell me that they had a system error . Offering no help or support with my loan as I originally reached out for . This app is a scam . Literally collecting all of my information from SSN to my home address just to not be able to get the loan . This is frustrating and I suggest you delete the app altogether from the App Store . Signing up for this app will cause you to get random phone calls from “ first loan “ and that’s definitely not of the lenders on the app . And I keep receiving 20-30 emails daily about scam loans . All because I signed up for this app .
Horrible.
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