Leave a Review SoLo Funds
Stay away
I dont usually write a review but i wanted to write on to warn potential lenders on this app. I lent a number of loans and most of them went into collection. SoLo said they try to collect the loan but they dont provide proof that they are really trying. Do they really send mails? Do they really call the overdue borrower? You would not know. Why? Because they wont provide any proof. Why am I doubting they are actually trying? Oh, because they already got their “SoLo Donation” up front. For people that have not tried lending, the borrower can provide SoLo donations when they request for the loan. This SoLo donations is paid for up front by the lender. So if the loan defaults, only the lender lose money. SoLo would be in the money because they already got their “donation”. The lender would lose the original loan principal, the agreed upon tip or interest of the loan AND THE UPRONT SOLO DONATION. My recommendation, stay away until SoLo offers more lender protection and assume some risk like nkt being eligible for the donation unless the loan gets paid. At this point in time, ABSOLUTELY STAY AWAY! TRUST ME, You will lose a lot of money.Show lessallan cuds
There are people who don’t pay you back
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.Show lessInja1148
Developer Response
Hey Inja1148, Thank you for your review. We are so sorry to hear that this was your experience while using the app. We do our best to provide information on how our users can be successful lenders on the app. We also explain that lending does come with risk and we provide tips to limit defaults. Please see more here: https://desk.zoho.com/portal/solofunds/kb/articles/top-guidelines-to-be-a-successful-lender Our support team is available Monday - Friday and we are happy to further look into this for you. If you have any further questions or concerns, please feel free to let us know. Best, -Team SoLoFormat
I really like the changes to the solo funds app. I have been funding loans for a while now and I definitely have a bit in deferment but the average returns are great. The GUI is nice, I love the lending tracker, overall really nice to use. One change I hope they revert is the email you get upon a paid back loan. Previously they showed how much you funded broken down into initial amount, plus solo donation, and then the tip amount. They still have a thorough breakdown of each component when funding but upon repayment they removed it. This is making it slightly more difficult to know the returns unless you refer back to the original email or go into history. Please revert that feature, it worked perfectly. Lastly, I opened a ticket because I was supposed to get paid back a certain amount, however even though the loan was not late and it was the only loan due that day, I showed all evidence and still haven’t gotten my money back. It’s not a lot but literally is the amount of return I got on that investment. Errors can happen, but when dealing with peoples money that is an extreme red flag. Still really like the app overallShow lessMohaveeeeeee
Lenders: Not Worth The Risk
I will say that everyone’s experience is not the same. As finance professional there’s just not enough information to access risk associated with lending through Solo. I’ve funded 27 loans(almost $2500) through solo and at first it was pretty decent. They kept updated the system and changing tip amounts and adding other miscellaneous fees. As of today I still have 5 loans in default status totaling about $560. They are all over 350 days past due and I’m don’t know what efforts Solo has done to recover my money. About 300 days ago I decided to stop lending through Solo as it’s just simply not worth it. They’ve updated it a lot, yet borrowers are still not held liable for defaulted loans. The borrowers will easily game the system by taking small loans and paying them right back to increase their scores. Overall, it’s not a terrible platform and it does help those that are in need with the intention to pay back the loans. Personally I’ve steered investors from this app so I caution anyone to weigh the risks before lending here.Show lessHonestReviewer1995
It’s all good until someone steals your debit card.
This app was such an awesome way to help out people who may be struggling. I built up a great solo score and paid back every loan on time. Unfortunately my debit card was compromised just a few days before my loan was due. I contacted solo to see if i could use my husbands card in the meantime to pay my loan since my new card would take a few days to be mailed. Apparently you can only use your own card with your name and it has to be issued by your bank. I contacted them to see if they couldn’t just withdrawal the loan from the bank account THAT IS LITERALLY LINKED TO MY ACCOUNT and they will not respond. Meanwhile I’ve received notifications about my loan being past due by this point and threatening collections. Excuse me but i have sent several messages/emails attempting to pay back the loan. So pretty much if something happens to your debit card hope and pray it does not happen right before your loan is due or you will be out of luck. I’ve never had so many problems trying to pay someone back money.Show lessschaebaebay
Love it great app ❤️❤️👍👍💯💯
This app is great I needed help for my sons bday and to get meds and stuff until my next payday and I submitted my request and in less than 5 minutes of putting in my request someone had already accepted to fund my loan. The money was in my account within minutes of accepting. They are hard working people helping out other’s in need. I think it’s great you can borrow money or you can be the one to lend money. You pay back on time your score goes up and you will be able to borrow more next time it goes up $50 every time you pay back and you can request another loan as soon as you pay back the money no need to wait a day or two or a week. It’s not like some apps that you need to have a good credit score or anything like that. Just want to say Thank you this is a great app.Show lessAyana83
Don’t use this app. Unreliable.
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.Show lessbrickbe
Lifesaver!
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!!!!Show lessDisneyqueen13
Developer Response
Hey Disneyqueen13, 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 SoLoThere wasn’t an option to leave zero stars
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.Show lessDat dood B
Developer Response
Hey Dat dood B, Thank you for your review. We appreciate your feedback and we sincerely apologize for any inconvenience this may have caused you. At your earliest convenience, please email our support team at help@solofunds.com so that we may further assist you. Best, -Team SoLoIt’s a long process...
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.Show lessRedd8195
