Leave a Review SoLo Funds
Horrible
Don’t use this app at all. I lent out 4 loans to people with high scores and only have gotten one payment back. This company has no way of guaranteeing the lender, and there is no interest on the loans just “tips”. So the borrower isn’t actually required to pay back the so called 10 percent tip if they don’t want to. So basically the lender loans out money with a tip thinking there gonna make a little profit, but may just get back what they loaned out of the borrower pays. There communication is horrible because they only work through email and reply back to you in like two weeks, and sometimes not at all. They have this retarded donation crap that the borrower can choose to donate to the company. So basically the lender loans money to both the borrower and the company. The company makes out beautiful but the lender takes all the risk. And they try to promote it like we’re helping out each other. That’s a bunch of crap. They only give you the option to send an unpaid loan to collections, but seriously how many people actually pay back a couple hundred dollars in collections. If you’re new to lending money go to another peer to peer platform that gives more professionalism and protection to the lender if the borrower doesn’t pay back.. take my advice and don’t waste your money and lose it to this horrible company that needs to be closed. After all it’s always about making money.Show lesstry another lending site
Good once you get going
Once you get pass the headache of signing up everything else works pretty good. These opinions are coming from the view of someone who only invests money and not take loans.
The good: I have funded about $1100 since October 1st and have already earned money back. The app has never crashed on me and it is simple to use. Loans can be very short (max 30 days) so you can get your money back + tips fast! Possibility to earn 10% on every loan. When you get paid back, it is deposited to your bank account asap. Loans amounts aren't large
The bad: I had headaches trying to get my SSN input to work. It continuously told me it was not accepted. I emailed them for help because i exceeded my ssn submitting attempts. They weren't much help. 2 days of trying and it worked magically. Their help team isnt very good either. To start, they reply to your question from an email that you can not reply to. So if you have a follow up question, you have to start an entirely new email. I seem to have email them too many times because they have completely stopped responding to any emails i have sent.
Suggestions: being able to sort by # of previous transactions. Using an email that users can respond to for follow up questions.
The good outweigh the bad in my opinion. Just have to get through the headaches first. Then its all sunshine and rainbows. These opinions are just from my experience. Not everyone will have the same problems i have had.Show lessJavierb13
