Customer service
Karla was great !
Great Customer Service
Had a problem with linking my card. Troy was amazing. Problem was fixed quickly. Thanks!
N/A
Great app for when you need a little extra cash.
Very high default rate
I have funded around 61 loans on SoLo, and I am extremely concerned about the high number of overdue loans in my portfolio. Currently, 25 loans are overdue, including 14 that I purchased SoLo Lender Protection (SLP) for. This has made me very concerned about the potential for significant losses.
What is even more frustrating is the lack of transparency. As a lender, I don’t have clear visibility into the payment-processing timeline. When a loan reaches its due date, I don’t know whether the borrower actually made the payment on time but it has not yet been processed, or whether the borrower simply did not pay.
I also have concerns about the lack of transparency regarding recovery efforts. SoLo charges lenders a 12% fee when a loan becomes overdue, while borrowers appear to have a 30-day grace period before additional recovery fees apply. As a lender, I would expect much more transparency about what is actually being done to recover my money during that period.
Customer service has also been very disappointing. When I ask specific questions about my loans, the responses often feel like AI-generated answers rather than addressing my specific situation. I have repeatedly asked for details about individual overdue loans and the recovery process, but I have not received the level of information I believe lenders deserve.
I understand that peer-to-peer lending involves risk, and I accept that borrowers can default. My concern is the combination of a high delinquency rate, limited transparency about payment processing and recovery efforts, and inadequate customer support.
SoLo needs to provide lenders with much more detailed and transparent information about where their money is, whether payments have actually been made, and what specific actions are being taken to recover overdue loans.
What is even more frustrating is the lack of transparency. As a lender, I don’t have clear visibility into the payment-processing timeline. When a loan reaches its due date, I don’t know whether the borrower actually made the payment on time but it has not yet been processed, or whether the borrower simply did not pay.
I also have concerns about the lack of transparency regarding recovery efforts. SoLo charges lenders a 12% fee when a loan becomes overdue, while borrowers appear to have a 30-day grace period before additional recovery fees apply. As a lender, I would expect much more transparency about what is actually being done to recover my money during that period.
Customer service has also been very disappointing. When I ask specific questions about my loans, the responses often feel like AI-generated answers rather than addressing my specific situation. I have repeatedly asked for details about individual overdue loans and the recovery process, but I have not received the level of information I believe lenders deserve.
I understand that peer-to-peer lending involves risk, and I accept that borrowers can default. My concern is the combination of a high delinquency rate, limited transparency about payment processing and recovery efforts, and inadequate customer support.
SoLo needs to provide lenders with much more detailed and transparent information about where their money is, whether payments have actually been made, and what specific actions are being taken to recover overdue loans.
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Great Community Loan App That Progresses Quickly With Larger Loans
My Favorite Loan App - No one else comes close. I love that you choose the amount of interest paid to the lender. I Love that the transaction is between two people that were vetted by Solo and
Were only allowed to participate in the lend / borrow Solo System once determined to be qualified by the aforementioned process.. .
Ready for the Best Part ...........It takes longer to read My Review than it does to be Approved through The Solo "Super-fast" Vetting Process (about 20 minutes). 😉👍
Were only allowed to participate in the lend / borrow Solo System once determined to be qualified by the aforementioned process.. .
Ready for the Best Part ...........It takes longer to read My Review than it does to be Approved through The Solo "Super-fast" Vetting Process (about 20 minutes). 😉👍
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