SoLo Funds will provide 1099-MISC Reporting to any Lenders who generate $600 or more in cash-basis profit on SoLo Funds' Marketplace, in a given calendar year.
We want to preface all comments in this email by clearly stating that SoLo Funds is not in the business of providing tax advice. We encourage you to consult with your own tax preparer or accountant for tax advice. SoLo does indeed track user history ...
Yes, you will receive an email informing you that a loan you funded is going to collections. If our internal collections team or our collections partner is successful in collecting the debt that is owed to you, SoLo will transfer the funds ...
At this time, we don’t share personal information about any of our users. You can help keep the SoLo community healthy by lending to a borrower in need or leaving a review about your positive experience in the iOS App Store.
During the first 90 days before we send an account to our collections partner, SoLo will make debit attempts and send communication to the borrower informing them of the money owed. If payment is not received within 90 days of the due date, the ...
The loan range on the platform is between $50 - $1,000. The more you use SoLo and successfully repay your loans early and on time, the higher your SoLo score will grow and your borrowing limit will increase over time!
Funding a loan request is up to the discretion of a lender. To make your loan more attractive to lenders you can try: offering a generous lender appreciation tip when you create your loan. This becomes the lender's profit and provides an incentive to ...
If a loan is not paid on the scheduled repayment date, our recovery team will begin its attempt to recover the loan. We deploy a manual and auto-check process that is currently performing 5x better (best in class) than standard recovery providers. ...
Borrowers are only permitted to request one loan at a time. Once a loan is fully repaid and the status is marked ‘completed’ a Borrower can proceed with requesting another loan.
Yes! Lend to help others when you have extra cash, but when life hits you with a financial surprise (which is inevitable) be a Borrower on the platform. The only stipulation is that you cannot lend and borrow simultaneously.