SoLo Funds

            Glossary



            Word
            Definition
            Active Loan
            a loan created by a borrower and has been funded by a lender
            Amount
            the requested funds from a borrower not including lender tip, SoLo donation, or rollover fee (if applicable)
            Authorize Loan
            approval by lender to fund a loan
            Balance
            the outstanding funds of a loan including requested funds, lender tip, SoLo donation, and rollover fee (if applicable)
            Banking Partner
            a third party partner that SoLo works with to handle all money transactions (ACH and Debit Card) - account to account?
            Borrower
            a user who is requesting funds for a need
            Borrowing Limit
            the maximum amount that a borrower can request for a loan based on good activity on every loan requested
            CANCELLED
            a loan that is terminated by the borrower. This loan is removed from the marketplace and cannot be funded by a lender
            COLLECTIONS PENDING
            a loan that is past due and waiting lender action to send to collections
            COLLECTIONSGIFTED
            a loan that has been changed to funds given to a borrower and does not require payback while a in collections
            COMPLETE
            a loan that has finished all steps of funding and paid back on time
            Current
            a section in your profile that list your active loans (funded or borrowed)
            Debit Card
            a plastic card issued by a bank for payments electronically to/from from your bank account
            Edit Profit
            a step that allows the lender to change the tip amount on a loan that they are wanting to fund
            ERROR RETURNING FUNDS
            an issue with a loan during payback. typically, this happens with insufficient funds from an account
            EverFi
            a third party partner that SoLo works with to provides financial literacy courses
            EXPIRED
            a loan that has exceeded the maximum time on the marketplace
            Financial Literacy
            learning about all things money. From opening a bank account to budgeting and retirement.
            FUNDED
            a loan that has been approved by the borrower and lender to provide requested money, including lender tip and SoLo donation
            FUNDING ERROR
            an issue with a loan while giving money to a borrower. Best way to resolve is by submitting a help ticket
            Gift/Gifted/Gifting
            when a lender decides to give money to a borrower without payback. The borrower is not required to payback when a loan is gifted.
            Global
            a section in the app that allows users to see other users activity of loan transactions
            History
            a section in your profile that tracks your detail of funding (Lender) and requesting (Borrower) of loans year to date
            Ledger
            a detailed summary (with dates and amounts) of a specific loan including requested amount, lender tip, SoLo donation, and fees (if applicable)
            Lender
            a user that is funding loans to borrowers in support of social impact
            Lender's Tip
            an optional token of appreciation paid by the borrower to the lender
            License
            a valid government issued document of identity
            Loan
            money that is temporarily given to someone for a need and paid back with agreed upon terms between both lender and borrower
            Loan Age
            the amount of time that a loan has been on the marketplace based on creation date
            Loan Status
            a description of where the loan is in the current process
            Marketplace
            the home page of SoLo, that shares all available loans created by borrowers that are waiting to be funded by lenders
            MicroBlink
            a third party partner that SoLo works with to provide license scanning during sign up
            Money amount
            how much money a borrower is requesting for a loan not including the optional lender tip and SoLo donation
            Payback
            repayment of a loan to a lender based on the date a borrower has chosen during creation of the loan
            PAYBACK ERROR
            an issue with repayment of a loan. typically happens with insufficient funds in a bank account
            PENDING FUNDING
            a loan that has been funded by a lender and waiting for funds to be delivered to borrower
            PENDING PAYBACK
            a loan that is waiting for funds to be transferred from borrower to lender as a repayment of loan
            Personal
            a list of notifications by activity in the app for user only
            profit
            the sum of money that is gained by the optional lender tip - lender use only. Shared in profile
            Request
            when a borrower is ready to ask for money to be lent for a need - they can click the Request$ at the top right hand side of the screen
            REQUESTED
            a status of a loan when a borrower has created a loan on the marketplace
            Rollover
            a 2 week extension to pay back a loan given to a borrower. In the rollover process, there is a late-fee assessed which is paid directly to the lender. Loans may only be rolled over once. If the loan is not settled by the end of the rollover process, the loan becomes eligible for collections.
            SoLo Donation
            an optional contribution given to SoLo from the borrower. SoLo makes no profit from loans. Each donation allows SoLo to continue helping those in need.
            SoLo Score
            SoLo's internal social credit score that shows a borrowers ability to repay a loan. The SoLo Score can change based on the borrowers activity within the app. The SoLo Score can increase by borrowers paying back loans on-time and completing their profile and can decrease by negative activity on the app, like not paying back loans
            Sort
            an option for Lenders to filter through loans on the marketplace by loan age, SoLo Score, Amount requested and Lender Tip Percentage. Sort is located on the top left hand side of the marketplace screen.
            SSN
            the abbreviation for Social Security Number
            SynapseFi
            a third party partner that SoLo works with to handle all money transactions (ACH and Debit Card) - account to account?
            TERMS EDITED
            the status of a loan that the tip has been edited by a lender
            tip
            an optional token of appreciation paid by the borrower to the lender
            Total Lent
            the sum amount that a lender has given in loans to borrowers since creation of account. This value can be found in the users profile.
            Total Borrowed
            the sum amount that a borrower has requested in funded loans since creation of account. This value can be found in the users profile.
            WAITING FOR BORROWER
            a status for a loan when a lender accepts to fund and needs to be accepted by a borrower.

            Updated: 26 Sep 2018 06:29 AM
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