Borrowing
Can I borrow if I’ve been in collections before?
Unfortunately, if you have been sent to collections due to failed repayment on any loan, regardless if the loan has been paid back or not, you are no longer eligible to use the SoLo app. Here at SoLo, we are looking to build a thriving and respectful ...
Unable to pay by my due date?
If you are unable to pay by your due date, please contact our support team for further assistance.
What if I miss my due date?
SoLo will attempt to collect loan payments on the due date indicated/selected by the Borrower. 35 days after the funding date, the Borrower will be assessed a Late Fee of 10% of the principal. The Borrower will also be assessed a Synapse Transaction ...
Can I borrow more than one loan at a time?
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.
How much can I borrow?
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!
Can I cancel my loan request?
To cancel your loan request, please go to your user profile, locate your active loan, click on the loan and select ‘Cancel Loan’ at the top right corner. Be sure to confirm your request for cancellation when prompted and the loan will be removed from ...
How can I change the information on my submitted loan request?
Once your loan is placed into the marketplace you will have to cancel the loan entirely and create another loan to reflect the new information. If you need assistance, please reach out to our support team for further assistance.
When will my loan request be fulfilled?
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 ...