General
How does SoLo Funds handle individuals tax reporting?
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.
Will SoLo Funds issue a 1099-MISC for my activity in a given tax 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 ...
What if I want to contact the lender to say “thanks for the loan”?
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.
What happens when a loan goes to collections?
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 ...
What happens after collections?
Our collections partner attempts to recover your funds for up to 4 years via phone calls and letters sent to the Borrower’s home. The loan is considered defaulted after 90 days, at which point the Borrower may be reported to the credit bureaus with a ...
What type of debit cards are accepted?
Below, is a list of requirements for debit cards on the platform: Must be a debit card issued to you by your bank. Credit cards and prepaid debit cards are not accepted. Even if your credit card can be used as a debit card. Debit cards must have both ...
Why was $0.01 withdrawn from my account?
To confirm that a debit card is valid and active for transactional use, a $0.01 withdrawal is made from your card known as a micro withdrawal. This may happen anytime you add a new card to your account. Once the account is verified the withdrawal ...
What happens if a borrower doesn’t repay on time?
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. ...
What is SoLo Score?
The SoLo Score is designed to learn and grow as you continue to use our platform. We provide you with an initial score once you are completely registered to use our platform. As you create loans, fund loans, pay back loans, etc. we use this ...
Can I be a Lender and Borrower?
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.
How Do I Add My Debit Card?
You have the option to add a new debit card on the app any time EXCEPT if your loan is in the Pending Funding or in the Pending Payback status. To update your debit card, please follow the steps below: Go to your Profile Select the Settings at ...
Add or Change Bank Information
You can only add your banking credentials upon sign up. Once your bank has been added it can not be changed. Please keep in mind that you always have the option to change your debit card on the app. At this time, we do not accept Chime or Simple. ...
As a lender, will I be contacted by your collections partner if the borrower gets sent to collections?
No, you will not be contacted by our collections partner as they are collecting the funds on behalf of SoLo. If they collect anything from the borrower, SoLo will transfer the funds immediately to your account.
What is the duration of a loan?
The maximum loan duration is 15 days, but you can customize that time period to be shorter if that better suits your needs.
Is my information really private?
We do not sell your private information to any third party. Please visit our Privacy Policy for more information.
Is SoLo PCI Compliant?
PCI is a security standard designed for credit and debit cards. For any product that is not related to credit and debit cards, we still adhere to the same standard of security. Our hosting provider is a Level 1 Service Provider under PCI DSS.
Can I delete my information?
SoLo retains past user data in order to prevent fraud attempts on the SoLo platform to increase the strength of the protection that we provide for our users. SoLo does NOT store or sell sensitive information such as your bank login or social security ...
Funding Time Frames
Funding timeframes can vary and are dependent on the method a borrower and lender use to send/receive funds through their SoLo account. Below are the estimated delivery timeframes based on the debit card funding method. Debit Card Funding Schedule ...