Lending
As a lender, will I be contacted if a borrower is sent to collections?
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 ...
Will the Borrower be able to take out another loan on the SoLo app if they still owe?
No. All Borrowers will be suspended from using the SoLo app until their loan is repaid. If the loan is sent to our collections partner, the Borrower will not be able to return to the SoLo app. Here at SoLo, we are looking to build a thriving and ...
Who can be a Lender?
Anyone who does not have an outstanding loan on the SoLo platform may be a Lender. Sign up now to get started!
Are Tips Taxable?
SoLo does not provide tax advice, however, we do track all user’s history and will provide each user with a 1099-MISC at the end of each calendar year if they meet the current year reporting threshold.