How long does it take SoLo to give you money?
Once you are a SoLo member, you can receive funding in as fast as 20 minutes. No credit required. SoLo does not use a credit check for its approval process, instead relying upon your banking history.
Lenders can choose which borrowing request fits their capabilities. From there, SoLo Funds move funds from the lender's account to the borrower's account. This process can take about 20 minutes after a lender agrees to fund a borrower's loan. From there, the borrower merely has to repay the loan as agreed.
During sign up, we send your information over to our partner SynapseFi, to complete your verification before you can transact on SoLo. Oftentimes, this process is completed before 48 hours.
SoLo Funds is a loan app that offers both borrowing and lending services. As a borrower, you can request anywhere from $20 to $575 and repay it back within 35 days or less. There are no finance fees or interest charged. Instead, you can make an optional donation to the platform and a tip to your lender.
Don't worry if the first offers are much higher, if your score is ok someone will eventually fund you at 5%. Sometimes it takes 10 offers sometimes 40 but there are a lot of lenders on here competing for your loan. You should be able to wait the whole period but I usually get funded same day.
How do I withdraw funds from my SoLo Wallet? Members can withdraw funds from their SoLo Wallet to their connected debit card or via ACH.
The Pay Guarantee program provides a daily income guarantee to users who use Solo's Smart Schedule to plan their app based work schedule. If you earn less than what Solo predicted on a daily basis, we will pay you the difference at the end of the week.
If our recovery team is unable to obtain repayment within 90 days of the scheduled payment date, we transfer it to a third-party collections agency. At this stage, the borrower is banned from the platform. The third-party collections agency will take up to 30% of whatever funds are collected from the borrower.
A SoLo Impact Account lets you earn on your money. Instead of choosing each and every loan to fund, you add money to the account, choose your options and keep a minimum balance. Every month, you see your impact and returns.
Unfortunately, SoLo is not supported by Chime or Simple Bank. To use SoLo, you will need to use an account and debit card linked to another banking institution. If you have any further questions, please reach out to our support team.
Why can't i get a loan on Solo?
All bank accounts linked to your profile must have a positive balance greater than $0.01. All accounts you've opened with that bank must still be open. Even if your debit card is linked to your checking account, if you've closed your savings account, for example, your request for a loan may be blocked.
We do not support the issuance of personal checks to access funds in this Account. We reserve the right to refuse to make payments initiated via a check printed by a third-party service provider and not via the Bill Pay via Checks services provided herein. No Overdrafts.
The score is based on the financial information from your external bank account we collect at sign-up and predicts your ability to repay loans on time. Please ensure that you connect your primary bank account to enable the best score. The score goes up as you repay loans on time—or down if you don't.
SoLo Fee (paid by the lending member): a SoLo Fee of 15% of the loan principal amount is assessed from the loan repayment if repaid between (i) the scheduled repayment date and (ii) the 35th day after the loan funding date.
SoLo is located at 555 W. 5th St. 35th Flr Los Angeles, CA 90013. SoLo is a financial technology company enabling a marketplace where members can request and fund microloans for personal, family, or household use.
As more Solopreneurs join the Solo platform, we are able to provide increasingly accurate pay predictions. As these predictions reach a certain level of reliability we then guarantee them for those scheduling their app based work with the Solo platform.
- To be repaid over an amortization schedule of 5 years or less.
- Regular payments no less frequently than quarterly.
- At a reasonable rate of interest… generally interpreted as prime rate + 1%
To withdraw from your Roth solo 401k account with no penalties, you must wait until you turn 59½ year of age AND your account must be at least 5 years old. Early withdrawals will be hit with a 10% fee plus income tax on the amount you take out.
What is the Solo Pay Guarantee Program? The Pay Guarantee program provides a daily income guarantee to users who use Solo's Smart Schedule to plan their app based on their app based work schedule. If you earn less than what Solo predicted on a daily basis, we will pay you the difference at the end of the week.
- Cash to Mobile. Withdraw cash from any HNB ATM without the ATM Card using a pin number. ...
- Mobile Reloads. Instantly recharge any mobile network without incurring additional charges.
- SOLO Coupons. Purchase discount coupons and redeem at Merchant.
Who owns solo app?
In 2020, co-founders Bryce Bennett and Keith Ng founded Solo. In 2021, the company received $5.3 million in seed fundraising dollars. “When working with Uber, we got to see some of the key challenges app workers face which is knowing how to optimize their time,” said Keith Ng.
A late fee of 10% of the principal will be added to your payment on the 35th day after origination. The entire late fee goes to the lending member.
| App | Maximum loan amount | Fees |
|---|---|---|
| Dave | Up to $500 | Membership fee: $1; express fee: $3-$15; external transfer fee: $5-$25 |
| MoneyLion | Up to $500 | Turbo fee: $0.49-$6.99 to RoarMoney account; $1.99-$8.99 to external debit card |
| Possible Finance | Up to $500 | Maximum advertised loan amount varies by state |
- Chime®
- Dave.
- Empower.
- Earnin.
- Brigit.
- PayActiv.
- MoneyLion.
- Albert.
Here are the requirements for debit cards:It must be a debit card issued to you by your bank. Credit cards and prepaid debit cards are not accepted; even if the...
