General
Can I delete my information?
December 31 2024 12:28amYes, please open up the SoLo application, tap on the Settings tab at the bottom, and scroll down to "delete Account." This will delete your SoLo accou...Is SoLo PCI Compliant?
May 31 2022 6:25pmPCI is a security standard designed to help protect payment card data. For any product that is not related to credit and debit cards, we adhere to industry stan...How do I change bank information?
December 24 2024 2:28amOnce you add your banking credentials when signing up, you can’t change them. However, you can update your debit card. If you have any questions, please c...How Do I Add My Debit Card?
December 24 2024 2:32amYou have the option to add a new debit card to the app at any time, EXCEPT if your loan is in the Pending Funding or the Pending Payback status. To update your ...Can I be a Lender and Borrower?
May 10 2022 6:29pmYes! Members may lend when you have extra cash, and borrow when you need it. The only catch: you can’t do both at the same time....What is SoLo Score?
May 10 2022 6:29pmThe SoLo score is our system of measuring a borrowing member’s ability to repay. The score is based on the financial information from your external bank a...What happens if a borrower doesn’t repay on time?
November 28 2024 1:13amIf a loan goes unpaid on its scheduled payment date, the SoLo recovery team actively pursues repayment through a combination of automated and manual processes.I...What type of debit cards are accepted?
May 10 2022 5:55pmHere 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...What happens when a loan goes to collections?
May 31 2022 10:51pmSoLo attempts to recover funds on behalf of the lender for 90 days after the scheduled repayment date. After that, we transfer the account to a third-party coll...Are there additional fees?
January 30 2025 3:44amUnlike other platforms, SoLo does not have any mandatory fees or subscription fees for borrowing or lending. There is a 1.99% fee for instant withdrawals to you...Is SoLo a Lender?
May 10 2022 6:46pmNo, SoLo enables a marketplace where members make capital requests on their terms while other members can fund those requests. 100% of all funds lent via S...What’s SoLo’s Risk Measure?
December 24 2024 3:05amThe SoLo score is a cash flow risk assessment enabled by banking data. The score is determined by looking at consumers' cash flow. We integrate our platform...What’s SoLo’s verification process?
May 10 2022 6:49pmMembers have a 3 part verification process. First, all members meet AML/KYC obligations consistent with opening a bank account. This includes providing basic in...How Do I Contact SoLo?
December 30 2024 9:08pmWe’re always eager to hear from members. There are three ways to contact our support team:Send an email to help@solofunds.com. You should receive a respon...What’s the APR or Interest?
December 24 2024 2:39amOur voluntary flat fee structure currently does not fit the definition of an accrual-based calculation like APR or simple interest. Borrowing members choose how...What is the loan term?
May 10 2022 6:32pmThe loan duration is 35 days, but you can customize your scheduled repayment time period to be shorter. ...Do you protect my information?
May 31 2022 11:04pmWe do not sell your private information to any third party. Please visit our Privacy Policy for more information....Why is my account blocked?
December 26 2024 7:19pmAt SoLo Funds, we place great importance on the safety and security of our Borrowers and Lenders within our community. We understand that you may have concerns ...Can I change my login information?
November 27 2024 11:17pmTo ensure a seamless experience with SoLo, we recommend registering using a personal email address and phone number. Utilizing work or school email addresses ma...When will the app be available in California?
December 27 2024 8:08pmWe have great news to share! We are excited to announce that SoLo is coming back to California! As you may recall, we temporarily paused our operations in July ...When will the app be available in the District of Columbia?
December 27 2024 8:13pmWe’re excited to announce that SoLo has reached an agreement with the District of Columbia’s Office of the Attorney General. The resolution marks a ...What are the lender fees?
December 26 2024 7:04pmSoLo Fee: 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 35t...What are the borrowing costs?
December 26 2024 7:09pmFor more detail, see SoLo Pricing: Borrowing members choose how much and when they pay, including if they want to add an optional tip to the lending member...When will the app be available in Connecticut?
December 27 2024 8:16pmWe’re excited to announce that SoLo has reached an agreement with Connecticut. The resolution marks a clear pathway forward for SoLo to continue its offer...When will the app be available in Pennsylvania?
December 27 2024 8:19pmWe’re excited to announce that SoLo has reached an agreement with Pennsylvania. The resolution marks a clear pathway forward for SoLo to continue its offe...When will the app be available in Maryland?
December 27 2024 8:23pmWe’re excited to announce that SoLo has reached an agreement with Maryland. The resolution marks a clear pathway forward for SoLo to continue its offering...Why is my verification pending? Why am I not verified?
December 27 2024 8:49pmTo be a member, you have to meet all the requirements to create a bank amount which include being KYC verified and passing all AML, OFAC and security screening....Is the SoLo Wallet FDIC insured?
December 31 2024 12:22amYes, your balance within SoLo is FDIC insured—specifically, the funds within your SoLo wallet. As with standard bank accounts, money movement to other acc...Reward Disclosure
December 31 2024 1:16amAny reward refers to payments from SoLo in the form of SoLo Credits. The reward is not interest, is not an annual percentage yield, and is solely an obligation ...Can I view my conversation history with customer support?
January 3 2025 11:24pmYes! The Customer Support Portal is accessible exclusively through our website, allowing you to view all your interactions with our support team. To see your co...Can I replace my debit card?
February 7 2025 6:18pmYes! You can update your debit card for a new one. Please keep in mind that you can only update your card up to three times within a 30-day period. This guideli...