Lending
Are Tips Taxable?
May 10 2022 6:26pmSoLo does not provide tax advice, however, we do provide lending members a year-end statement that can be used as a reference when working with your tax profess...Who can be a Lender?
May 10 2022 6:22pmEveryone who joins the SoLo community is eligible to lend and borrow. However, if a member is in the process of borrowing, they can’t fund a loan at the s...Will the Borrower be able to take out another loan on the SoLo app if they still owe?
December 27 2024 8:26pmNo, any member who’s not repaid a loan will be suspended from the SoLo app until payment. If the loan goes to our third-party collections agency, the memb...What is a Solo Score? How can I check the credibility of a borrower?
December 27 2024 8:28pmThe SoLo score is our system of identifying every member’s risk of repayment on our platform. The score is based on the financial information we collect v...Does SoLo guarantee repayment?
June 27 2022 5:28pmNo, SoLo does not guarantee repayment for loans funded on its marketplace. We have created a secure verification and scoring process to assist lending members w...What is the maximum lending limit?
May 10 2022 6:21pmThere’s a per-month limit on lending alongside a daily limit. These limits are imposed by our banking partner. These limits are based on the total value o...The Fundamentals of Successful Lending
December 27 2024 8:33pmSoLo is a new way for people to have an impact with an eye on financial and social returns. Every loan offers a borrower an equitable helping hand and a l...