SoLo Wallet is a deposit account that enables you to transact on SoLo. Wallet is the default payment method for funding and repaying loans. You can access your SoLo Wallet within the Profile section of the app.

As part of signing up, SoLo members are issued a bank account to enable transactions on the platform. This is a requirement in order to transmit money to and receive money from other members.

The Cash balance in your account is insured up to the standard maximum deposit insurance amount of $250,000 per person through Bangor Savings Bank, a member of FDIC.* The Deposit Account Agreement for these services is available here.

Wallet Glossary

Available Balance: The amount of Wallet Cash available for immediate use

Current Balance: Reflects settled transactions and does not include pending transactions.

Wallet Cash: Cash in your wallet that can be used to fund or repay loans. Cash can be withdrawn. A funding or repayment with Wallet Cash cannot be mixed with an external debit card.

Credits: Credits in your wallet that can be used to fund or repay loans. Credits cannot be withdrawn. The entire Credit balance is always applied when funding or repaying a loan. Credits are applied first when paying with Wallet Cash or external debit cards until Credits are exhausted. Credits expire 180 days after the last loan is funded. 

External debit card: A member’s debit card from their external bank account (Chase, Wells Fargo, Bank of America, etc.). The external debit card is used when the Wallet balance isn’t enough to cover a loan funding or repayment.

Deposit: A member can deposit cash into their Wallet with their external debit card. The deposited amount will appear as Wallet Cash.

Withdraw: A member can withdraw their Wallet Cash balance from their Wallet to their external debit card. Credits are non-withdrawable.

Funding: Lending members use their wallet balances to fund loans. The external debit card is used if Wallet balances aren’t enough to fund a loan.

Payback: Borrowing members use their wallet balances to pay back loans. The external debit card is used if Wallet balances aren’t enough to pay back a loan.

*SoLo Funds is not a bank; the banking services are provided by Bangor Savings Bank, an FDIC member institution.