Our voluntary flat fee structure currently does not fit the definition of an accrual-based calculation like APR or simple interest. Borrowing members choose how much and when they pay, including if they want to add an optional tip to the lending member or donation to SoLo. Borrowing members have 100% optionality and control over their loan terms, and any amount paid in addition to the loan principal is voluntary. Electing not to tip or donate does not impact a member’s ability to request a loan, nor does the SoLo platform give a member preferential treatment for including a tip or donation.

Members’ voluntary tips are 100% distributed to the lending members. A member may also make a voluntary donation to SoLo to help defray verification and transaction costs associated with a loan. A portion of SoLo donations is distributed to a non-profit.

For more details, see SoLo Pricing.