SoLo Funds

SoLo Funds: Peer-to-Peer Lending Platform

A platform that cuts out intermediaries, offering users a way to lend and borrow money directly with each other, providing affordable financial services.

What is SoLo Funds?

SoLo Funds is a peer-to-peer lending marketplace that allows people to lend money to and borrow directly from each other without the need for a bank or other financial institution as an intermediary. It was founded in 2018 with the goal of providing affordable financial services by cutting out the middleman.

On the SoLo platform, borrowers create short-term lending requests, specifying the amount they need and when they need it by. Lenders then bid on these requests, offering their money at competitive interest rates. Once a borrower accepts a lender's offer, the transaction is facilitated through the app. There are no credit checks or paperwork involved.

A few key things that make SoLo Funds unique:

• No middlemen - borrowers deal directly with lenders
• No credit checks required
• Short term loans, often needed the same or next day
• An AI system matches borrowers and lenders for each loan
• Loans tend to be small amounts e.g. $50

SoLo Funds aims to provide financial access to those ignored or underserved by the traditional banking system through more affordable, flexible and immediate lending options. It's especially popular with gig economy and freelance workers who may not have a long credit history. The app had facilitated over $10 million in loans as of early 2020.

SoLo Funds Features

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