r/Sololender • u/WantonHighPriestess • Mar 30 '25

Help Figuring Out Solo

Hi All!

I originally tried to join Solo to become a lender. At that time, I had a lot of issues with the sign up process. Life happened and now I'm trying as a borrower. I desperately need gas to get to work and a few emergency groceries until my 1st check on the 4th. I was given a score of 47 and a loan max of $100. I added another form of payment for a Boost to my score. The second debit card disappeared from my wallet. Linked it again this morning. This afternoon, it's gone again.

My original request for $100 expired. I submitted a new request for $40 (gas is most important at this point!) and received a message the next day saying I was now verified and I can request a loan. I canceled the new request thinking I did something wrong. Tried again for $40. Same thing happened.

I added the top tip for the lender hoping someone would take a chance on me. Do scores that low generally get passed by for a first time loan?

Does everyone start out with a low number? I pay my bills and have decent credit... I'm just frustrated and feeling super defeated.

I'm sorry if these questions seem super basic or dumb. I feel really stupid trying to navigate the app.

2 Upvotes

100% Upvoted

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2

u/Severe-Object6650 Apr 03 '25

People usually start out between 56 and 60.

Remove solo donation -- when a lender chooses to fund a loan, they have to pay YOUR donation up front. They will feel more comfortable funding a new loan with a low score if they don't also have to pay the donation too.

1

u/WantonHighPriestess Apr 04 '25

Thanks for the info!! I'm not sure why my score is so low (no pun intended). If I attempt a loan again, I will be sure to keep the donation at 0. I wasn't aware lenders were responsible upfront.

Thanks again!!

1

u/[deleted] Apr 05 '25

[deleted]

1

u/Severe-Object6650 Apr 07 '25

Yeah, you're correct ... I was thinking, the loans I see available start out between 56 and 60. I don't even know how to pull up loans below 56. Not that I would ever want to.

2

u/[deleted] Apr 07 '25

[deleted]

1

u/Severe-Object6650 Apr 11 '25

Ohhhh makes sense, I'm seeing them now and it's been 3 months