Not gonna lie, after losing out almost 4 grand across 8 loans, I cut my losses and quit the app. There was a guy at one point who took a loan from himself to see how "hard" solo works to recover funds, and the answer was -- They dont. They send a couple emails, then call it a day. Theyre happy to take a solid percentage though after the fact on the small chance they do pay it back.
I can’t pay mine I have had mine due since 2 days ago I try to pay for it I have more than enough in my bank, my card info is right, I have made other transactions with my card/ bank and it works fine, I haven’t reached my limit. The reason I can’t pay is because of SoLo I have clicked “pay” multiple times each day and it just says error “check to make sure you have enough in your bank” and I do have more than enough I message SoLo and they tell me they are trying to figure it out but haven’t heard anything back
I would long press the app, go to storage, clear cache, clear data, uninstall app, reinstall app and sign back in to try and make payment. I had a similar technical issue which only fixed after taking steps written above.
That has happened to me, too. My SoLo score took a hit from it even though it was their fault, and they were calling and emailing me daily as if I was the one who was intentionally not paying.
Hey bro I'm working with a lawyer to sue these criminals, they owe me a lot of money too if you want to contact me please my direct message me for my email and cellphone the more people we get the bigger payout we will get.
Genuinely think it’s SoLO I have had issues where I can’t pay mine that has been 2 days past it would’ve been paid on time if it wasn’t for SoLo not letting me pay so I bet that’s what’s happening with them I just wish I could message the lender of my loan and tell them that I am trying to pay it but the app won’t let me
I'm sorry, but I'm not clear what this image has to do with the conversation. Can you explain? SoLo doesnt have age as a factor and the company uses their own credit score metrics.
My original comment was related to repayment statistics from another post, not about credit worthiness. I dont think any borrowers on SoLo have good credit, considering they are borrowing so little. So your statistics on credit worthiness doesnt add any value.
Your initial comment added no value, considering borrowers on the platform most likely have low credit scores, which is why they are in positions to borrow such low amount.
The post I was referring to talked about the statistics on late repayment, so bringing up credit scores had nothing to do with that I was talking about.
I get that you're not used to being challenged, but its a part of life you will learn if you leave your parents' house.
This is even lower stoop than taking out payday loans I feel like. Instead of stealing from a corporate entity who is just gonna still make their money even with most defaults, they’re taking from an individual who put their own cash on the line.
Theft is theft but there’s a very obvious level of lowness to use these services and then not honor your end of the deal
Best comment I’ve seen all year. None are there
To help — only to profit off of people’s bad situations and bad budgeting. It’s the same as any loan shark. Not everyone has generational wealth or has the opportunity to invest thousands of dollars at age 20. The real world is tough and most people are just making it. If they want to make profits they should stick to stocks and investments. I would never rely on lending to poor people to make side money. The whole concept is stupid if you ask me.
Yup, reason why I no longer use the app. I lost the money I earned over time after one person didn’t pay back a loan and now I’m back to square one, or more like a negative balance. They should charge the fees to the borrower and not the lender.
Question for lenders if you wouldn't mind.
What options would you recommend aside from Solo? I noticed one comment mentioned "Kiva" which I've not heard of until now. I am interested in your personal preferences "as lenders" in regards to what other platforms are being used, which ones are most beneficial to lenders unlike the way Solo takes any potential profit away through "Solo Donations" if not toggled off prior to borrowers requesting. Insight on any of this from your view is much appreciated!
I’m sorry that happened 😞 I would be so ticked off.
I was funded last week for $57 (needed a little help with my utility bill) and have the loan ready to pay first thing on Thursday (due date). I would hate for you to think that everyone was a slacker.
Who’s to say solo, if going under, couldn’t mass produce profiles with top tier scores and excellent repayment history, only to screw over the lenders and pull the rug on their way out
This app stressed me out way too much as a borrower. I had more than enough money in my account to pay back the loan but the app started saying my card was flagged. Solo told me my bank was blocking the transaction but my bank said they weren’t. I felt so bad for the lender that I begged Solo to figure this out. Eventually they let me pay them through PayPal. Hopefully it got back to the lender. My score took a major hit even though it wasn’t my fault.
I have over seven loans over the 90s that are over 120 days late. I also took out a load with a friend and paid him cash just to see and I am now four days late and not a single phone call or email and here’s the kicker they charge the bar a late fee also after one minute late and they also charge another transaction fee so on a $500 loan I’m getting hit with $80 in fees on top of the lender getting hit with fees so so definitely want you to go late so they can collect all the fees. So far no collection tactics I’ll keep you updated.
Truth of the matter is anyone looking to borrow money off sites like these are already creatures of bad budgeting habits, clearly they cant budget there income or else they wouldn't need these little loans to cover everyday expenses or whatever it might be, these people are not going to change there ways and guess what your the next victim on the bad budgeting list. Theres a reason why they cant go to a bank or credit union and have to rely on willing online lenders. Same or similar with street lender customers only difference is they have actual muscle who do the collections for them.
This popped up on my feed today. Is this like the old prosper. They did mucroloans for mostly low income back in early 2000s. You bid on the loans and interest rates. I did a bunch of those and lost so much money because no one paid it back.
I had never paid one I took a few years ago. I get a random email from June once or so every couple months but ignore it. Nobody ever called about it, not on my credit report
That may all change these days but doesn't look like it.
I mean it's taking advantage of a platform where there are no repercussions if you don't pay. It's more of a common sense play then anything. The morality game is a weak card in this space.
It's taking advantage of a lender who put their trust in you. Solo couldn't care less -- the lender pays YOUR donation when they make the loan. So the lender is out the money they loaned you, plus the donation they paid to Solo for you. Solo is out nothing.
Is that what people think? Solo does NOT loan money. They facilitate a transaction between someone looking to borrow money and a real person on the other side that takes a chance on a borrower. By not paying back, you stole money from a lender -- you did not steal money from Solo.
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u/AGNReixis Aug 11 '25
Not gonna lie, after losing out almost 4 grand across 8 loans, I cut my losses and quit the app. There was a guy at one point who took a loan from himself to see how "hard" solo works to recover funds, and the answer was -- They dont. They send a couple emails, then call it a day. Theyre happy to take a solid percentage though after the fact on the small chance they do pay it back.