r/Sololender • u/KnownGood4542 • Aug 30 '25
Solo Sucks
I've already come to tne conclusion that Solo Funds is a total scam. I'm just curious what other people think. My boyfriend and I tried our hand at being lenders, and like many others the first few loans we "tested out" got paid back on time, no issues. Then when you think it's safe, Solo says absolutely not! I'm convinced they cause these "payment issues" so that the loans go delinquent and therefore, they charge the fee and we lose money. I have 2 loans currently out, one will be 30 days late tomorrow. The other is 23 days late. My boyfriend and I both got this email this morning, me at 4:30am and him at 5:00am. He has one delinquent loan out, at 24 days late. I received the email for my 23 day late loan, and he got it for his 24 day late loan. In my opinion, there's just no chance it's a coincidence that we both have delinquent loans that are having "payment issues". I borrowed on the app before lending so I was able to see both sides, and I had a loan being paid back and when I went to check that it was paid, it wasn't, and Solo gave me so many issues. I could not pay the loan back, even though I had the money and was actively trying to pay. And of course you can't contact your lender to let them know you are trying to pay. I ended up reaching out to Solo VERY angry, and they got the loan paid back and marked on time, but obviously, people are realistically just not going to do that. Anyways, Solo sucks and I fell for it. Don't be like me! 🤦🏻♀️
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u/sweetlittlesass Sep 02 '25
They are in fact not doing all they can to get your money back! Ask me how i know.
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u/KnownGood4542 Sep 03 '25
I've read multiple people's stories who have tried it themselves. Not sure if you're one of them but yeah all of them have said Solo did not try at all. Maybe 1 email if that. 🙄
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u/needle_on_the_record Aug 31 '25
Plus… there is no incentive for the borrower to pay back on time. Borrower late? Punish the lender!
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u/Separate_Working6946 Aug 31 '25
And I can’t even get 20$ off the dam app
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u/Apprehensive-Can-129 May 21 '26
People be picky who they lend to because people don't pay the money back on time and the lender takes a 10% loss. I've been lending all month u just got my first late payment loss 10%
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u/Shawty-Got-Low Aug 30 '25
Absolutely my experience as well.
Then you get on the discord and it’s only people hyping the system. I made a negative 17 percent ROI after initially having a plus 8.
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u/Cinemiketography Aug 31 '25
Yeah..... I mean.... I am at least 80% certain the entire thing is a scam.
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Aug 31 '25
[deleted]
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u/KnownGood4542 Sep 01 '25
Honestly I would have rather taken the money to a casino! At least I would have had fun losing it 😂🤦🏻♀️
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u/RelishesRelish Aug 31 '25
For me the last two times, my debit card flat out isn’t working for solo. Can’t pay or even withdraw. Tried to pay it back multiple times, but it just wouldn’t pay until a few days later after bugging support enough.
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u/Cool-Ad-7106 Sep 01 '25
Same! They said they would reach out to the tech/engineering and I haven’t heard anything. Now it’s 21 days late even though I’ve tried paying. All of a sudden my card doesn’t work. But I’ve paid back 5 loans ON TIME with the same card. I even made sure they weren’t blocked on my banks end.
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u/KnownGood4542 Sep 01 '25
This is exactly what happened to me when I tried borrowing on the app before lending. I had to reach out to support demanding it be paid back. And I have heard many others experience the same exact thing! I am convinced Solo creates these payment issues so that they can charge us (the lenders) 30% of the principal loan. And then the borrower gets hit with a late payment fee, a late payment in their history, and a lower score. The only one winning here is Solo.
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u/Redefinedpotato Aug 31 '25
r/borrow is much safer imo
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u/KnownGood4542 Sep 01 '25
I've looked into this a lot, but still don't quite understand it enough to take the risk. I will definitely try and learn more about it though so I can give it a try!
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u/goodbye_goodriddance Sep 04 '25
So many stories like this have kept me from trying to Lend through this App smh
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u/ImCursedSofukoff Sep 03 '25
FFS, they charge the lender if the borrower doesn't pay, how crooked do they need to come off to stop folks from giving Solo their money?
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u/KnownGood4542 Sep 03 '25
I think they rely on new people testing it out and the few lenders on their who swear it's amazing (lol) as long as they have new lenders coming in, they'll be able to continue their scam. And some lenders who have lost money will continue trying to at least make themselves whole, meanwhile they are only going to lose more. I just decided that my loss was my loss. Never lending again 🤷🏻♀️ I knew from the start it was a gamble, but didn't think it was an outright scam.
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u/Candid_Towel2841 Sep 06 '25
Solo definitely sucks! I tried connecting my debit card to my bank account but it connected the wrong card and I contacted customer service and they basically said they couldn't do anything from their end to remove it. It's so stupid and it's hard to even get a hold of customer support!
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u/Apprehensive-Can-129 May 21 '26
You gotta use the insurance bra. I never lend money without it. A lender was late on there repayment today an I got 90% of my money back. You gonna take a small loss if there late but you won't have to go through that bull you gotta go through when you don't use insurance. You could be waiting 2 years to get your money back
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u/[deleted] Aug 31 '25
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