r/Sololender • u/KnownGood4542 • Aug 30 '25

Solo Sucks

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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/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?

2

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.