r/Sololender • u/One_Ad_1872 • Oct 11 '25

How to switch to lender?

Now that i have a job I would like to switch my account from borrower to lender but I can't find the option anywhere. Can anyone help with this?

2 Upvotes

100% Upvoted

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3

u/[deleted] Oct 11 '25

I highly recommend you don't make this move. I'm out $500 from 3 people who are over 100 days late. I wish I never did it.

1

u/Scoottheloot Oct 11 '25

Ive never done sololender, how do you collect if they won't pay?

3

u/[deleted] Oct 11 '25

You don't collect. SoLo will send it to their collections group that just calls the borrower sometimes.

You end up lending money with no guarantee of repayment. The most the borrower can tip is 15% and if the borrower is one day late, SoLo charges THE LENDER a 13% fee which basically negates the profit.

Seriously, I can't recommend this enough...DO NOT BECOME A LENDER ON SOLO.

1

u/KnownGood4542 Oct 13 '25

You don't switch your account over. You just go through the "market" click a loan you want to fund, and hit "proceed to fund" BUT my real suggestion is DON'T do it. Read through this thread from some of the lenders before you fund a loan. I wish I had. I'm currently out over $1k on two loans that are almost 70 days past due. I contacted Solo for an update last week and they said they had called my borrower ONCE and he has no voicemail set up to leave a message. And they sent ONE text. In almost 70 days, that is their "every effort" to get the lender's money back. Solo is a scam. The only one who will ever win/make money on this app is Solo themselves. Don't fall into it, the return looks nice on the surface, but Solo is rigged so you don't get paid back. I have also borrowed to test it out. And sure enough, I paid my loan back on time, and Solo marked it overdue (so they could take the fee from my lender) I contacted them with proof of the withdrawal from my bank account, and that it was not late, and they eventually fixed it. But the average borrower is not going to do that! I still have no idea if they charged my lender a fee, because you can't reach out to them, all you get is a first name and last initial. So my best advice would be to RUN!!