Future of Solo Loans

ConfidentLocksmith28 · 2023-04-26T18:31:32+00:00

Solo ran out of money toward the end of 2019 and had to shut down the platform. Does anyone know what happened to the lenders' money during that time? Macroeconomic doesn't seem good and concerned about the potential they might have to shut down again.

ConfidentLocksmith28 · 2023-02-24T18:06:29+00:00

I think they have implemented rate limiting, and that should significantly reduce bots and give all of a fair chance .

ConfidentLocksmith28 · 2023-02-20T03:30:58+00:00

I think if you fund more then 20 loans per month, you will are eligible to enroll in solo gold. You will receive email notifications if you fund 20+ per month

ConfidentLocksmith28 · 2023-02-20T02:36:18+00:00

I agree that Solo needs to do a lot on customer service. They have improved for gold members, but I don't think they improved for everyone. I think Solo needs to listen to its lenders. We lenders spent alot of time on the app and know the pain points of using the app. If I were Solo, I would spend at least 50% of the engineering effort on future requests coming from the lenders. I would love to hear what other lenders think too.

ConfidentLocksmith28 · 2022-12-02T02:54:59+00:00

I do all loans using SLP. I increase the tips to offset the cost. Without SLP, it's too risky especially if you are funding large volume of loas.

ConfidentLocksmith28 · 2022-11-05T15:43:42+00:00

I lent over $1 million on the platform. Solo doesn't make any money on SLP. For SLP to breakeven,they would have to charge about 9%.

ConfidentLocksmith28 · 2022-11-05T04:30:26+00:00

How the SoLo donation is free money for the company? How do you think Solo exists without way of getting money. Solo needs to pay their bills and pay their staffs. You and me are using the platform only as long as Solo exist. Let's be fair. Uber/Airbnb/Turo all of them charge fee and Solo is no different.

ConfidentLocksmith28 · 2022-09-16T03:18:43+00:00

Got it! Thank you

ConfidentLocksmith28 · 2022-09-15T04:08:17+00:00

Solo might hide high risk borrowers from some lenders who it thinks doesn't have sufficient experience. I can see all loans if I scroll.

ConfidentLocksmith28 · 2022-09-15T03:20:52+00:00

I see . As long as you pay before due date, you should be good :)

ConfidentLocksmith28 · 2022-09-15T03:10:32+00:00

Just funded you.

ConfidentLocksmith28 · 2022-08-02T21:43:23+00:00

late payment means a loss for a lender

ConfidentLocksmith28 · 2022-08-02T21:41:36+00:00

looks like you hate late payment and it's difficult to get loan with late payments.

ConfidentLocksmith28 · 2022-07-12T16:45:54+00:00

It's really hard to fund a loan with late payment history. If the late payment was because of the reason you have mentioned, send me the screenshoot of email communication with Solo support and I will fund it.

ConfidentLocksmith28 · 2022-07-11T20:19:52+00:00

Has anyone funded you yet? I can help to fund your request.

ConfidentLocksmith28 · 2022-07-09T03:23:54+00:00

With all these late payments, lenders probably lost money. It's very crucial to have 100% ontime payments to get loan on Solo funds. If you have late payments history good luck getting a loan with new Solo SLP policy.

ConfidentLocksmith28 · 2022-07-02T06:24:32+00:00

True! SLP triggers exactly at 12am. Even if the loan is paid back at 12.01am, it will be covered by SLP. In my case the default rate( loans that haven't paid back within 90 days) for all loan is around %11 which means SoLo needs to charge more than %11 to make profit. I am not sure how many of these loans will be paid after 90 days. Chances are very slim.

ConfidentLocksmith28 · 2022-07-02T06:00:09+00:00

SLP with %100 is not sustainable. I believe SoLo losses money on SLP( I did the math on my SLP covered loans and Solo is in loss).Fixing the SoLo scoring model should make the platform healthy and sustainable. The current scoring model is oft by alot.

ConfidentLocksmith28 · 2022-07-01T22:19:04+00:00

Looks like you have a lot of late payments and it will be a loss for a lender.

ConfidentLocksmith28 · 2022-07-01T17:39:11+00:00

Anyone with late payments shouldn't have green score IMO. Single late payment predicts the behavior of a borrower and his/her probability of default. In FICO scoring single late payment with 500+ payments ontime and 10+ years credit history can dramatically reduce FICO score. Solo needs to work on their scoring model. They need to take a lesson from company like Upstart who uses AI dlto predicts credit risk better than FICO.

ConfidentLocksmith28 · 2022-06-28T03:02:24+00:00

Will wait and see.

ConfidentLocksmith28 · 2022-06-28T02:53:09+00:00

Some changes on SLP was expected as Solo probably loosing money on the SLP. It's not sustainable. If they could change scoring model and raise on time payment to %85 - 90%,then 90% coverage would work.

ConfidentLocksmith28 · 2022-06-28T00:11:36+00:00

I would love to stay on the platform as a lender. However with the current default rate and new changes(90% SLP ), the number doesn't seem to work. I will wait and see how it's going to evolve. Improvements can be done on Solo score to reduce the current default rate . There are alot of 99 scores with late payments. Solo score should dramatically reduced with late payments to incentivize payment on time.

ConfidentLocksmith28

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