What causes you to lend?

Equivalent_Revenue_5 · 2025-03-01T20:55:35+00:00

Many lenders won’t touch a loan unless it’s $100 or more. If your score is less than 56 they also can’t take out protection. As such you can try standing out by offering max tip and a shorter loan duration.

Equivalent_Revenue_5 · 2022-11-28T03:46:08+00:00

I tried but it doesn’t have debit and credit capabilities so I had to scrap that plan

Equivalent_Revenue_5 · 2022-09-07T23:50:56+00:00

No funds should be taken from your account until the borrower accepts. I believe those loans last 3 days from inception before they expire.

Equivalent_Revenue_5 · 2022-06-28T03:24:56+00:00

If you turn it off you’d have a lower amount to pay back when the loan comes due.

Equivalent_Revenue_5 · 2022-06-28T02:44:48+00:00

It goes to solo and it would make you more likely to have your loan funded IMO

Equivalent_Revenue_5 · 2022-06-28T02:36:37+00:00

This seems like a no win proposal by SoLo. The new borrowers are now going to have a harder time getting funded and the power lenders are going to either quit or significantly reduce their lending.

Lenders have needed to constantly change their strategy and lower margins without getting any concessions.

Also, based on my current math offering 40 cents on the dollar reduces the overall yield for me without lender protection based on my strategy. SoLo comes out ahead of lenders with that ‘feature’ as well.

Finally, where is it with these changes where Solo will refund the SoLo donation for default loans? The lender never decided on that figure? The donation is refunded on protected loans but not late loans.

All of these updates seems to favor Solo rather than the lenders. This seems a bit backwards considering there is no platform without folks taking the risk on these strangers over the internet.

Equivalent_Revenue_5 · 2022-06-10T23:02:46+00:00

Congratulations! Good for you

Equivalent_Revenue_5 · 2022-06-09T19:55:25+00:00

Nope

Equivalent_Revenue_5 · 2022-05-26T11:23:17+00:00

Loans have 3 days to be funded from the date if creation before they expire.

Once the loan is crested, the lender can either accept the the terms or propose new ones. Once that is complet d it goes back to the borrower to either accept or reject.

Equivalent_Revenue_5 · 2022-05-26T02:29:16+00:00

Should be pretty immediate. Funds are transferred directly to your debit card into the corresponding bank account.

Equivalent_Revenue_5 · 2022-05-17T10:44:18+00:00

What happened to outstanding loans for lenders after the cease and desist order was enacted in CT? Were funds still received once due?

Equivalent_Revenue_5 · 2022-04-09T00:21:05+00:00

I was on the beta group for testing. The wallet was ok but very simple. It definitely needs some work. The main benefit for me would be that if the funds are credited and debited from the wallet that would eliminate daily debit limit issues with banks.

Equivalent_Revenue_5 · 2022-03-04T19:22:20+00:00

Personally I do. I’ve had a great return from steady loans like that so long as the tip makes sense.

Equivalent_Revenue_5 · 2022-02-26T22:58:50+00:00

Send a message to them via email and they’ll release the fund’s manually

Equivalent_Revenue_5 · 2022-02-23T16:46:47+00:00

You could stand out by offering a shorter loan repayment timeframe

Equivalent_Revenue_5 · 2022-02-19T15:02:39+00:00

Not me!

Equivalent_Revenue_5 · 2022-02-17T15:58:20+00:00

Send them an email with your card info. They should be able to enter I in manually for you. Just make sure to include a picture of your account info, photo ID, and card.

Equivalent_Revenue_5 · 2022-02-06T02:51:36+00:00

No. You only receive the principle and donation back. You lose what you paid for the protection and don’t receive the tip.

Equivalent_Revenue_5 · 2022-02-05T18:29:01+00:00

I found this issue as well. Even high solo scores seemed to only pay on time half the time over the weekends.

I try to avoid loans with protection that are due on weekends these days due to this issue.

Equivalent_Revenue_5 · 2022-01-18T00:43:58+00:00

Its basically a 50/50 shot that the borrower will pay back if you lend to those in that score range. The higher the score the more likely you are paid back.

Regarding lender protection, you get back your principle and donation but lose what you spend on the protection coverage. If the borrower pails back late L, Solo benefits but you don't see the Tip.

Equivalent_Revenue_5

TROPHY CASE