Many thanks a great deal for the review! We appreciate your feedback and we also are happy to possess you as an element of the SoLo community!
Has Prospective But Requirements Work (Lender)
This app has great potential, but does little to protect lenders from losing money from an investors standpoint. I’ve lent over $16,000 to significantly more than 60 people and found that many individuals about this platform spend their loans right back later, with numerous maybe not trying to repay at all. I discovered that many for the loans I funded rolled over, providing the debtor a supplementary fourteen days to cover back once again their debts. I don’t think borrowers should always be provided a supplementary fourteen days to cover down their debts, specially along with loan terms being thirty days or less. 7 additional times to pay off will do for me. If some body does pay back on n’t time they must be over drafted like some car payments do. Or even overdraft, then they’re account ought to be charged daily through to the funds are paid back. The collections procedure doesn’t appear to be with the capacity of all. In the event the loan goes in collections, simply ponder over it gone. We don’t imagine anybody trying to repay a lower than $300 financial obligation in collections, particularly when borrowing from no effect is had by this app on the credit rating. The solamente scoring system is down. We noticed people that are many high scores which have never ever borrowed cash on this platform. Calling help can be a discomfort. It is possible to just communicate using them via e-mail and additionally they frequently just take a week or even more to react.
This app would be great if they provided lenders with more payback protection, adjusted the collections process, fixed the scoring system, and added live phone call support.
Developer Reaction ,
Many thanks for the review. We appreciate your feedback therefore we apologize for just about any inconvenience this might have triggered you.
We wish to simplify which our collections procedure is significantly more than a contact or two to borrowers. SoLo posseses a internal process to avoid records from likely to collections. Nevertheless, whenever we aren’t able to gather loan repayments, we pass those reports onto our collections agency for further action. Those reports may also be blocked from utilizing SoLo and reported into the credit agencies.
Whenever financing, there’s always risk involved. We should make sure our loan providers know about that therefore we have actually supplied some tips on recommendations: Checking the SoLo rating and transactions that are previous.
As a Lender, you have got access to see a Borrower’s deal history and whether or not they have actually compensated their loans that are previous time. It will help you evaluate just just how creditworthy a Borrower happens to be. Make sure to become acquainted with the regards to your loan before borrowing and lending. SoLo will not guarantee loans only at that right time, so make certain you are confident with the potential risks you take and read your Loan Agreement carefully.
Please email our help team for almost any further concerns you could have at [email protected]
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Developer Reaction ,
Many thanks a great deal for your review. We appreciate your feedback therefore we are content to own you within the community that is soLo.