Where clients are loan providers: One fintech’s payday alternative. Through the company’s internet site, SoLo users can request to borrow cash from other people on the website.
Friday, April 30th, 2021A Los Angeles-based fintech has relied on the kindness of strangers to fuel a peer-to-peer mobile lending platform it hopes will steer consumers away from high-interest payday loans while making them more creditworthy in the future for the past year.
SoLo Funds focuses primarily on small-dollar loans by having a $1,000 limit, permitting customers to do something both as lender and debtor. It is an industry generally speaking seen as underserved considering that banks generally avoid small-dollar loans because of conformity issues. Travis Holoway, SoLo??™s co-founder and CEO, began the business year that is last he saw the fairly high charges and rates of interest charged by numerous payday loan providers. (more…)