Roommates, Y’all know when you’re gearing up to go on Y’all trips with the guys/girls and you hop on your phones and book that Airbnb, what if I told you that a brother made an app that makes borrowing a loan just as easy as booking a room?! Travis Holoway is contributing to ending the predatory loan process with his company, SoLo Funds. It’s basically an online peer-to-peer lending marketplace where anyone can lend or borrow money from other regular, degular, schmegular people across the country.
Travis got tired of watching good people get taken advantage of. He said he saw payday loan companies charging low-income people 400% interest rates and harmfully impacting their credit, so he quit his job and raised $1.5 million in venture capital to scale SoLo Funds! “Lenders can make returns on the dollars they lend, and borrowers can solve short-term cash needs more affordable,” he tells us. “My team and I are dedicated to providing a solution to eliminate the current predatory lending options that affect the 78% of the country that lives paycheck to paycheck.
The maximum loan amount you can request is $1,000, and instead of judging by your FICO credit score, you get to start clean with a SoLo score, which they call your “social” credit score.
The majority of Americans are just one financial surprise away from being forced to turn to predatory lenders due to factors such as wage stagnation, wage fluctuation, and lack of emergency savings.
The company is on a mission to prove that financial collaboration is an effective alternative solution for affordable small-dollar loans. When you sign up to be a lender, you have the opportunity to make extra money, as some people pay back a little extra for the help. If you sign up just to borrow, as long as you pay back your loans, your social score will continue to increase and you can eventually be approved for the maximum loan amount of $1,000.
TSR STAFF: Chantel Kelli! @_popchanny!