SoLo is a mobile-based lending exchange connecting lenders and borrowers for the the purpose of providing more affordable access to loans under $1,000. Lenders determine a borrower’s creditworthiness using SoLo’s proprietary social credit score. The SoLo Score assesses a borrower’s ability to repay a loan on a specific date which is contrary to the FICO scores analysis of someone’s ability to make multiple payments over a long duration of time. Loans on the platform range between %50-$1000. Lenders can make returns on lent dollar amounts. Borrowers can solve their emergency cash needs without taking predatory payday loans. SoLo is poised to solve the needs of the 78% of American workers that live paycheck to paycheck and the 47% of Americans that cannot solve a $400 emergency cash need without borrowing or selling a personal asset.
