Borrowers can request loans with specified reasons, set their payback dates, and add desired tips for lenders.
Consumers can access SoLo Funds through the companys iOS and Android mobile applications.
Based in Los Angeles, the company has a team of 32 employees and is growing.
SoLo Funds
Since SoLo Funds operates in real-time, transactions happen immediately once lenders agree to provide capital.
But what about safety precautions for lenders?
One of the most significant pain points in working in the fintech industry is addressing fraud.
SoLo Funds founders, Travis Holoway and Rodney Williams.SoLo Funds
SoLo Funds collects all the same information a traditional bank would to open a new account.
“We realized we had the opportunity to deploy capital to people who needed it most.”
“Its no secret that minority founders get significantly less funding than our counterparts,” he said.
“The moral of the story is that you cant give up.”
“We want as many people to be aware of the work that were doing as possible.”
