For most Americans it’s disproportionately expensive to borrow money. With predatory interest rates and unattainable criteria, getting a loan in America is a defeating — if not downright dangerous — process for many. 78% of American workers live paycheck to paycheck, often forced into taking loans from family, friends, or payday loans that average 400% APR. Recognizing the urgent need facing families across America, Endeavor entrepreneur Rodney Williams and his co-founder, Travis Holoway launched SoLo Funds as a new type of online peer-to-peer lending platform that provides affordable access to loans for those in need by connecting borrowers to lenders through a convenient mobile Marketplace.
With a new model for peer lending, lenders earn “appreciation tips” while borrowers set their own payback terms and enjoy same-hour receipt of their funds, interest-free. Operating in the $190 billion U.S. lending market, SoLo Funds has processed over $10M across 50,000+ loans for borrowers across the US. Most recently, SoLo secured partnerships with both VISA, which includes investment and licensing, and Kiva, which cross-promotes the platform to users in need of personal loans The company plans to extend its product and market footprint to capture more of the $3.5 trillion financing gap globally.