SoloFunds Inc. and people on the technology-oriented financial platform is one positive outcome of this coronavirus. People have stepped up to lend to each other in times of need. SoLo Funds Inc. started with a simple mission, help those who need microloans in the United States and provide them with lower interest rate loans.
The mission of SoLo Funds Inc. is to step up and help those who find themselves living paycheck to paycheck and assist them through trying times. It is a platform that makes a lot of sense during the coronavirus pandemic that is affecting people across the world.
Extending Peer to Peer Loans to All
One of the growth areas in the world will be expanding finance to those that are underbanked or bankless at the current moment. While we are accustomed to hearing about Kiva or other programs that help those in emerging markets, many in the United States must strive to make ends meet. This growing market would benefit from bridge liquidity events with minimal interest costs.
Such a platform is clutch in times like these; more people are finding themselves in the unemployment category. Many may not have the right savings accounts to weather through any potential storm due to the cost of living and debt.
More than 12 million Americans have filed for unemployment, and the economic storm seems to be just starting. More unemployment claims are expected shortly.
That’s where SoLo Inc. steps in with microloans.
SoLo Inc. and Microloans
The peer-to-peer lending platform will facilitate loans that range from $50 to $500 and above, where the borrower states when they can pay loans back.
The best part here is that the platform will not have an interest in these loans. That means borrowers are able to comfortably pay back the loan as they can while tipping the lender 10% or less. The borrower states why they need it and when they can payback.
SoLo Funds Inc, is likely to unlock value here and provide breathing space by facilitating these transactions.
Microloans can help a broad range of folks that may need stop-gap financing from making it from one month to the next month. It also helps those that seek to get back on their feet as they bounce back from unemployment during the coronavirus pandemic.
Then there are those who might not have a proper credit score that might not be able to make payments and apply for further credit. They can turn to platforms like SoLo Funding, Inc to obtain the financing they need.
Those who need financing may receive it as quickly as a couple of hours after posting. The community can be self-sustaining as those that return the funds and find themselves in a better position can gain value and give loans as well.
By letting people focus on the principal instead of the accruing interest like other loans, SoLo creates a different way to facilitate loans. There’s an incentive for the lender, but it is more altruistic. SoLo Inc shows the growth and value of alternative data when facilitating loans helping more people to make things happen in their lives.