How to apply for a loan?
Applying for a loan means creating a loan request. This request usually includes the following:
User profile picture
First name, last name as an initial
Loan reason
Loan amount
Loan repayment period
Lender tip
SoLo Score (internal credit score based on past repayment history and soft credit pull).
Lenders browsing the platform will assess the information presented in your request and choose whether to fund your loan. Since there are many lenders present at all times, your application will most likely be accepted in 20 minutes.
Requirements
One of the biggest talking points for this company was that there are much fewer requirements than banks. While it is true, "fewer requirements" doesn't mean "no requirements." Here are the key requirements:
Valid SSN
USA address
18+ years old
Credit card
Government-issued ID.
Please remember while there are no credit score requirements, the SoLo borrowing company still conducts a soft credit check. It will not affect your credit history, but your history will have a significant impact on your SoLo Score.
Application details
You'll be asked to provide personal information, including first and last name, birth date, SSN, and Google/Facebook/Apple account details. Among the documents that you'll be required to provide is your government-issued ID. You will be asked to scan its front and back sides; additional documents might be required.
Once you finish your registration and verify your identity, you will be able to apply for loans from a large pool of lenders. It might take up to 48 hours to verify the date, but your loan requests are usually answered in less than 20 minutes. If a loan request is not funded within three days, it will be automatically closed.
Loan requests get rejected, or ignored, only because the terms suggested are not favorable for the lenders. New users only get rejected if the information they provide is incomplete or purposefully falsified.
