Complaints

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

• Initial Complaint

  Date:02/13/2024

  Type:Sales and Advertising Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I received a loan. I had fraud on my bank debit card and before my loan repayment was due I contacted SOLOFUNDS via chat. I chatted with customer service to inform them of the fraud and that the bank shut off my debit card and issued me a temp debit card until my new replacement debit card came in the mail. I tried to enter the temp card info into the app but b/c the expire date on the temp card was too soon, the app wouldnt accept. I was told there was nothing they could do until my new card came in the mail. Once the new card came I tried to enter details and then my account was blocked. Had to email numerous times to have it unblocked. Once unblocked I enter the new card details, but SOLOFUNDS wouldnt accept it saying the bank verification failed. This happened numerous times and each time I contacted Solo. After a bunch unsuccessful attempts with the same response- I received a PayPal invoice from the company which was higher than what I actually owed- so I was very unhappy!! Then I received a text and phone call from Solo and was asked to contact me bank to find out about why they couldnt verify my new debit card. I reached out to bank and they said it was Solo not them. After I found this out- I ended up paying the PayPal invoice. I have tried ti contact customer service numerous times since paying b/c the only payment confirmation I received was from PayPal. My account is still showing loan unpaid and no one is contacting me back from SOLOFUNDS! I am now concerned that the invoice from *************************** from Solocolletions is nowhere to be found! I want my account updated as paid and for the emails that my loan is overdue and not paid to be corrected. I want to know that the $600 I repaid has been received and that I am settled up with this company! This is starting to be extremely shady!!! If no one can confirm receipt of my payment then this is an even bigger problem

  Business Response

  Date: 02/21/2024

  Dear *******, 
  
  Thank you for your feedback.  Im sorry to hear about your debit card.  In order to ensure cards being added to our system actually belong to you, it must go through our verification process.  Its unclear why your card didnt go through but we do occasionally use Paypal as an alternative option to submit payment.  Since this is outside our usual process there could be a lag on when the loan status is updated.  Our apologies for that.  Please be assured that your account was updated and you have been released from the loan obligation.  
  
  Should you need anything further, please let us know. 
  
  Regards, 
  SoLo Team
  
  

  Customer Answer

  Date: 02/29/2024

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  ***************************

• Initial Complaint

  Date:02/13/2024

  Type:Billing Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I took out a loan of $350 with a lender fee of $35 on January 20, 2024. Since then, I've had to close my debit card with **** of America because there was fraud on my account. I have a new debit card now. The week prior to my payment being due, I have tried to add the new debit card to no avail. I have spoken to countless reps via chat and email and have sent every screenshot, picture, and statement requested and my account is still blocked. In each of my communications, I have stressed the urgency of the situation and stated that I needed to make my payment. Today the payment was due and I communicated with a rep who requested all of the same items that I had previously sent in. I resent them because again I was told my account would be unblocked so I could add the new debit card. ******* never contacted me back and my account remained blocked. I am very angry because now my payment is late and it's not my fault. I'm angry that someone lent me the money in good faith and now is not being repaid. I am angry about having to pay late fees for something that is not my fault. I just want to pay off the loan.

  Business Response

  Date: 02/21/2024

  Hi ********, 
  
  Thank you for your response.  We are sorry to hear that you were experiencing issues updating your card. We understand this can be frustrating when you want to ensure your payment is made on time, we apologize for that.  I dont see that any late fees were paid on this loan.  If you were charged any additional fees, please let us know and were happy to issue a refund.  
  
  Should you have any further questions or concerns, please let us know. 
  
  Regards, 
  SoLo Team
  
  

  Customer Answer

  Date: 02/29/2024

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  *********************************

• Initial Complaint

  Date:02/12/2024

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  this company scammed me, i took out a loan for 300 dollars, after going back to pay it off it rejected my new card info to make payment and they added extra unnecessary fees, it was hard reaching out to them but they finally responded and refused to dismiss fees, this company is very good at scamming people to collect extra money

  Business Response

  Date: 02/21/2024

  Dear *******, 
  
  Thank you for your feedback.  We apologize for the trouble you experienced while updating your card.  A member of our team will be in contact with you directly to get this resolved. 
  
  Should you need any further, please contact us at ***********************************.

  Regards, 

  SoLo Team

  
  

  Customer Answer

  Date: 03/01/2024

   
  Complaint: 21217557
  
  I am rejecting this response because they are still blocking me from paying a loan without paying additional fees that I do not owe
  
  Sincerely,
  
  ***************************

  Business Response

  Date: 07/17/2024

  Dear ********, 

  Per our records this issue has been resolved and payment has been received. 

  Thank you, 

  SoLo Team 

• Initial Complaint

  Date:02/05/2024

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I am a lender and in the program if your borrow is late, solofunds then benefits much greater than the lender. Solofunds gets a fee initially which is fine, then gets another huge fee as soon as the borrower is even one day late in their new policies which is awful business conduct. Without your lenders there wouldn't be a business. It's pathetic that they take so much of a fee again as soon as the customer is one day late. It puts the lender (me and many others) in the negatives for the transaction even one day late by the borrower. The rules need changed immediately back to more fair options towards the lender specifically.

  Business Response

  Date: 02/08/2024

  Dear *****, 
  
  Thank you for your feedback.  A member of our team will be in contact with you regarding your concern. Should you need anything further, please let us know. 
  
  Regards, 
  SoLo Team
  
  

• Initial Complaint

  Date:01/27/2024

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I applied for the loan like I did every single month. And I got approved for the loan from A lender. Which means I got funded by A lender. Anyway that having problems with the system and the money hasn't been deposited into my solo wallet. They're taking too long to fix the issue.

  Business Response

  Date: 01/31/2024

  Hello ***********, 
  
  Thank you for your feedback.  We are sorry to hear that you are having issues receiving your loan.  However, upon checking your account it appears that you have successfully received your loan to your debit card.  If you have any other issues or questions, please contact us at *******************************.

  Regards, 

  SoLo Team 

  
  

• Initial Complaint

  Date:01/25/2024

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  So I basically opened solo after months of not opening it forgetting the reason I never used it is because as soon as I signed up it said my account was disabled for some reason. Well today I was basically just trying to get my my card off of the app and delete my info basically. The app doesn't give you the option to remove your card just replace it so it it must be a bug. Somehow even with a disabled account because i didn't think it would go through specially without any security measures that other apps have for transactions. i tried putting $2 to see if the app would ask to confirm or edit card payments it doesn't work with that balance so I add two zeros to the $2 making it $200 and as soon as I press continue it doesn't ask to confirm or anything doesn't let you cancel or dispute deposit it just took it from me now I cant withdraw because my withdrawal box is grey but its funny how they let me deposit right? now the money that I had to eat for the week I don't have because my account is negative over that i need my funds ASAP. as I see there is no number I know this could take a while and I need my funds as quickly as possible specially being that its money that was deposited into the account will never be used never has been touched it should be able to be refunded right away. Really imagine treating $200 lightly that cut into my money for the week I have nothing.

  Business Response

  Date: 01/31/2024

  Hello ******, 
  
  Thank you for your feedback.  I see that you have been in contact with our support team and they have immediately refunded the deposit back to your debit card.  Should you need any further assistance, please feel free to reach us at *******************************.

  Regards, 

  SoLo Team 

• Initial Complaint

  Date:01/24/2024

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I requested a $400 loan from the Solo Funds App on December 14, 2023. I also requested that the loan money be deposited into my account via ACH. The App said I would receive the funds via ACH in 1-2 business days . Unfortunately I didn't receive the loan funds until December 21st 2023 late at night. To make matters worse I was told the funds were delayed because Solo Funds and their banking partner admitted to icing technical issues and didnt have a timeframe when it would be resolved. Because my funds were delayed being revived they wont extend the due date of when its due. In order to get the loan and be approved I have to offer to tip the lender and to tip SOLo funds before I can move onto the final Screen to accept the money. Also solo funds lets the borrower decide when they want to pay back and you get to choose how long you need to pay the money back. I knew I would need the full 15 days to pay back the money but instead I wasnt given the full ********************************* the loan agreement. Instead I only have I was only given 7 days. Furthermore solo didnt notify the lender that the I did t receive my money on time and the borrower thinks Im paying them Back tomorrow. I believe because my loan funds were delayed by 8 days that solo should honor the agreement and push back my loan due date. Solo refused to extend my due date when the error was on their and they admitted they were having difficulties getting me my loan in a timely manner.

  Business Response

  Date: 01/31/2024

  Hello ********, 

  Thank you for your feedback.  This situation was already addressed through another medium.  Should you need anything else, please contact us at ***********************************. 

  Regards, 

  SoLo Team 

• Initial Complaint

  Date:01/18/2024

  Type:Order Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  STAY AWAY FROM SOLO FUNDS! The loans available for lenders are CRAP! The good ones get scooped up by 'bots' (I highly suspect that the 'bots' are Solo Funds buddies). A large number of loans I have given did not repay and NONE were recovered by them or debt collector. They do give 'credits' that you can loan to people, but you can't cash them in. I think this company should get held against the light by the authorities. It smells way too fishy.

  Business Response

  Date: 01/25/2024

  Dear *******, 
  
  Thank you for your feedback.  It is against our policy for bots to be used on our platform and any member using bots will be banned.  Our team regularly monitors the platform for any automated lending tools and if any are identified they are handled swiftly.  
  
  As for your outstanding loans, well have a member from our team follow up with you for an update on the recovery progress. Should you have any additional questions or concerns, please contact us at *******************************. 
  
  Regards, 
  SoLo Team
  
  

• Initial Complaint

  Date:01/18/2024

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  On September 23rd, 2023, somebody gained access to my personal email, my ******** account, and several online 'peer to peer' lending applications. Somebody used my identity to take out 2 SoloFunds loans from my debit card, one for $2,000 and one for $425. I reported this immediately to **** of america, who then cancelled my debit card. I also attempted to contact SoloFUnds, but it is difficult as they don't have phone numbers. I also filed disputes with **** of america, however, last week **** of America says that I am liable after further research. I do not know what else to do at this point, as these transactions were 100% not made by me. I can document my communication with SoloFunds and my ****. SoloFunds says that the only way to get help is to log into their app, using my email address. I am NOT logging into an account that was comprimised.

  Business Response

  Date: 01/26/2024

  Dear *****, 
  
  Thank you for your feedback.  Due to the nature of the sensitive nature of this request a member of our team will contact you directly to discuss.  Should you need anything else, please let us know. 
  
  Regards, 
  SoLo Team 

• Initial Complaint

  Date:12/19/2023

  Type:Order Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  SoLos credit ratings are terrible. I lent money to someone with a 92 SoLo score, and the loan itself is now 60+ days overdue. Its not worth it as a lender to use the platform for large amounts of money (250+) because the late fee doesnt cover their recovery fee in the slightest. The terms of lending are not clear enough and there are not enough lender protections. Youre deceiving lenders by overstating the repayment capacity of the people we lend money to. There needs to be more transparency on borrowers ability to repay. Also, fronting your fees as lenders means you have no reason to pursue repayment. We already paid off your risk.

  Business Response

  Date: 01/09/2024

  Dear ******************, 
  
  Thank you for your feedback.  After reviewing your account I see that you lent 27 loans amounting to $4478 and earned $417 in tips & fees.  Unfortunately, 3 loans went unpaid.  Since these loans are about 90 days beyond the scheduled due date we have already assigned them out to our 3rd party collections agency to collect.  
  
  We show the repayment history of each borrower and the score they receive takes into account the repayment history along with a few other variables.  For 2 of your borrowers they were both fairly new to the platform which would explain why they havent paid.  The other borrower whose score was 92 we have made many attempts to collect payment but havent received a response.  Unfortunately, borrowers do experience hardship which can prevent them from paying timely and we make every effort possible to give them options when this happens.  
  
  Well have the agency follow up with these members again to see if we can put some pressure to collect payment for you.  Should you have any questions or concerns, please contact us at ***********************************. 
  
  Thank you,

  SoLo Team