SoLo Pricing
We give you the power of choice. You choose your cost.
We give you the power of choice. You choose your cost.
SoLo Pricing for Borrowers
Every borrower self selects the cost of each loan request. These costs are an optional donation to SoLo Funds for administration and security costs and an optional tip to your lending member.
This is 100% your choice. This is a token of appreciation for the platform and lending members for choosing to fund your loan.
Average Cost: 17%
Average Tip: 10.4%
Average Donation: 6.2%
Average Late Fee: 0.4%
Lower Average Cost
On average, a user pays 17%. As mentioned by our users, this is extremely affordable. Our costs never accrue or compound over time.
This is a true total cost metric. It’s the amount that is loaned plus anything that is paid in addition. It includes all scenarios whether a borrower is on time or potentially late. That’s simple.
For example, if you receive a $100 loan, you would pay $17 in addition as cost on average.
With costs being optional, the minimum would be 0% with the maximum being 36% which includes late scenarios plus max voluntary tip and donation.
How does this compare to some of our competitors? We’re the winner.
How does this compare to some of our competitors? We’re the winner.
0%
17%
36%
0%
18%
38%
0%
22%
47%
22%
36%
51%
3%
28%
55%
All information provided on the page were researched and noted as part of the 2023 Total Cost Report. The 2023 Total Cost Report was led by third party research groups Opinium and London's Centre for Business and Economic Research. Please visit www.thecashpoor.com for more information.