LOS ANGELES–(BUSINESS WIRE)–SoLo Funds, the peer-to-peer lending platform that provides instant affordable access to loans, today announced a Mastercard integration that enables users to link their debit bank accounts to the SoLo Funds platform enabling faster, more seamless lending transactions under $1,000.
“By integrating with Mastercard, SoLo empowers even more users to deliver small-dollar peer-to-peer loans to those who need them most,” said Travis Holoway, CEO and co-founder of SoLo Funds. “This integration brings us a step closer to our goal of transforming the lending sector by providing timely access to small loans through everyday mobile users.”
78 percent of American workers live paycheck-to-paycheck and over 47 percent of Americans can’t cover a $400 cash emergency, according to a recent CNBC report. SoLo Funds is a mobile lending exchange that connects lenders and borrowers for loans under $1,000. The platform works by examining a user’s banking history, social capital and behavioral data to determine a SoLo Score. Borrowers can then submit an open request and connect with lenders to directly edit terms and define payback dates. In addition, SoLo Funds offers financial literacy courses, free for all users.
“The SoLo Funds online marketplace empowers people to give back to their local community by providing them with a way to lend money to their neighbor when she is in a crunch,” said Marlon Nichols, Managing Partner at Cross Culture Ventures. “Continuing to expand the capabilities of this platform is important considering that most Americans live paycheck to paycheck and typically face financial peril when presented with modest (~$400) emergency expenses.”
The SoLo Funds integration with Mastercard opens the platform up to any user with a debit card and enables SoLo to surpass it’s previous 100,000 Visa users. The peer-to-peer lending platform is considerably faster in comparison to traditional ACH bank transfers, which can take up to three full business days to settle. On SoLo, users are now able to request and receive a loan within minutes.