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:05/10/2024

  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.

  Money was taken out of my account without it being on autopay on 4/18/2024 in the middle of the night whilst I was sleeping. It was approximately $478. The company had been having glitches since Tuesday 4/16/2024 and said it would only take ***** hrs from that date. So when I awoke and checked my bank Thursday morning I was in shock as I had not authorized payment. Then I couldnt log in and couldnt get my debit card verified. I immediately contacted customer service and they stated once again it would take *****hrs to fix the glitches. After awhile I could no longer get in contact with them. They then said we could DM them on ********** I had to purchase the blue verified check **** because they were not accepting messages from free accounts. They did this so no one would message them. I figured I was overdrafted already might as well be heard. They then proceeded to make snide comments on social media to others and I was nice about it at first but it quickly became irritating as they kept giving everyone the run around. I could not make my vehicle payment thanks to them. I will never ever use them again. They scammed myself and many others. I would like to see something done as they are still stating its going to take ***** hrs.

  Business Response

  Date: 05/20/2024

  We want to apologize for any inconvenience caused by our system transition.  Most loans that were identified as not being funded have been canceled.  Affected borrowers have been notified; these loans will not be marked as overdue, and there will be no attempts to recover these funds. Lenders with canceled loans will soon see their wallet balances accurately updated to reflect the returned funds.

  Any payments that were inadvertently taken have also been refunded.  If you have not received your refund, please contact our team immediately at ******************************** for assistance. 

  We acknowledge that the transition has presented challenges, and we genuinely apologize for any inconvenience caused. Rest assured, we are committed to fairness and transparency as we approach the finish line. We will continue to work diligently to enhance SoLos stability and functionality. We appreciate your understanding and patience through the improvement process.
  

  Regards, 

  SoLo Team 

  Customer Answer

  Date: 06/03/2024

   
  Complaint: 21614303
  
  I am rejecting this response because: I have not received my refund and they have not communicated with me. 
  
  Sincerely,
  
  *************************************

  Business Response

  Date: 06/21/2024

  After reviewing your account today we  noticed that you issued a dispute with your bank.  There is no additional action needed from our end since your bank has already refunded the funds.  At this time, this issue is considered closed.  

• Initial Complaint

  Date:05/10/2024

  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 was using the app fine but I was urged to update. After the update I was asked to re-enter the same debit card and bank account I have been using the whole time but I keep getting an error message that there is an internal error that will be fixed in ***** hours. It has been several days and I am unable to access the full amount of funds I was approved for. There is no response from customer service and many people are having the exact same issue. This feels like fraud or a scam and I need access to the money I was approved for. I was only able to withdraw 50 out of the 300 I was approved for. Now I cant access the remaining 250. I tried using different debit cards to my other accounts and it just links to my bank but then gives the same error message that they are unable to verify my bank.

  Business Response

  Date: 05/21/2024

  We want to apologize for any inconvenience caused by our system transition.  Most loans that were identified as not being funded have been canceled.  Affected borrowers have been notified; these loans will not be marked as overdue, and there will be no attempts to recover these funds. Lenders with canceled loans will soon see their wallet balances accurately updated to reflect the returned funds.

  Any payments that were inadvertently taken have also been refunded.  If you have not received your refund, please contact our team immediately, for assistance. 

  We acknowledge that the transition has presented challenges, and we genuinely apologize for any inconvenience caused. Rest assured, we are committed to fairness and transparency as we approach the finish line. We will continue to work diligently to enhance SoLos stability and functionality. We appreciate your understanding and patience through the improvement process.

  Regards, 

  SoLo Team

  
  

• Initial Complaint

  Date:05/10/2024

  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.

  requested a $244 loan from the Solo Funds App on 04/21. Solo recently updated their system..by updating the system solo hasn't been able to allow anyone to withdrawal funds, I asked for the funds to be sent to my card with a fee and it has repeatedly said initiated but does move. I reached out to solo numerous times and they have been slow if at all to respond to the matter and haven't updated myself or other customers or lenders. This loan comes due in about 12 days I was supposed to have access to these funds 3 days ago. Solo has said this would resolved in three days or they would provide updates they have done nothing and people are struggling. This is the kind of disrespectful and s***** business practices the BBB was made to protect customers from.

  Business Response

  Date: 05/20/2024

  We want to apologize for any inconvenience caused by our system transition.  Most loans that were identified as not being funded have been canceled.  Affected borrowers have been notified; these loans will not be marked as overdue, and there will be no attempts to recover these funds. Lenders with canceled loans will soon see their wallet balances accurately updated to reflect the returned funds.

  Any payments that were inadvertently taken have also been refunded.  If you have not received your refund, please contact our team immediately, for assistance. 

  We acknowledge that the transition has presented challenges, and we genuinely apologize for any inconvenience caused. Rest assured, we are committed to fairness and transparency as we approach the finish line. We will continue to work diligently to enhance SoLos stability and functionality. We appreciate your understanding and patience through the improvement process.
  

  Regards, 

  SoLo Team

• Initial Complaint

  Date:05/10/2024

  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.

  This company is a loan company that did an update on there system and now has withheld peoples money for thr past 7 days. At this point its theft

  Business Response

  Date: 05/20/2024

  We want to apologize for any inconvenience caused by our system transition.  Most loans that were identified as not being funded have been canceled.  Affected borrowers have been notified; these loans will not be marked as overdue, and there will be no attempts to recover these funds. Lenders with canceled loans will soon see their wallet balances accurately updated to reflect the returned funds.

  Any payments that were inadvertently taken have also been refunded.  If you have not received your refund, please contact our team immediately, for assistance. 

  We acknowledge that the transition has presented challenges, and we genuinely apologize for any inconvenience caused. Rest assured, we are committed to fairness and transparency as we approach the finish line. We will continue to work diligently to enhance SoLos stability and functionality. We appreciate your understanding and patience through the improvement process.
  

  Regards, 

  SoLo Team

• Initial Complaint

  Date:05/10/2024

  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.

  Solo funds has been dealing with an outage since 4/18. They have gone back and fourth on X calling it an outage and then some posts called it an upgrade, now all are deleted. This morning I woke up to multiple fraud charges on my card that I use with solo and have yet to get any sort of answer from any of their team.

  Business Response

  Date: 05/21/2024

  We want to apologize for any inconvenience caused by our system transition.  Most loans that were identified as not being funded have been canceled.  Affected borrowers have been notified; these loans will not be marked as overdue, and there will be no attempts to recover these funds. Lenders with canceled loans will soon see their wallet balances accurately updated to reflect the returned funds.

  Any payments that were inadvertently taken have also been refunded.  If you have not received your refund, please contact our team immediately, for assistance. 

  We acknowledge that the transition has presented challenges, and we genuinely apologize for any inconvenience caused. Rest assured, we are committed to fairness and transparency as we approach the finish line. We will continue to work diligently to enhance SoLos stability and functionality. We appreciate your understanding and patience through the improvement process.

  Regards,

  SoLo Team

  
  

• Initial Complaint

  Date:05/10/2024

  Type:Service or Repair 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 made my payment to use the services after my payment was processed and charged the app went into updates and has been for 3 days. they have money that is mine in their system they arent helping access. they have no warning to the update. when reaching out on social media the company blocked my account.

  Business Response

  Date: 05/20/2024

  We want to apologize for any inconvenience caused by our system transition.  Most loans that were identified as not being funded have been canceled.  Affected borrowers have been notified; these loans will not be marked as overdue, and there will be no attempts to recover these funds. Lenders with canceled loans will soon see their wallet balances accurately updated to reflect the returned funds.

  Any payments that were inadvertently taken have also been refunded.  If you have not received your refund, please contact our team immediately, for assistance. 

  We acknowledge that the transition has presented challenges, and we genuinely apologize for any inconvenience caused. Rest assured, we are committed to fairness and transparency as we approach the finish line. We will continue to work diligently to enhance SoLos stability and functionality. We appreciate your understanding and patience through the improvement process.
  

  Regards, 

  SoLo Team

  Customer Answer

  Date: 06/03/2024

   
  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:04/15/2024

  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.

  SoLo is a peer lending co. I have done loans through them since 2021, off & on. I made a recent loan, it was repaid, but I cannot facilitate a transfer of the funds to my account. It appears that they deleted my debit card as inactive. In my attempts over the past 3 days and countless hours to resolve the issue, using their Live Chat and help email, I have encountered a looping error/glitch on the verification site they use to verify banking and debit card info. They suggest the same remedies repeatedly, or variations of the same. There is no phone number, the main corporate number goes to a voice mail that is full. They will not call me, nor will they do a direct transfer of my $315 to my verified-with-them checking account. It feels like I can't get beyond the very first layer of help, which has been totally unhelpful. I have first called and then visited my ************ to see if the problem was on that end, which **** keeps insisting it is, but the ************ agent can't see any reason why my debit card could not be verified. I just want SoLo to transfer the funds to my checking account. There HAS to be a way for them to do this, but they just tell me they can't unless I have checking and debit counts verified. I don't have a second checking and/or debit account. HELP PLEASE!

  Business Response

  Date: 04/16/2024

  Dear *****, 
  
  Thank you for your feedback.  We are sorry to hear that you are having issues withdrawing your funds.  Upon receiving your complaint, I have instructed our team to send the funds via another means since it may be a while before we can resolve the issues with your account.  At this time, we consider this issue resolved.  
  
  Should you have any further questions or concerns, please contact us at *******************************.

  Regards, 

  SoLo Team 

  Customer Answer

  Date: 04/17/2024

   
  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. After dealing with the SoLo Funds **************** options for 21 days and getting nowhere, I am grateful that you reaching out to the company with my complaint provided an almost instant solution, and actually specifically one that I had been asking for for weeks. Without your help, not sure this would have happened.
  
  Sincerely,
  
  *********************

• Initial Complaint

  Date:04/15/2024

  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.

  After a week and several attempts to get a helpful response from SoLo Funds about my account being blocked, and I finally get a response from their collection department stating that they received a charge dispute from my bank about one of my old loans I had lent out. The specific loan they referred to was in fact a loan that got paid back to me. Not just paid back, but was on time. So I contacted my bank and my bank couldnt find any disputes filed and sent to SoLoFunds. I asked them for proof of this claim and have received no such response! I currently have 23 loans lent out through their app of which 22 are LONG OVERDUE, but one remaining that is currently as of March 26, 2024 current and in good standing. My total loans through them equal an amount of $2,597.75. The current loan if paid back on time will equal $536 of that total, and I currently have $748.30 cash sitting in my account with ******************** which they have restricted me from using due to this false charge dispute they claim to have from my bank for $214.00. They are NO LONGER responding to any of my emails and considering they DONOT PROVIDE a phone number so that you can speak with a person, that leaves me at their mercy on IF or when I will ever receive a response from them. I WANT MY MONEY BACK!!! And I dont WANT anyone else to go through this! Its just PLAIN WRONG how they handle issues with their lenders. Without their lenders they wouldnt have a valid company!

  Business Response

  Date: 04/15/2024

  Dear *****, 
  
  Thank you for your feedback.  I am sorry to hear that you are not satisfied with the handling of your ticket.  After looking further into your account it appears that our rep did send the funds back to your card on file.  We also provided you with a copy of the dispute that you can take back to your bank for verification.  If you are able to get us something from the bank stating the dispute was never issued, we can take this back to our bank.  
  
  If you have any further questions or concerns, please contact us at ***********************************.

  Regards, 

  SoLo Team 

• Initial Complaint

  Date:04/05/2024

  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 have at least 10 outstanding loans, which I graciously offered to those in need. These loans range from 243 - 346 days old. That is 8-12 months outstanding, totalling over $800 that I could use. SoLo is doing anything to rectify this issue or give me my money back. The "collections" agency they've supposedly sent it to is taking 30% of whatever the person pays.... if they ever pay it. This is an extreme misuse of the person's money and promises, and it seems this is happening to all its lenders. Give us our money back!! I have contacted several others with similar issues, and would like to rectify this issue before we decide to start a class action lawsuit against them.
  
  I want to add that I contacted support and collections several times (at least 6 times) regarding this, and they provided me with no information besides assurances that they were contacting the borrower. But they refused to give me information on the borrower or the specific actions they were taking to get my money back. And I just want to emphasize that these loans have been overdue for almost a year. 

  Business Response

  Date: 04/25/2024

  Dear ******, 
  
  Thank you for your feedback.  Im sorry to hear that you have several loans that havent been paid back.  After reviewing your account, we found that you currently have 10 outstanding loans out of the 69 loans funded.  A member of our team will follow up with you regarding the status of your loans with the agency.  
  
  Should you have any additional questions or concerns, please contact us directly at ***********************************. 

  Regards, 

  SoLo Team 

  
  

  Customer Answer

  Date: 05/07/2024

   
  Complaint: 21513940
  
  I am rejecting this response because:

   

  I do not want to contact anyone outside of BBB and will not be contacting via email. All my attempts to contact you all via email to date have been met with nothing but "we are working hard to collect from your borrower" yada yada yada, NONSENSE. All I've heard is excuse after excuse, which is why i was forced to proceed with my BBB complaint. I want a refund for all of my loans, without any fees taken from them, and I wanted my refunds several months ago. For a paper trial, and to ensure cooperation of SoLo Funds, you may contact me through this BBB complaint. 

  
  Sincerely,
  
  *********************

  Business Response

  Date: 05/17/2024

  Haily, 

  Sure, we can post all your updates here.  At this time, the collection agency has tried to contact your borrowers for payment but all have not been responsive yet.  If they are unable to receive payment in full, borrowers do have the option to pay partially.  However, we do not see any partial arrangements for your borrowers at this time. 

  Unfortunately, we are unable to issue you a refund because the funds haven't been paid.  SoLo is not apart of the loan.  We are the platform that gives you access to borrowers to lend too at your own will. Should you need anything else, please let us know. 

  Regards, 

  SoLo Team 

  Customer Answer

  Date: 06/20/2024

   
  Complaint: 21513940
  
  I am rejecting this response because:

   

  It's pretty ridiculous that this company refuses to take accountability for their lack of action and lack of protection for their lenders. This company wouldn't exist without its' lenders. I want and expect my money urgently. 
  
  Sincerely,
  
  *********************

• Initial Complaint

  Date:04/02/2024

  Type:Customer Service 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.

  Solo Funds is scamming the lenders out of their money. I have funded somewhere around $12,000 with an average tip of about 10%. Using simple arithmetic, I should have a profit of about $1200. In reality, I am down a couple thousand dollars. Reason why: Because if a loan goes unpaid by even a day, Solo Funds takes more money than you ever would have gotten in the first place for "fees". So basically Solo Funds is using other people's money to fund loans, which they get paid on immediately for brokering the transaction. Then if the loan gets repaid past the due date, they charge the lender money in fees, and you get less than your original investment back. In what world is it okay to give a lender back less money than their original investment? This would be equivalent to borrowing $500 from a peer and then giving them back $450 to settle your debt. This is straight up fraud.If I am not reimbursed in full for the amount of money I have lost funding Solo Fund's clients within 30 days, they will be hearing from my attorney.

  Business Response

  Date: 04/04/2024

  Dear ****, 
  
  Thank you for your feedback.  Im sorry to hear that you are unsatisfied with the platform.  After review of your account I see that you have a very good track record of borrowers repaying their loans.  Based on the 48 loans funded, 45 have repaid and the others are currently being worked on by our team.  I understand you have a concern about the SoLo fee you were accessed for late payers, but this fee is for the recovery efforts used to obtain your loan payment.  Without those systems and teams in place our recovery results would be very low.  Since we dont want to post sensitive information on a public forum in regards to your account, a member of our team will be in contact with you directly.  
  
  Should you need anything further, please feel free to reach out at *******************************. 
  

  Regards, 

  SoLo Team

  
  

  Customer Answer

  Date: 05/07/2024

   
  Complaint: 21399698
  
  I am rejecting this response because:

  I understand that 45 loans have been paid back.  The problem is that most of those did not pay back at least the original amount that I lent them!  I also understand that is due to late fees.  However, the original lender should never get back less than the original loan amount, EVER!  If you want to charge late and recovery fees, that needs to be put on the loaner, not the lender.  It is absolutely absurd for the lender to get back less than the amount they lent.  That is legitimately a scam!
  
  Sincerely,
  
  *************************

  Business Response

  Date: 05/17/2024

  ****, 

  If the loan was paid before or after 90 days the amount paid does not decrease.  However, if the loan was beyond 90 days then, the collection agency charges a fee to recover those funds.  We disclose all that information in our help articles.  If the loan is paid late, we also disclose the fee's charged in our help articles as well.  We will take your feedback to the team to discuss. 

  Regards, 

  SoLo Team 

  Customer Answer

  Date: 06/18/2024

   
  Complaint: 21399698
  
  I am rejecting this response because: I fully understand what you are saying.  The problem is that is basically scamming the lenders who keep your platform alive.  This is the definition of terrible business practice.
  
  Sincerely,
  
  *************************