Profile 23 : Solo Funds
SoLo brings the power of financial collaboration through a mobile lending exchange that connects lenders and borrowers to provide affordable access to loans under $1,000. They offer free financial literacy courses on topics like budgeting and planning for retirement. The company has helped more than 100,000 people through hard times, connecting them to lenders to cover the cash emergencies life throws at all of us. Based in Los Angeles, the team is working to rid the world of expensive and predatory payday loans.
Founder Story Nugget
“Why they ask me for $50, or $150, or $200…what can that really do for them? I didn’t realize that was the difference between putting gas in the car and making it to work and not getting fired. That was the difference between lights on, lights off.”
“When I looked at the numbers, I quickly realized that, at that time, 76% of the country is paycheck to paycheck…And then the bigger stat to me was that 47% of the country doesn’t have $400.”