It’s a marketplace where borrowers can set the terms of their loan repayment and lenders can earn extra income while supporting folks who need the help. SoLo has seen the most activity in Texas, Illinois, California and New York, states with large populations and cities with the highest cost of living. While the company’s borrowers represent one cross section of America, the lenders tend to also not be hailing from the demographic that a casual observer might expect, Holoway said. About half of loans on the platform are made by folks that Holoway called power lenders, while the rest are coming from less frequent users. “For too long, there have been limited options for individuals in need of immediate funds due to unforeseen circumstances, like a shift in hourly schedules, unplanned car troubles or other cases,” said Holoway.