SoLo Funds Announces Mastercard Integration to Expand Access to Affordable Loans
Summary
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. “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.” The platform works by examining a user’s banking history, social capital and behavioral data to determine a SoLo Score. “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. 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.