SoLo Funds, a peer-to-peer lending platform that provides instant affordable access to loans, announced on Thursday its new Mastercard integration, which enables users to link their debit bank accounts to the lender’s platform enabling faster, more seamless lending transactions under $1,000.
SoLo Funds reported that the integration with Mastercard opens the platform up to any user with a debit card and enables SoLo to surpass its previous 100,000 Visa users. The peer-to-peer lending platform also claimed that it is considerably faster in comparison to traditional ACH bank transfers, which can take up to three full business days to settle. Users are now able to request and receive a loan within minutes. While sharing more details about the integration, Travis Holoway, CEO and Co-Founder of SoLo Funds, stated:
“By integrating with Mastercard, SoLo empowers even more users to deliver small-dollar peer-to-peer loans to those who need them most,” said “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.”
Marlon Nichols, Managing Partner at Cross Culture Ventures, added:
“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. 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.”
Launched in 2018, SoLo Funds is a peer-to-peer lending platform that allows people seeking small-dollar loans to borrow from other individuals with means. It connects lenders and borrowers for the purpose of providing instant affordable access to loans.