More than three in four Americans — 78 percent — report that they are living paycheck to paycheck, a number which has grown year over year in the last decade. Unexpected car trouble or necessary dental work can be enough to cripple someone who’s struggling just to make ends meet, and unfortunately, fair, safe options for accessing funds are hard to come by in a pinch. That’s why SoLo Funds in Cincinnati built a peer-to-peer marketplace for individuals to lend money, risk-free, to those in need.
“My co-founders and I were, quite frankly, being asked for money from our friends and from our family. It was never for a lot of money, maybe $50 to $200. Resources for loans under $1000 are extremely scarce. You can ask friends and family, which can be embarrassing and put a strain on personal relationships,” said Travis Holoway, co-founder & CEO of SoLo Funds. “You can take a payday loan or title loan, which hurts your credit and carries predatory interest rates of 400% on average, something most people can’t pay back. Or, you’re taking grandma’s ring, and you’re pledging that asset as collateral at a pawn shop. None of these options are favorable.”
Read the full story at TechOhio.