How does SoLo Funds handle individuals tax reporting?

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• Will SoLo Funds issue a 1099-MISC for my activity in a given tax year?

  We want to preface all comments in this email by clearly stating that SoLo Funds is not in the business of providing tax advice.  We encourage you to consult with your own tax preparer or accountant for tax advice. SoLo does indeed track user history ...

• What is SoLo Score?

  The SoLo Score is designed to learn and grow as you continue to use our platform.  We provide you with an initial score once you are completely registered to use our platform. As you create loans, fund loans, pay back loans, etc. we use this ...

• Are Tips Taxable?

  SoLo does not provide tax advice, however, we do track all user’s history and will provide each user with a 1099-MISC at the end of each calendar year if they meet the current year reporting threshold.

• Will the Borrower be able to take out another loan on the SoLo app if they still owe?

  No. All Borrowers will be suspended from using the SoLo app until their loan is repaid. If the loan is sent to our collections partner, the Borrower will not be able to return to the SoLo app. Here at SoLo, we are looking to build a thriving and ...

• Is SoLo PCI Compliant?

  PCI is a security standard designed for credit and debit cards. For any product that is not related to credit and debit cards, we still adhere to the same standard of security. Our hosting provider is a Level 1 Service Provider under PCI DSS.