SoLo Funds has added a Mastercard integration that allows users to link their debit account to the peer-to-peer lending platform, which enables loans of less than $1,000.
According to a press release, 100,000 Visa cardholders already use the SoLo Funds platform, which allows users to request and receive a peer-to-peer loan within minutes, compared with up to three days for a traditional ACH transfer.
The Los Angeles-based platform, which launched in 2018, analyzes a borrower’s banking history, social capital and behavioral data and then connects the user with potential lenders through an open request. Interested lenders can respond to the request with lending terms and repayment schedules. The platform also provides free financial literacy courses for all users.
“By integrating with Mastercard SoLo empowers even more users to deliver small dollar peer-to-peer loans to those who need them most,” SoLo funds co-founder and CEO Travis Holoway said in the announcement. “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.”