P2P lending platform SoLo Funds has integrated with Mastercard to offer instant access to loans.
This opens the lending platform to anyone with Mastercard debit cards.
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In order to access SoLo, all users have to do is connect their debit bank accounts to the P2P platform.
SoLo enables users to lend and borrow small-dollar loans under $1,000.
The firm claims that it facilitates settlement faster than traditional ACH bank transfers.
Settlement through ACH transfers can take as much as three business days.
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By GlobalDataHowever, the time taken to request and secure a loan through SoLo is said to be just minutes.
SoLo already has 100,000 Visa users.
Commenting on the development, SoLo CEO and co-founder Travis Holoway said: “By integrating with Mastercard, SoLo empowers even more users to deliver small-dollar peer-to-peer loans to those who need them most.
“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.”
SoLo, launched last year, sets users’ scores by assessing their banking history, social capital as well as behavioural data.
In order to borrow money, users can submit an open request and connect with lenders.
The P2P lender also offers free financial literacy courses.
