Recent Articles


An App For Borrowers Living Paycheck To Paycheck

A few years ago, Travis Holoway was working as a financial advisor in New York City when he got into a conversation with some friends about payday loans. He couldn’t believe the terms were really as onerous as they said, so he decided to look into the matter himself.

That’s when he learned that such lenders typically charge an interest rate of 400 percent or so, often landing customers in ever-deeper debt. Already fed up with his current focus—helping wealthy people invest their money—he decided he needed to do something about the problems faced by the 70 percent of Americans living paycheck to paycheck.

His answer: build a peer-to-peer landing platform and app aimed at linking up low-income borrowers seeking $50 to $1,000 loans for everyday needs–think, paying the rent–with everyday lenders. Called SoLo Funds, he left his job to run the company full-time in 2017.

“We felt this problem is very large, someone needed to focus on it—and that someone should be us,” says Holoway, who is co-founder and CEO of the Cincinnati-based company.

SoLo Funds isn’t the only startup trying to address this problem. For example, San Francisco-based Even has an app that links to consumers’ bank accounts and estimates how much money they have left for bills, helps with automatic saving and offers a way for workers to tap their earnings early if they need the money.

How does SoLo work? Potential borrowers are vetted with a scoring process that includes information like cash flow history, as well as social data, such as how many friends someone has on Facebook. Borrowers and lenders also provide access to their bank accounts, to make money transfers easier and automatic.

Continue Reading...



the business of culture.




Launched May 2017, Welcome to THE PATH is a media platform and digital community exploring the impact and influence of pan-African culture in the areas of business, entrepreneurship, economics, and tech within the U.S. and around the globe.  

  • Facebook
  • Instagram
  • LinkedIn - White Circle
  • YouTube

(C) 2019 Culture Unlimited, LLC