This Resource Center is created for borrowers and investors to answer frequently asked questions and to provide exteneral resources on more complex topics.
Last updated: December 29, 2021
This Resource Center is created for borrowers and investors to answer frequently asked questions and to provide external resources on more complex topics.
As the Soma team discovers additional resources that meet our quality standards, we will make them available on our site.
We are not responsible for any materials posted by, nor do we receive any monetary benefit from, the external resources that we provide on this page. Please use them at your discretion. We provide these resources simply because we have found them useful, and hope they provide some use for you as well.
We would love to hear your feedback on the usefulness of the resources that we provide, and/or hear about additional resources that you have found useful.
Click here to get Ostrich
Medium: App
Ostrich is an app that teaches people about saving, debt, giving, and spending. With the Ostrich app, you can learn how to
reduce your financial stress, set appropriate financial goals, and build strong money habits. Life isn’t all about money, but
having a strong financial foundation will make life less stressful.
What is a personal loan?
A Soma loan is an unsecured personal loan. This type of loan is money borrowed from a lender (in our case from another person) that is paid back over a
fixed period of time, such as 1 or 18 months. This type of loan is not backed by collateral like your home or car. Instead, the loans are issued based on creditworthiness.
Personal loans can be used for a variety of purposes. Some choose to use their loan for debt consolidation or to refinance high interest debt, while others use it to fund big purchases.
Am I qualified for a Soma loan?
Soma qualifies individuals for loans based on creditworthiness. In order for a borrower to be qualified to build a loan on our platform, a borrower must have a credit score of 600 or higher
or have no prior history of credit (reflected in a 000 credit score).
How long will it take to get my money?
Once your loan is built on our platform, it then gets placed in front of investors. If you choose a higher interest rate when building your loan, there is a greater likelihood that your loan will get funded.
If and when your loan is funded, you have 24 hours to review the details of your loan. You can waive this review period by logging onto your Soma app and selecting the ‘waive review period’ option.
If you have waived your review period or have waited the 24 hours, it then takes as little as 2 business days for the funds to transfer into your bank account.1
In total, it can take as little as 2 business days for you to receive funds in your bank account after building your loan.
How much can I borrow?
You can borrow between $300 and $5,000. The exact amount you may borrow depends on what you qualify for based on your application information.
Will I have to pay any fees?
All of our loans are customized by our borrowers and the annual percentage rates always fall between 6.5% and 10%.
In order to operate our platform and dedicate the right amount of resources to the right borrowers, we charge a platform fee based on
the estimated amount of resources each individual who signs up will require. Each borrower’s fee is different, and the fee is calculated from
criteria such as credit score, estimated financial literacy, and length of relationship with Soma. The estimated median fee is $83.90 and is as low as $12.13.2
This one-time fee is charged only if and when your loan is funded. By paying the fee, you ensure that we can hire support staff, provide financial literacy resources, and operate our platform into the future.
Will applying affect my credit score?
Checking if you qualify for a loan on the Soma platform will not affect your credit score. If you proceed with your application after being qualified, your credit score may be impacted.
When you check your rate, we make a soft credit inquiry. Soft credit inquiries on your report do not lower your credit score, but you may see when you view your report that this
inquiry was made. If you are offered a loan and proceed with the application, we will then make a hard credit inquiry to verify the accuracy of your application. This action will be recorded as an inquiry on your report and it may impact your credit score.
Click here to go to Bill’s site
Medium: Audio on Apple Podcast or Spotify
We listen on Spotify, but you can listen on Apple Podcast or Spotify!
This podcast is his attempt to dig deeper into other investing and business philosophies — and share that knowledge with the world.
Click here to go to Kyla’s site
Medium: Ticktock, Youtube, Newsletter, Articles
We read Kyla’s articles through her newsletter: we signed up and occassional receive articles. This is what we recommend for you! However,
Kyla also has a huge following through social media platforms such as Youtube and Ticktock.
Kyla’s articles break down current and complex topics in a way that is easy to digest. We’ve read on articles on inflation, the federal reserve,
crypto, and economic theory. Along with the content, our favorite parts have been the humor and fun pictures.
How do I invest on the Soma platform?
In order to invest on the Soma platform, you must first download the Soma app. After downloading the app and signing up, you can link your bank account
to your Soma account. Once linked, browse the various investment opportunities and choose the investment(s) that work best for you.
Why should I invest on the Soma platform instead of in the stock market?
On the Soma platform, an investor can expect to earn slow, steady, and consistent returns. Every month, you will receive a payment from your investment.
Although this is not as “sexy” as investing in the stock market, there are no wild stock market fluctuations. We believe that investing on the Soma platform
is the responsible way to invest.
What is Soma’s Investment Protection feature?
Our goal is to give peace of mind to investors on the Soma platform. One way we are accomplishing this goal is by offering our investors the option to take a slightly
lower rate of return on each investment in order to protect each investment against losses. If a borrower stops paying but the investor has chosen Investor Protection for that investment,
Soma will step in and reimburse the investor up to 100% of the outstanding principal balance. This reduces the chances for losses and provides a safe and secure way to invest.
How am I doing good by investing on the Soma platform?
Each investment that you make on the Soma platform is an investment in another person. We are helping to remove barriers between people, so that both sides can benefit. By removing the
banks, credit unions, and credit card companies, we can regain our power and begin to receive higher returns as an investor and lower interest rates as a borrower.
Will I have to pay any fees?
There are never any management fees to our investors.