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Frequently Asked Questions

Loan Projects

Volo is a mobile application designed to make it easy, safe, and convenient for individuals to lend and borrow money. Our app allows borrowers and lenders to quickly set up a loan agreement, including creating documents and establishing terms. We also offer support and assistance with tracking and automating payments, as well as providing reminders to help ensure the smooth and successful completion of the loan. Regardless of whether you are borrowing from or lending to a friend, family member, colleague, or someone you just met, Volo is the ideal solution for managing loans between individuals.

In minutes, a borrower can download our app, create a project, set the loan terms, invite their lenders and connect their bank. We then process the loan transfers, provide reminders, track and automate all the loan payback transactions, and provide support as needed along the way.

It’s important for both lenders and borrowers to carefully consider the terms of their loan before proceeding with any loans, and to make sure that they understand the implications of the terms and are comfortable with the level of risk involved.

Additionally, borrowers should be aware that interest rates can have a significant impact on the total cost of a loan, as higher interest rates will result in higher monthly payments and a higher overall cost of borrowing. It is generally a good idea for borrowers to set the terms that best meet their needs and budget.

Creating a loan project on Volo is simple and straight-forward! Here are the 5 easy steps:

Select the appropriate loan project category.
Select the loan details (amount, interest rate, duration, and payment schedule.)
Give your loan project a title and description, and add any photos / videos / files.
Invite a friend, family member, or loved one to lend.
Connect your bank account.

Once your lenders accept the invites, we will handle all loan and payback transfers according to the terms of your loan contract.

Anyone can create a loan project on Volo!

If you want to enter into a loan agreement with someone you trust, Volo can help facilitate that process.

Lenders love Volo because we help them earn passive income supporting their loved ones.

Borrowers love Volo because we make it easy to get the money they need in a pinch.

Yes, absolutely. You can cancel or delete a loan project setup on Volo at any time.

If the loan is still in the pending phase, either the lender or borrower can cancel it.

For active loans, both parties must agree to cancel the loan.

If the unpaid debt is forgiven and cancelled, you may need to report this event on your taxes. Consult your local tax code for more information.

Volo offers a variety of loan options with adjustable parameters including the loan principal amount, loan term length, and interest rate. These options allow borrowers to customize a loan that meets their specific financial needs.

For any loan made on our app, we allow for:

– A minimum principal amount of $100 USD
– A maximum principal amount of $100,000 USD
– A minimum term length of 2 Months
– A maximum term length of 24 Months
– A minimum annual interest rate of 0%
– A maximum annual interest rate of 15%

At Volo, we use the Simple Interest formula to calculate the interest on all of our loans. This means that there are no compounding effects and we strive to keep our app simple and easy to understand. As a result, Volo may be more beneficial for lenders compared to other platforms.

For loans created and managed on our application, the interest is calculated and applied to the entire loan amount at the beginning of the process. Regardless of the repayment schedule, the borrower will pay the principal plus the total calculated interest.

It is important to note that paying off a loan earlier than agreed upon does not offer any advantages for the borrower.

Loan Contracts

Indeed! We have a built-in feature on Volo that automatically generates loan contracts that are digitally signed and kept on file to show that both parties entered a binding agreement.

With the Volo app, a loan contract between each borrower and lender is created automatically based on the terms and repayment schedule you specify. (You can view the agreement template here).

Once the loan is activated and funds are transferred, both parties’ addresses and digital signatures will be added to the contract. You can view and download a PDF copy of the signed contract from the app once the loan is active.

Please note that Volo does not provide any security, guarantee, or protection against loss related to the loan.

Volo is not a party to the loan agreement and does not have any duties or powers as a guarantor, arbitrator, or mediator. The loan contracts generated by Volo are for reference only and should be reviewed by a professional legal counsel if needed for enforcement.

All contracts signed on Volo are legally binding and can be enforced by either the lender or borrower in all jurisdictions across the United States.

While we have made every effort to ensure that our loan agreements are as comprehensive and flexible as possible, it is always important to carefully review the terms of your contract before signing.

If you need to enforce a contract generated on Volo, we recommend seeking the advice of a professional lawyer in your local jurisdiction.

If you’re lending money to friends or family, it can be difficult to know whether or not you’ll get paid back. One way to increase the likelihood of repayment is to use an app like Volo. Our data shows that lenders who use Volo are more likely to get their money back compared to those who do not.

As with any loan, there are no guarantees that a debt will be paid back, but using our application allows you to document, formalize, and track your loans, which can increase the chances of receiving the full loan payback amount. We trust that our users will honor their contracts and aim to make the loan process smooth and seamless for all parties involved.

If in the unlikely scenario you do need to take legal action to recover some or all of the loan, our contracts can be used in various courts of law with the guidance of a lawyer. For more tips on how to have a successful loan experience, please see our Borrowing Guide and Lending Guide.

We understand that unexpected events can occur, and that as a result, sometimes borrowers are unable to meet their loan obligations.

If a borrower fails to fulfill their obligations as outlined in the contract, the loan will default, and the lender has the legal right to pursue legal action through the court system to recover any unpaid debts, as outlined in the agreement between the borrower and lender.

Accounts

To create a new account on Volo, simply download the app from Google Play or the Apple App Store, tap the Sign-Up button, and enter your name and email address.

After entering your information, we’ll send you a one-time code to your mobile device to confirm your account.

Once you’ve verified your account, you’ll be taken to your brand-new profile dashboard where you can connect your bank account, create loan projects, invite lenders, and start your journey towards financial freedom.

Connecting your bank account enables you to securely move money with your friends and family through our application.

To start connecting your bank account, log in, tap on the “Connect My Bank” button, and complete the verification process setup with our banking services provider Plaid, the company that enables us to securely transfer money. Learn more about Plaid here.

You will be guided through a series of steps to verify your identity and the financial account you want to use. We will handle the technical work of linking your Volo account to your bank account, so all you need to do is follow the prompts on the screen.

Once you have provided the required information, we will review it and activate your ability to make transactions through our app.

Absolutely! We prioritize the security and safety of all your personal and banking information above all else.

We’ve partnered with Plaid, the safest way for individuals to securely connect their financial accounts. Plaid provides the technology for thousands of financial technology companies including household names like Venmo and Chime.

Any transactions to or from your bank account can only ever take place with your express direction and authorization.

If you have any questions or concerns about connecting your bank account, email us at help@voloapp.ca.

Having a bank account connected means you can send or receive bank transfers natively in our app and have completed the below steps:

You have successfully signed up to use our application.
You have successfully completed our step-by-step bank connection flow.

When you create your Volo account, you will see the “Connect Bank Account” button on your profile. By tapping this button, you will be guided through the process of verifying your identity and connecting your bank account to the Volo application.

If any issues arise while attempting to validate, add, or activate your account, you will receive an alert on your profile with instructions on how to resolve these problems.

Updating your account information is straightforward.

We provide the option to change various details about your account, including:

– Your First Name
– Your Last Name
– Your Email Address
– Your Password
– Your Bank Account

To modify your account information or delete your account, go to your profile and locate the Edit Profile section in your dashboard. From there, you can alter any desired details.

There are generally two reasons why you may lose access to your account:

Forgotten password: If you have forgotten the password to your account, you can reset it by going to the login page and following the prompts to verify your information.
Account suspension due to violation of our terms of service.

If you cannot access your account for any reason other than a forgotten password, it is likely that your account has been suspended or restricted due to a violation of our terms of service. To learn more about why your account was closed and/or regain access to your account, you can contact us by email at help@voloapp.ca or through our contact page.

Yes, absolutely! In fact, we would love it if you do!

As a growing community, we welcome new members! If you know someone who could benefit from using Volo, you can invite them through our Refer A Friend feature.

When you refer someone and use the referral link on your profile page, you will be rewarded for helping us grow our community. For each new member who signs up and uses our services, you will receive $20.

And as a thank you, the person you invite will also receive a $20 reward. It’s a win-win for everyone!

Payment Transfers

Payment transfers on our platform are easy to understand. We offer direct and automated bank transfers (ACH) for all of our users to send money to their friends and family on our platform.

These payment transfers are facilitated and secured by Plaid, the world leader in leading financial services technology.

You can use our payment transfer feature to send money to anyone in the United States, regardless of where you or the recipient are located.

Payment transfers typically take 2 business days for the funds to be withdrawn from the sender’s bank account and deposited into the recipient’s bank account.

On our app, the typical time it takes for money to be transferred from one person to another is 2 business days.

Once you manually initiate a payment or a scheduled payment transfer is automatically initiated on our app, the money will start moving to the recipient’s bank account.

If any of your payment transfers have not been completed within 2 business days, please contact us at help@voloapp.ca for assistance.

Absolutely! Automatic loan payback transfers are a standard feature for all borrowers on Volo. Transfers are scheduled to occur according to your repayment terms with the funds being sent directly to each of your lender’s bank accounts.

As the borrower, you can choose to have the automatic payment transfers occur on a weekly, monthly, or quarterly basis, depending on the duration of your loan term.

We will inform you if a payment made through our app is unsuccessful.

If you have already determined that a payment will not be successful before we are notified by our payment processor, you can contact us at help@voloapp.ca to let us know.

If you are expecting a deposit and have not received it, please also inform us of this concern.

At Volo, we make every effort to ensure that all loan payments go through successfully. However, we do have some restrictions in place to maintain the best loan experience for our users.

We have no control over whether a transaction is approved by your bank. Some banks may have daily withdrawal limits or other restrictions for their customers. If you experience issues with a transaction, we recommend contacting your bank to authorize the transaction on our platform.

Fees, Security and Benefits

Volo is always absolutely FREE to use for individuals lending money on the app.

Volo is also FREE to use under the Basic Service Plan for individuals borrowing up to $2,000 from up to 2 lenders.

For users in the Standard Service Plan looking to borrow more up to $50,000 from up to 5 lenders, the fee is $29.95 USD Per Project + 2% of the loan value.

For users in the Pro Service Plan looking to borrow more up to $100,000 from up to 50 lenders, the fee is $129.95 USD Yearly Per Project + 2.5% of the loan value.

Learn more about our fees and Service Plans on our Pricing Page.

At Volo, we prioritize safety and security above all else. We are committed to handling our customers’ data with care and protecting them at all times.

We make every effort to handle customer data with care and protect it from the moment it is entrusted to us. We are constantly working to improve our security and compliance standards to ensure the safety and security of our customers’ data. We are dedicated to doing everything in our power to keep our community’s data safe and secure.

Volo has partnered with Plaid, the world’s largest fintech solutions provider, to facilitate the transactional functions of our application, thereby upholding us to the highest standard when it comes to KYC compliance, FINRA, PCI thresholds, and other applicable regulations on a per-state.

In addition, we prioritize the security of our entire technology stack and have partnered with AWS to run our ecosystem in a cloud-first environment. We employ various security measures such as encryption at rest, AES-256, bank-level security, fault-tolerant microservices, and a zero-trust ecosystem to protect our customer data. These measures, along with others, allow us to operate at the forefront of technological security standards.

To learn more about our commitment to safety and security, feel free to visit our Privacy Policy or Terms of Use for more details.

To report any security concerns, please email us at help@voloapp.ca or contact us.

There are several reasons why you might want to use Volo:

Volo is simply the safest and smartest way for friends & family to lend and borrow money.
Volo is always free to use for anyone lending through the app and for anyone borrowing on the app under the Basic Service Plan.
Volo significantly increases the chances that lenders will receive the full amount of money they have lent to their friends, family, or trusted individuals.
Volo eliminates the often awkward and uncomfortable conversations associated with borrowing or lending money between friends & family.
Volo handle all the tedious paperwork, legalities, and structure of setting up a formal loan agreement.
Volo facilitates and automates all loan payback transfers directly into each lender’s bank accounts.
Volo does not require any credit checks or inquires into your financial history like other lending platforms.
Volo offers lenders the opportunity to reap the financial rewards of earning passive income.
Volo supports users throughout the United States and values all of our customers.
As experts in the field, we are dedicated to providing support to our customers throughout the loan process

Visit our Loan Projects page to learn more about all the ways people are benefiting from make loans the smart way.

At this time, using Volo does not help you build your credit, credit history, or credit score.

Feel free to reach out to us using the form on our Contact Us page, or simply send us an email at help@voloapp.ca.

You can also contact us through any of our social media channels.

If you prefer to send us a letter, do so by sending any correspondence to our head office address:

Volo Technologies Inc.
800 Steeles Avenue West
Suite B10182-2155
Toronto, ON L4J 7L2
Canada

Ways To Use Volo

Get help financing the purchase of a home and start your journey towards building wealth.

Enjoy the benefits of home ownership including a sense of stability & belonging, the freedom to change the property as you wish, the available tax deductions, and the value appreciation.

Get the support you need to stay on top of your housing costs and keep a roof over your head.

Whether you need a short-term solution or a longer-term plan, Volo offers you the flexibility to meet your needs. Don’t let financial stress weigh you down.

Explore your borrowing options for housing expenses today and get the peace of mind you deserve.

Trying to manage high-interest credit card debt or multiple loan payments can be stressful and overwhelming.

Simplify your finances and save money with a single low-cost loan from friends and family on Volo.

Get back on track and take control of your debt today so you can start your journey towards financial freedom.

Starting a business can be rewarding & fulfilling, but it can also be a financial challenge.

Find the support you need from friends & family to get your business off the ground and on the path to success.

Whether you need to cover start-up costs, purchase inventory, or hire employees, Volo can help turn your business dreams into a reality.

Medical bills can be a major financial burden, especially when dealing with the stress of an illness or injury.

Get the help you need with a loan on Volo from friends & family to cover the cost of medical care so you can focus on recovery and get the peace of mind you deserve.

It can be difficult coming up with the funds to cover the cost of renovating your home.

Bring your vision to life with a loan on Volo from friends & family.

Whether you’re looking to update a single room or undertake a major overhaul, get the support you need to increase your property value and turn your home into the space you’ve always wanted.

If you’re looking to get behind the wheel of a new or used car, a loan might be exactly what you need.

With financial support from your friends or members of your family, Volo can help you get it done.

Enjoy the convenience, independence and time-saving benefits of owning a vehicle, and free you from the limitations, unreliability and discomfort of public transportation.

If you’re planning a move but are short on cash, borrowing some funds to cover the costs might be a good idea.

Get the help you need to cover truck rentals, movers, storage fees, and other costs associated with relocating to your new place.

Whether you’re moving across town or across the country, Volo can help you secure a loan from friends & family to make your move a smooth and stress-free experience.

It might be time to replace some worn-out furniture or upgrade an old appliance but fitting the bill will be difficult.

Or perhaps you need to buy a new computer for your home but paying up front might be challenging.

Volo can help you finance the purchase with an affordable loan from friends & family.

Get the support you need to invest in yourself and positively impact your lifestyle today.

If it’s time to book a solo get-away or a family vacation, get the support you need to make your travel dreams a reality.

With a loan on Volo from friends & family, you’ll get the funds you need to cover flights, accommodations, activities and more.

Whether you’re looking to book a weekend getaway or a longer excursion, Volo can help you get the loan that best fits your needs.

Get the help you need covering the cost of planning and hosting your special day!

Whether you’re planning a small, intimate gathering or a grand celebration, Volo can help.

Fund your venue rentals, catering expenses, entertainment, decorations, attire, transportation, party favours and more.

If you’re looking to pursue your education, training or certification goals, a loan to cover the costs might be your best option.

Get the help you need with a loan on Volo from friends & family to cover the cost of tuition, books, equipment and other expenses.

Whether you’re looking to earn a degree, acquire specific skills, or learn something new, Volo can help you expand your knowledge and invest in your future.

Dealing with an unexpected financial emergency can be one of the most stressful experiences you’ll ever face.

Get the funds you need fast with a loan on Volo from your friends, family members or other loved ones.

Whether you need a short-term loan to pay for car repairs or a long-term plan to finance the cost of major property damage, Volo can help you get the peace of mind you deserve.

TRY VOLO – LEND & BORROW

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Setup your project and loan terms in just a few clicks! Invite your friends and family members to begin earning passive income while helping you achieve your financial goals today!

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