SoLo Funds Review: Is This Peer Lending Platform Worth Your Time?

Get Cash

Cash Advance

• Build credit with timely payments
• Pay no interest 
• Optional tip and donation amounts 
• Receive funds in less than 20 minutes once approved
• No hidden fees
• Can borrow up to $575

• Can only request between $50 – $100 for initial cash advance
• Must repay loans within 35 days
• Daily and per-month lending limits
• Borrowers can only request one cash advance at a time
• Tip amount could influence lenders

Funding	$20 – $575
Speed of advance	As little as 20 minutes, varies by lender
Fees	Late fee after 35 days: 10%Third-party collections late fee: 2 x 0.9% of principal + .70

SoLo Funds was founded in 2018 as a peer-to-peer lending platform where members loan or borrow money from other members. It’s meant to be an option for borrowers who have trouble getting a traditional loan due to a poor credit history and want to build credit.

However, SoLo Fund has been penalized in the past for operating without the proper licenses and subjecting borrowers to pop-up messages saying tips could enhance likelihood of a loan. In September 2024, its Better Business Bureau (BBB) accreditation was revoked. Knowing this, we don’t recommend SoLo Funds for a cash advance. Here’s everything to know.

How the SoLo Funds cash advance app works 

Unlike traditional cash advance apps that lend directly from a company or institution, SoLo Funds operates as a peer-to-peer platform, allowing individual users to lend and borrow money from each other. This community-driven approach differs from typical cash advance apps, which rely on set terms and fees from a centralized lender.

After downloading the SoLo Funds app, you can sign up as a lender, borrower, or both. To request a cash advance, fill out a loan request and leave a voluntary tip for the lender and a donation for SoLo Funds. Borrowers can only have one loan at a time, and your loan limit is based on your SoLo score, which assesses your repayment ability using data from your bank account.

For an initial cash advance, you can borrow between $50 to $100, with a maximum of $575 as you establish a positive repayment history. Once approved, funds are deposited via ACH, typically within 20 minutes, for a 1.75% fee.

Borrowers have 35 days to repay the loan, with a 10% late fee after that period. If not repaid within 90 days, the loan may be sent to collections, along with additional fees. Here’s an example below.

Item	Amount
Loan amount	$100
Late fee	$10
Synapse transaction fee (0.9%)	$9.00
Synapse additional Fee	$0.70
Synapse fee multiplier (x2)	$19.40
Total fees	$29.40
Total amount owed	$129.40

SoLo cash advance details

Here’s a closer look at the details of a SoLo Funds cash advance.

Term	Details
Advance amounts	$20 – $575, depending on borrower’s SoLo score
Interest rate	Zero interest
Fees	Late fee: 10% Third-party collections Synapse transaction fee: 2 x 0.9% of principal + .70 Instant withdrawal to debit card fee: 1.75% (free when SoLo Wallet is linked to your bank account)
Repayment time	35 days
Funding time with a fee	Less than 20 minutes
Funding time without a fee	Not disclosed, ACH payment

Who’s eligible for a SoLo Funds cash advance? 

To be eligible for a SoLo Funds cash advance, borrowers must:

• Be at least 18 years old 
• Be a U.S. Citizen or a 10-year, non-conditional permanent resident
• Open a checking account at Bangor Savings Bank to receive funds

You must submit your date of birth, Social Security number and other personal identification information when signing up for an account. You’ll also need to verify your identity by submitting a copy of your driver’s license. 

SoLo Funds doesn’t run a credit check on borrowers. Instead, SoLo Funds sets your loan limit based on your SoLo score. The SoLo score is based on information from your primary bank account history and determines the probability of whether you’ll repay the loan. You can raise your SoLo score and your upper loan limit by paying off cash advance loans on time. 

When you make a loan request, lending members will be able to see your SoLo score to judge your repayment potential for themselves. If no member loans you money within three days, the loan request is canceled and you can submit a new request.

Is SoLo Funds reputable? 

Source	Rating	Number of reviews
Better Business Bureau	1.12/5	125
Trustpilot	1.7/5	32
Google Play	2.8/5	100K+
Apple app store	4.3/5	27.1K

Many reviewers at the Better Business Bureau (BBB), Trustpilot and Google Play reported technical problems with the SoLo Funds app, trouble getting loans or accessing cash advances, payments not being recorded and poor customer support. Apple App Store reviewers gave a majority of positive reviews, although the details of most reviews weren’t available.

However, SoLo Funds was fined in the past for brokering loans between 2018 and 2021 without the required license from the Commission of Financial Protection and Innovation. Additional violations included borrowers being subjected to pop-up messaging urging them to tip the maximum amount to be twice as likely to get a loan.

On September 26, 2024, SoLo Fund’s BBB accreditation was revoked by the BBB’s Board of Directors. The BBB states SoLo Fund didn’t adhere to the requirement that all accredited businesses maintain at least a B rating in all company-owned locations and headquarters. SoLo Fund’s current BBB rating is a D.

How does SoLo Funds compare to other cash advance apps?

App	Max. funding	Ratings*
SoLo Funds	$575	4.3/5 (27.1K reviews)
EarnIn	$750 per pay period	4.7/5 (287.9K reviews)
Dave	$500	4.8/5 (696.3K reviews)
Brigit	$250	4.8/5 (318.3K reviews)
Empower	$300	4.8/5 (207.3K reviews)

Compared with the apps shown above, which rank among the best cash advance apps based on our ratings, SoLo Funds has one of the higher loan limits. EarnIn and Empower offer cash advances based on your earnings. Then, the advance amount is deducted from your next paycheck.

The other lending apps in the table advance cash regardless of your pay period earnings. None of the apps above charge interest on cash advances.

However, unlike those apps, SoLo cash advance loans are approved by peer-to-peer lenders who determine whether they want to loan the cash advance based on your SoLo score. 

SoLo states that the amount of your lender tip won’t affect your chances of loan approval. However,  the tip amount may still influence peer lenders’ decisions on whether to lend you money.

Pros and cons of SoLo Funds’s cash advance app

Pros

• Borrow up to $575

  Your first loan request can only be between $50 and $100. Your request limit increases each time you pay off the advance on time, up to a maximum of $575.

• Build credit

  Since SoLo Funds reports your loan payments to major credit bureaus, paying on time can allow you to raise your credit score.

• No interest

  You’ll never pay interest on a SoLo Funds cash advance.

• Optional tip and donation amounts

  Offering a lender tip and paying a donation amount are optional and voluntary.

• Funding in less than 20 minutes

  Borrowers typically have access to their cash within 20 minutes or less.

• Borrower sets repayment terms

  When you borrow with the SoLo Funds app, you can set your own repayment terms as long as they are within the 35-day loan repayment period.

Cons

• 1.75% instant withdrawal fee

  SoLo Funds charges a 1.75% fee on the amount for instant withdrawals.

• 35-day repayment period

  You must repay SoLo Funds cash advances within 35 days, which may be a shorter period than offered by some lenders.

• Daily and monthly lending limits

  SoLo Funds has daily and monthly lending limits imposed by its banking partner. However, those limits aren’t disclosed on the SoLo Funds website.

• No concurrent loans

  You’re only allowed one cash advance at a time. Once you repay the loan, you can make another cash advance request.

• Tip amount could influence potential lenders

  SoLo Funds doesn’t provide more favorable treatment to bigger tippers. However, there’s no guarantee that some lenders might not be more likely to lend to borrowers who offer a higher tip amount.

• Poor reputation

  Solo Funds’ history of violations, fines, and having its BBB accreditation revoked causes serious concern about the reputation of the company.

How to get a SoLo Funds cash advance 

Getting a SoLo Funds cash advance is a straightforward process from cash advance request to funding and repayment.

1. Download the SoLo Funds app and sign up to become a member.

2. Link the app to your primary bank account and debit card.

3. Wait for account verification, which can take up to 48 hours.

4. Place your loan amount request, including a voluntary tip and donation.

5. Review lender offers and accept the one you prefer.

6. Set your own repayment terms within 35 days.

7. Once approved, have access to funds in less than 20 minutes.

8. Make payments on time and repay the loan in full before you can request another cash advance.

FAQ

Does SoLo Funds give you money instantly?

No, SoLo Funds does not guarantee instant money. The time it takes to receive a loan depends on finding a willing lender to fund your request. While some loans are funded within minutes, others may take longer, depending on lender availability and the specifics of your loan request. 

The platform also offers expedited payment options for an additional fee to speed up the process once a lender agrees to fund your loan.

Is SoLo Funds safe to use?

SoLo Funds has secure payment processing, data encryption, and a community rating system that helps users assess the reliability of borrowers and lenders. 

However, as a peer-to-peer lending platform, there are inherent risks, such as potential loan defaults or delayed payments. In addition, the company has lost its BBB accreditation and has violations and fees in its past, which signals to us that borrowers should be cautious about using the platform.

How much does it cost to use SoLo Funds?

Using SoLo Funds does not require paying interest or fixed fees for loans. Instead, you have the option to provide a voluntary “tip” or “donation” to lenders as a gesture of appreciation, which can incentivize funding. 

Optional fees may apply for expedited payments or premium services. It’s important to review these options to understand any costs you may choose to incur.

What happens if you can’t repay a loan on SoLo Funds?

If you cannot repay a loan on SoLo Funds by the agreed-upon date, the platform provides a grace period and encourages communication between the borrower and lender to arrange a revised repayment plan. 

If repayment is still not made, the lender has the option to initiate collections through a third-party service, although this process is not guaranteed. Defaulting on a loan may also affect your community rating on the platform, making it harder to secure future loans.

Are there any risks associated with using SoLo Funds?

Yes, there are risks associated with using SoLo Funds for borrowers and lenders. Borrowers risk potential damage to their reputation on the platform and may face collection efforts if they fail to repay a loan. 

Lenders risk losing their money if a borrower defaults because there’s no guarantee or FDIC insurance on the loan amounts. Because SoLo Funds operates as a peer-to-peer platform, there are risks inherent in dealing directly with other individuals rather than a financial institution.

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