SoLo Funds: Lend & Borrow

13K reviews
Content rating
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About this app

SoLo is the community finance platform where our members step up for one another. We enable financial services for real people, powered by people. We back each other because we believe in each other.

It’s easy to sign up and become a member. As a SoLo member, you can access up to $575 (1) on your own terms or supply funds to make a social impact and return. You can also leverage our SoLo Wallet (2) as a pathway to financial autonomy.

Fun fact → SoLo won NBCUniversal’s LIFTOff Financial Impact Challenge

Here’s why thousands of members use SoLo…

We give you choice and control where others don’t. No interest, no credit checks. We come through for each other because we’re in this together.

SoLo is a great way to make a social impact while also earning a return on your money. Our data driven tools allow you to verify and make smarter choices. Fund a request today. We’re people helping people.

Fun fact → SoLo won the 2022 Visa Everywhere DEI Contest amongst the nation’s best fintechs

We’re in this together. We protect each member in our community via secure and easy communication between bank accounts while creating a safety net for potential losses.

Leverage our banking solution to build financial autonomy. Deposit, withdrawal, and bank with SoLo.

Fun fact → SoLo Funds is a Certified Public Benefit Corporation.

We’re not here to surprise you with fees. SoLo guarantees no hidden fees, no minimum balance fees, transactions fees, expedition fees and no overdraft fees.

We believe that access to information is the key to building strong financial habits. Take courses, learn, and share this free resource with others.

Fun fact → SoLo was selected in 2021 for Global Inclusive Fintech 50 by the Center for Financial Inclusion

For more information please visit our website .
(1) $500 Cash Requests: Criteria applies, see Terms for more details.
(2) SoLo Wallet: The bank services are provided by Synapse's partner banks, Members FDIC.

Zero APR, no APR, no interest rate, zero interest.

If you take a $100 request add an optional $8 tip and $4 donation, then your settlement will be $112.

All loans regardless of the early schedule payment have the same terms, with 90 days for repayments and default. The early repayment schedule for a loan request can differ between members with all loans up to 90 days to pay in full until defaulted. Your initial scheduled early repayment date can be skipped without issue and repaid manually in-app at any time with minimum and maximum repayment schedule up to 90 days. All loans have up to 90 days to pay in full until defaulted.

See SoLo's Privacy Policy

Fun fact → SoLo was selected as one of Fast Company’s World Changing ideas in 2021
Updated on
Aug 20, 2023

Data safety

Safety starts with understanding how developers collect and share your data. Data privacy and security practices may vary based on your use, region, and age. The developer provided this information and may update it over time.
This app may share these data types with third parties
Personal info, Financial info and 3 others
This app may collect these data types
Personal info, Financial info and 3 others
Data is encrypted in transit
Data can’t be deleted

Ratings and reviews

12.7K reviews
Nicholas Smith
September 27, 2023
I have used SoLo Funds on and off for a few years. I have noticed some improvements to the app, but there is still a lot of work to do in my opinion. First, how returns are calculated is just whacky. Second, the scoring system is not dependable. Third, SoLo is not very clear when is comes to loan agreements and overdue loans, and what can be done when a loan is overdue. Overall, the concept is awesome. It's just not very lender-friendly, and is really built for the borrowers.
3 people found this review helpful
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Solo Funds Inc.
September 27, 2023
Hey, As a Lender, you have access to view a Borrower’s transaction history and whether they have paid their previous loans on time. Be sure to familiarize yourself with the terms of your loan before lending and borrowing. Please email our support team for any further questions you may have at Best,
Jonathan Harrop
August 25, 2023
Good app. Great idea! If you're using it as a form of investment, I'd go somewhere else. Invested over 20k into these loans, and not sure what happened, but had many borrowers, many with really good scores, who haven't paid back. Any money I made was lost. Stopped trusting the scoring system. If you want to help people in need and take on the likely risk of not getting paid back, use the purchase protection. It'll cut into your profit, but guarantees something instead of nothing.
45 people found this review helpful
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Solo Funds Inc.
August 29, 2023
Hi Jonathan, thank you for your review. We truly empathize with the frustration that this experience may have caused you. We have found your conversation and we are just following up with you Best,Team SoLo
Tyler Kirk
July 23, 2023
Great app, great interface. Only suggestion I have, is from a lender perspective, it would be nice to see how many days late the borrowers were on paying back previous loans. Right now, it just shows the borrowers loan history, and whether it was on time or late, but you don't have any idea how late they were on paying it back. It would definitely help my decision on whether or not to lend to certain borrowers. Would also be nice to see the date that loan requests were originated.
75 people found this review helpful
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Solo Funds Inc.
July 24, 2023
Hey Tyler Thank you so much for your review. We appreciate your feedback and are happy to have you as part of the SoLo community. Best, Team SoLo

What's new

• Bug fixes
• Platform enhancements