SoLo Funds: Lend & Borrow

Solo Funds

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 $625 (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…

ACCESS UP TO $625 ON YOUR OWN TERMS
We give you choice and control where others don’t. No credit checks. We come through for each other because we’re in this together.

EARN MONEY WHILE HELPING OTHERS
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

SOLO PROTECTION
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.

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

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

NO HIDDEN FEES
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.

GET MONEY UNIVERSITY
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 https://solofunds.com/ .
(1) $625 Cash Requests: Criteria applies, see Terms https://solofunds.com/terms/ for more details.
(2) SoLo Wallet: The bank services are provided by Bangor Savings Bank, Member FDIC.

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 https://solofunds.com/privacy

Fun fact → SoLo was selected as one of Fast Company’s World Changing ideas in 2021

Ratings and reviews

9-24-24: This used to be a good platform to use, even after the banking issues it was ok. But now it's a few months past their transition, and once again I can't cash out all of my funds. Their reason? "Oh we are doing upgrades again." So I can't even get the money that was approved, but I'm going to be expected to pay everything back plus the tip to the lender, plus the tip to Solo which it seems they can't even use properly to make their system work or hire more programmers. NOT RECOMMENDED!

It's a great concept. Once I have some extra $ I may try lending on the app. But if you are trying to borrow, your initial score begins so low that you won't be visible in searches or the feed. If you are not visible, you can't get an initial loan, and there is no point in using it. I would recommend not to waste your time with this app unless you plan to lend. My thoughts are that it may be a scam - idk how anyone gets a high enough score to be relevant. Even with three payment methods. Smh

you probably won't actually borrow from other members of the app. if you don't have 3+ payment options, you'll never get over a score of 48 so no one will even see your request. it's the same as starting you out with a bad credit score. and because there's no real way of knowing it's legit you probably don't want to risk lending money out on the app. companies can pay people to say good things. they will send you 10 notifications daily to urge you to add 3 or more payment methods. seems fishy.

What’s new

• Bug fixes
• Platform enhancements