SoLo Funds: Lend & Borrow

4.5
4.5K reviews
100K+
Downloads
Content rating
Everyone
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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 $500 (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 $500 ON YOUR OWN TERMS
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.

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) $500 Cash Requests: Criteria applies, see Terms https://solofunds.com/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 https://solofunds.com/privacy

Fun fact → SoLo was selected as one of Fast Company’s World Changing ideas in 2021
Updated on
Sep 14, 2022

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
4.5
4.5K reviews
Mariah Hearne
September 10, 2022
Difficult to get setup, won't lie. I was verified but somehow not, had to reach out to customer service and they finally got it straightened out on the backend. Just accepted my first loan and so far I'm happy. Will update later if that changes. Also, getting a first loan can be hard because of the ranking systems and genuine skepticism as many people have left people on the hook previously. I reached out to a community on Reddit and was able to better explain my situation and found a lender!
5 people found this review helpful
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Felohnny
August 27, 2022
Unfortunately, all the risk lands on the lender. Its gambling on peer to peer trust, and as such I got burned as a lender. The idea of an actual insurance offered by solo to lenders covering the full amount lent (including the "donation" for processing, but omitting the "tip" from the borrower), without being charged for it (the $5 fee for 90% principal returned insurance is asinine) is the only idea that makes sense. This app only works if lenders have trust of repayment.
16 people found this review helpful
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Kimberly Ledbetter
August 13, 2022
This app has the potential to be great. I'm feeling a little frustrated though because I haven't gotten a loan because my solo score is low and isn't seen by lenders as easily as those with higher scores. I know the app works because my friend has gotten his loans. This should be reevaluated and Loan request should be placed in the order that they are requested not categorizing us by our scores. It's been months and I have not received a loan and really could use one.
29 people found this review helpful
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What's new

• Minor bug fixes
• Minor platform enhancements