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SoLo Funds App Personal Loans: 2024 Review

Updated on November 9, 2023

At a glance

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Check rate with Bankrate
Rating: 4.6 stars out of 5
Bankrate Score
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Rating: 5 stars out of 5
Rating: 3.3 stars out of 5
Customer Experience
Rating: 4.9 stars out of 5
Rating: 5 stars out of 5

About Bankrate Score

SoLo Funds provides community-based funding where members can lend and borrow to one another. You have the freedom to create your own borrow request where members can review your proposed terms and choose whether to accept your offer. 

Lender Details


Loan amount



APR from

Not disclosed

Clock Wait

Term lengths

35 days

Best for peer-based financing 

Funding is fast and allows for up to $100 for new members and $575 for existing members with a minimum borrow amount of $20. Use your SoLo Wallet to manage your funds and make payments using your linked bank account, with payment terms lasting up to 35 days.

SoLo Funds pros and cons


  • Checkmark

    Control over fee amounts.

  • Checkmark

    No interest.

  • Checkmark

    Can build credit with payments.


  • Close X

    Maximum $100 limit for new members.

  • Close X

    Single repayment term.

  • Close X

    Significant late penalties.

While it offers quick funding and relatively low loan amounts, LendingPoint also has an origination fee that can range up to 8 percent, which can eat into the overall value of your loan. LendingPoint is best for borrowers with bad or fair credit, who need a loan right away and don't want to resort to payday loans.

Do you qualify?

SoLo Funds has a three-part verification process that is necessary to open an account. 

You must provide the following information:

  • Basic personal information.
  • Social security number.
  • Driver’s license.
  • Debit card (credit and prepaid debit cards are not accepted).

You must also use SoLo’s open banking provider Plaid to connect your external bank account to SoLo for funds processing and payments. SoLo will deduct $0.01 from your account as a micro withdrawal to ensure your account is active and valid. The transaction is then reversed with the refund hitting your account within two business days.  

SoLo Funds assigns a SoLo Score ranging from 20 to 99 that is based on a member's ability to repay the loan. New members can achieve a maximum score of 60. Your score is based on the banking information you provide during the sign-up process. SoLo will analyze your banking activity and then assign a score. You aren’t stuck with that score forever, however. As you make payments on your loan, your SoLo Score will adjust automatically in response.

What SoLo Funds doesn’t allow funds to be used for

There are no limits as to what you can use your funds for. However, you will need to disclose the reason for your loan on your borrow request. This is the information potential lenders will use to make their decision about whether or not to lend funds to you.  

How this lender compares

Rating: 4.6 stars out of 5
Bankrate Score
APR from
Not disclosed
Loan Amount
Term Length
35 days
Min Credit Score
Not disclosed
Rating: 4.6 stars out of 5
Bankrate Score
APR from
Loan Amount
Term Length
24-60 months
Min Credit Score
Rating: 4.1 stars out of 5
Bankrate Score
APR from
151.70% to 460.00%
Loan Amount
Up to $500
Term Length
Up to 8 weeks
Min Credit Score
Not disclosed

SoLo Funds versus Prosper

Both SoLo Funds and Prosper are peer-to-peer lending institutions, but they are very different in how they handle their operations. Prosper offers credit-based personal loans to qualified borrowers. SoLo Funds does not run a credit check, instead using your banking activity to establish financial reliability. While SoLo Funds skips the interest and instead asks for repayment within 35 days, Prosper charges as much as 36% in APR with terms lasting up to 60 months. 

SoLo Funds versus Possible Finance

Possible Finance is designed to work for those who have little to no credit, similar to SoLo Funds. It only offers up to $500 in loans, making it similar to SoLo’s lending model. However, the fees are incredibly high, with interest rates reaching up to 150% for those without a good credit history. Its eight-week terms are much longer than SoLo’s repayment period, but it still seems to fall short when faced with such a high APR. Although it may be harder to find a lender with SoLo, its fees are likely to beat what you will pay with Possible Finance.   

SoLo Funds App: in the details

What we like and what we don’t like

SoLo Funds offers quick and easy financing, but there are a few other factors to consider, as well. 

What we like 

  • Complete control. SoLo puts you in the driver’s seat, allowing you to choose how much you pay for your loan.
  • Fast funding. Once you are a SoLo member, you can receive funding in as fast as 20 minutes.
  • No credit required. SoLo does not use a credit check for its approval process, instead relying upon your banking history. 

What we don’t like

  • Short loan terms. Loans must be paid within a maximum of 35 days.
  • New member restrictions. New members are limited in the SoLo Score they can receive, and they can only borrow up to $100 for their first loan. There is also an initial waiting period during sign-up for verification, which can last up to 48 hours.
  • Not all banks supported. Both Chime and Simple Bank do not support SoLo Funds.

How to contact SoLo Funds

There are three ways to reach SoLo Funds customer support: email, chat or support ticket. Phone support is not available at this time. 

To contact SoLo Funds, you can email for support, or you can submit a support request via the Zoho plug-in. Regardless of which option you choose, you should receive a response within 24 hours.

You can also use the app to begin a chat session. Chat support is available Monday through Friday from 5 A.M. to 6 P.M. PST. 

How to apply for a personal loan with SoLo Funds

Loans are handled through borrow requests that you complete, letting SoLo members know how much you need and what you need it for. 

  1. Sign up for an account.
  2. Complete your profile to receive your SoLo Score. 
  3. Create a borrow request, including the reason why you are borrowing.
  4. Disclose the tip you are offering.
  5. Add the donation you would like to make.
  6. Choose your repayment date.
  7. Submit your request.

A notification will let you know when another SoLo member has agreed to fund your loan and then you receive funds immediately. In all, it typically takes 20 minutes for funding.

Borrow requests remain active in the system for up to three to five days, depending on your exact request. At that point, the request will be canceled, and you will have the option to create a new one.

SoLo Funds features and additional perks

SoLo Funds has a Credit Builder program specifically designed to help you improve your credit. As you make regular payments, SoLo adds them to your payment history. In time, this can impact your SoLo Score, which can help you get better loans from lenders on the platform.   

SoLo also gives you access to a personal SoLo Wallet. Your SoLo Wallet allows you to make payments using the bank account you provided during sign-up. You can also make deposits and withdrawals to your account as needed. 

Fees and penalties

SoLo Funds puts you in control, letting you set the terms of your loan before you borrow. There is no interest charged, so you know exactly what you need to pay. 

When you create a loan request, you have the option to add a tip or donation to your lender. The tip goes to your lender for giving you the loan and has a minimum of 0% and a maximum of 15% of the loan amount, rounded to the nearest dollar. Meanwhile, your donation goes to SoLo Funds to help with administration and security costs for the service. 

To help, SoLo outlines its average member pricing structure:

Average Tip 10.4%
Average Donation 6.2%
Average Late Fee 0.4%
Average Cost 17%

In total, the percentage can range from 0 percent to 36 percent, depending on what you choose. 

There are other fees, too. You will pay a 1.75% fee if you decide to make an instant withdrawal to your external debit card. To skip the fee, you can choose the option of an ACH withdrawal, which is free. There is also a Synapse Transaction Fee that is assessed to your loan. 

The late fee is charged at 10% on the 35th day post-origination, and borrowers have 90 days to pay before the account is set to a third-party collections agency. If funds are paid prior to the 90-day deadline, a recovery fee totaling 30% of the loan principal amount will be added to the total due.

SoLo Funds frequently asked questions

How Bankrate rates LendingPoint

Overall Score 4.6 Explanation
Availability 5.0 SoLo Funds is available throughout the U.S.
Affordability 3.3 SoLo lets you set the rates for your own loan, but you are extremely limited in how much you can borrow.
Customer Experience 4.9 It can be difficult to find the right lender for your loan, especially if you do not make your offer all that competitive to lenders.
Transparency 5.0 SoLo is upfront about the fees it does charge, although you maintain control over the major fees, like your tip and donation.


To select the best personal loans, Bankrate’s team of experts evaluated over 30 lenders. Each lender was ranked using a meticulous 20-point system, focusing on four main categories:

  • Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score. We also give bonus points to lenders offering rate discounts, grace periods and that allow borrowers to change their due date. 
  • Availability: Minimum loan amounts, number of repayment terms, eligibility requirements, ability to apply using a co-borrower or co-signer and loan turnaround time are considered in this category.
  • Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
  • Transparency: For this factor, we consider how well information is presented to the borrower on the lender’s website. This includes listing credit requirements, rates and fees, in addition to offering prequalification.

Editorial disclosure: All reviews are prepared by staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.