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 Late Fee
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.