SoLo Funds Reviews and Ratings

SoLo Funds is a peer-to-peer lending app. Individual members fund each other’s small, short-term loans. Amounts run from about $20 up to $650. The app charges no set interest rate. Instead, borrowers add a tip for the lender and a donation for SoLo. Both are framed as optional, yet most funded loans include them. For

SoLo Funds is a peer-to-peer lending app. Individual members fund each other's small, short-term loans. Amounts run from about $20 up to $650.

The app charges no set interest rate. Instead, borrowers add a tip for the lender and a donation for SoLo. Both are framed as optional, yet most funded loans include them.

For that reason, the cost setup is worth reading closely. Anyone searching for SoLo Funds reviews wants to know if the zero-interest claim is real. On top of that, they want to know if the platform is in good standing today.

The answer, however, is layered. A federal regulator and several state regulators have all challenged the tip and donation model. Some cases were dropped.

Others were settled. One is still open. Accordingly, this review lays out the real cost, the actual regulatory record, and current platform standing so you can decide with facts.

Evaluate these top-rated lenders to find a better match for your credit tier: [reviews2024 id=146951] [reviews2024 id=146888] [reviews2024 id=149642] What is SoLo Funds?

SoLo Funds is a peer-to-peer lending app based in Los Angeles, and it launched in 2018. Members called lenders fund loan requests from other members called borrowers. Notably, SoLo does not lend its own money.

Instead, it runs the marketplace, services the loans, and handles collections. In addition, the company is a Certified Public Benefit Corporation and a Certified B Corporation. Co-founder Travis Holoway serves as CEO.

According to SoLo, it has facilitated more than $1.4 billion in loans since 2018 and now counts about 3 million members. Borrowers do not pay a stated interest rate. Rather, they add a tip for the lender and a donation for SoLo.

The company calls both optional. That cost model, however, drew a federal lawsuit, now dismissed, and several state actions. In short, regulators have asked whether tips and donations work like disguised interest.

How SoLo Funds actually works This part confuses many readers, so here is the plain version. To begin with, SoLo does not fund loans with its own cash. Instead, one member funds another member's request.

SoLo then facilitates the loan and, per the federal complaint, services and collects on it. "No interest" means there is no stated APR or required fee amount. However, it does not mean the loan is free.

Borrowers still choose a tip and a donation. For example, per the CFPB's 2024 complaint, only about 0.5 percent of funded loans in December 2022 carried no fee to the lender. Because lenders see the offered tip before they fund a request, a zero-tip request rarely gets picked up.

SoLo also differs from company-funded cash advance apps like Dave, EarnIn, and MoneyLion. Those apps advance their own money, whereas SoLo brokers loans between members. SoLo Funds key services Borrow Borrowers request a small, short-term cash advance.

Amounts run from about $20 up to $650. To underwrite, SoLo relies on its own SoLo Score, which reads linked bank account history through Plaid. As a result, there is no traditional credit check.

A request expires if no lender funds it within the set window. Many people use SoLo because they do not qualify for a traditional personal loan. Lend Lenders browse open requests.

For each one, they see the borrower's SoLo Score and offered tip. Then they choose which requests to fund. Keep in mind that SoLo offers limited lender protection.

It is not a full guarantee against default. Bank and SoLo Wallet SoLo is building a wallet with a debit card and more features. Currently, its site lists credit building and insurance as coming soon.

Still, confirm which features are live before you rely on them. SoLo IQ SoLo IQ is the app's AI assistant, which SoLo markets as a personal finance co-pilot. Even so, confirm what it does inside the app before you count on it.

SoLo Funds at a glance Model. SoLo Funds runs a peer-to-peer marketplace and does not fund loans itself. Loan range.

About $20 up to $650, verified in the app. Cost. No stated interest rate; borrowers add a tip for the lender and a donation for SoLo.

Repayment. About five to 15 days. Credit check.

None; SoLo uses the SoLo Score based on bank account history. CFPB status. A lawsuit filed in May 2024 was dismissed with prejudice in February 2025, and no court ruled on the merits.

State actions. Confirmed settlements with California, Connecticut, the District of Columbia, and Pennsylvania, with no admission of wrongdoing in any case. Pending case.

A proposed class action filed in October 2024 remains open. BBB status. Accredited again since August 2025 after a revocation in September 2024.

Trustpilot. About 4.5 out of 5 across roughly 2,400 reviews as of mid-2026. SoLo Funds pricing and fees SoLo does not post a single interest rate.

Rather, the real cost is the tip plus the donation. Borrowers pick a tip from 0 to 15 percent for the lender. In addition, they pick a donation for SoLo, shown as 8, 9, or 10 percent.

According to SoLo, the average tip runs about 10.4 percent. Meanwhile, a late payment adds a fee of 15 percent or $5, whichever is greater, paid to the lender. Regulators, for their part, did the annual math.

The CFPB alleged that treating tips and donations as finance charges pushed the effective APR past 300 percent on many loans, and past 1,000 percent on some. Similarly, the District of Columbia found loans that averaged more than 500 percent APR. SoLo disputes that framing.

Specifically, it says tips and donations are voluntary and are not fixed fees. Furthermore, it argues they should not count as an interest rate at all. Both views appear here so you can weigh the mechanics yourself.

If a borrower misses a payment, SoLo does not report it to the credit bureaus. Instead, it can refer the account to third-party collections. Be sure to read the current terms before you learn what happens if you default on the loan.

Peer-to-peer lending vs company-funded cash advance apps The funding model matters. On SoLo, a member's own money is at risk if a borrower defaults, and SoLo offers only limited lender protection. With company-funded apps, by contrast, the company itself covers the advance.

This is why SoLo calls itself community finance. It is also why regulators studied whether the fee setup works like interest anyway. SoLo Funds reviews and ratings Review scores are mixed.

On one hand, app users tend to rate SoLo well. On the other hand, complaint boards show more friction. Here is where each