SoLo Funds Personal Loans: 2025 Review

SoLo Funds is best for peer-based financing

SoLo Funds uses a peer-to-peer lending model to fund its loan offerings, which borrowers can receive as soon as the same day. Peer-to-peer, or community, lending involves borrowing money from an individual person, group of people or company that invests in your loan. With Solo Funds, any user can borrow money or lend it, with users getting funding from peer lenders as early as the same day.

Costs to borrow are optional. You can choose to tip your lender or donate to the platform — or neither. According to SoLo Funds, the average cost is about 17% of the loan amount, though costs can range anywhere from 0% to 36% of the loan amount. This is competitive with average personal loan rates, but the quick repayment period may make it difficult for some borrowers to handle.

There are also late fees that can be up to 30% of the loan amount, which is paid from the recovered amount of the lender. So while you won't need to pay any fees to borrow, you may need to budget for the optional tip and potential late fees.

SoLo Funds personal loan purposes

Loan funds can be used for anything, but borrowers will need to explain their intended loan purpose when requesting a loan. In addition, SoLo Funds requires the borrower to find a lender willing to lend money for that purpose. 

If you're having trouble finding a community lender to fund your loan, you could try a different pay advance app that doesn't require an explanation of your intended use. Or, if the loan amount is relatively small, you may consider using a secured credit card instead.

Where SoLo Funds personal loans fall short

• Short loan terms: While you can choose your own loan term, you must repay the loan within a maximum of 35 days.
• Low maximum loan amounts: You can only borrow up to $625, and you can only request one loan at a time.
• Loan amount restrictions: Your maximum loan amount is restricted by your SoLo Score and membership status. The higher your score, the more you're able to borrow. New members are limited to a maximum loan amount of $100.
• Confusing fees: Adding a tip for your lender could lead to paying more than you would with a more traditional personal loan. There are also different late charges and transaction fees based on how late you are, and this fee structure has resulted in multiple lawsuits against SoLoFunds.

SoLo Funds customer resources

Customer support

SoLo Funds users in need of assistance can email help@solofunds.com, fill out an online form or use its chat feature to reach the customer support team. There is no phone number to call, and customer support hours are not listed.

Digital experience

SoLo Funds has a free mobile app which helps users borrow and lend on-the-go. As of February 28, 2025, the app has a 4-star rating on Google Play and a 4.3-star rating on the App Store. 

How this lender compares

SoLo Funds vs. 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, including bad credit 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 may charge an APR of up to 36 percent, and terms last up to 60 months. 

SoLo Funds vs. 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 percent 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. 

How Bankrate rates Solo Funds

Many of the negative reviews are from borrowers who were unable to access their loan funds or unable to get help from customer support. One user who couldn't access their funds tried numerous times to reach customer support: