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 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.

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What is SoLo Funds?

SoLo Funds brands itself as “community finance,” leaning on its 2+ million users and Trustpilot “Excellent” badge. Behind the marketing, members lend to one another, so funding is never guaranteed.

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 source stands as of mid-2026, though you should check the live numbers before you publish.

Trustpilot reviews

SoLo Funds holds a 4.5 out of 5 “Excellent” score on Trustpilot across roughly 2,573 reviews as of mid-2026. Note the profile is a claimed, paid subscription, and Trustpilot states it does not fact-check reviews.

SoLo holds about 4.5 out of 5 on Trustpilot, which the site labels Excellent. That score rests on roughly 2,400 reviews. By comparison, NerdWallet cites a slightly lower 4.3. Happy reviewers point to fast funding and easy setup. Even so, Trustpilot’s own summary still flags mixed experiences with payments.

Better Business Bureau reviews

SoLo Funds is BBB accredited again as of August 2025, but currently carries a B rating with 298 complaints on file. The accreditation had been revoked in September 2024 before being restored.

The BBB lists SoLo Funds as accredited again since August 2025. Previously, the bureau had revoked that accreditation in September 2024 and dropped the rating to a D. As always, confirm the current letter grade before you publish. Common complaints involve failed payments, bank-linking bugs, and slow support.

CFPB complaint database

A 2024 report counted 33 complaints against SoLo in the CFPB database. However, pull the current number before you cite it as today’s figure.

Apple App Store and Google Play

App-store users rate SoLo higher than complaint boards do. For instance, the Apple App Store shows about 4.4 out of 5 across roughly 36,000 ratings. Likewise, Google Play shows about 4.6 stars across about 23,500 reviews, with more than 500,000 downloads.

Reddit reviews

Reddit threads, such as those on r/Sololender, focus on the tip and donation mechanic. For example, some lenders report high late rates on the loans they funded. Others, meanwhile, say the donation felt required, not optional. Read the threads for real, unfiltered sentiment.

SoLo Funds outcomes and success rate

Solid, verified outcome data is thin. Generally, SoLo shares scale numbers, not approval rates.

According to the company, it has funded more than 2.5 million loans and facilitated over $1.4 billion since 2018. In addition, it reports a B Impact score of 139.4, well above the median for rated businesses. These are company figures, however, so treat them as such.

Notably, SoLo does not publish a public repayment or default rate. Funding is not guaranteed, and a request can expire if no lender picks it up. Therefore, avoid any claim of a fixed success rate until SoLo publishes one.

SoLo Funds pros and cons

Pros

• No stated interest rate. The cost is a tip and a donation, not compounding interest.
• No traditional credit check; instead, SoLo uses bank history through the SoLo Score.
• Larger maximum advance than many rival apps, up to $650.
• A free standard transfer option sits next to a paid instant option.
• Strong app-store ratings, plus thousands of positive Trustpilot reviews.
• Certified B Corporation with a stated focus on underserved communities.

Cons

• Funding is not guaranteed, and a request can expire unfunded.
• The tip and donation model drew a federal lawsuit and settlements in at least four states.
• Per the CFPB, only about 0.5 percent of funded loans in December 2022 carried no fee, so a free loan is rare.
• BBB accreditation has flipped more than once in recent years.
• Meanwhile, a class action over the zero-interest claim is still open.
• Reviewers report slow support for payment and account issues.

Who SoLo Funds is best for

• Borrowers who checked the current tip and donation cost and feel fine with it.
• People with no credit history who accept that funding is not guaranteed.
• Members who want to lend and understand that lender protection is limited.
• Anyone who has confirmed SoLo operates in their state today.

Who should avoid SoLo Funds

• Borrowers who need guaranteed cash by a set date.
• Anyone who has not compared the real dollar cost against a cheaper option.
• People in a state with a recent action against the fee model who do not know the current terms.
• Shoppers who want one clear APR to compare, since SoLo does not post one.

SoLo Funds vs Dave

Dave is a fair comparison for cost framing, not funding model. In fact, the National Consumer Law Center named both for using a tip model that can work like hidden interest. Dave, which trades on the Nasdaq, advances its own money, so it guarantees funding once you qualify. SoLo, by contrast, brokers loans between members, so funding is never certain.

As for terms, Dave offers ExtraCash up to $500 with no interest and no credit check. It charges up to $5 a month for membership, plus an optional 1.5 percent fee for instant transfers to an external debit card. Notably, the FTC sued Dave in November 2024 over undisclosed fees. Either way, verify both brands’ current terms before you compare them.

Is SoLo Funds legitimate?

SoLo Funds is a real, operating company. Moreover, it is a Certified B Corporation and shows as BBB accredited again as of August 2025.

The regulatory record is real too. Specifically, the CFPB filed suit in May 2024 and dropped it with prejudice in February 2025 under new leadership. That was a mutual dismissal, not a court ruling that cleared the practices. Separately, state regulators in California, Connecticut, the District of Columbia, and Pennsylvania reached settlements, and SoLo admitted no wrongdoing in any of them. Pennsylvania alone sent $158,924 in restitution to 1,309 consumers. On top of that, a class action over the zero-interest claim is still open.

Independent reviews, meanwhile, lean positive. SoLo holds about 4.5 out of 5 on Trustpilot across roughly 2,400 reviews as of mid-2026. Ultimately, read the facts above and judge for yourself.

SoLo Funds review verdict

A zero-interest label sounds simple. The real cost, however, is not. You have to add the tip and the donation yourself, then compare that to a cheaper option.

Overall, the signal here is genuinely mixed. A federal case ended with no ruling. Several state cases settled with no admitted fault. Meanwhile, one class action is still open, and the BBB status has swung twice. None of that closes the question cleanly.

So judge SoLo on the mechanics, not the marketing. First, know the tip and donation cost in real dollars. Next, remember that funding is not guaranteed. Then decide if it beats your next best option. As of mid-2026, SoLo holds about 4.5 out of 5 on Trustpilot across roughly 2,400 reviews.

Ready to borrow smarter? Compare current rates and terms from vetted lenders before you apply.

SoLo Funds frequently asked questions

Is SoLo Funds safe to use

SoLo Funds is a real, BBB-accredited company and a Certified B Corporation. In addition, banking runs through Bangor Savings Bank, a Member FDIC bank. Reviews are mixed, however, so read the current terms first.

How much does SoLo Funds cost

There is no set interest rate. Instead, borrowers add a tip of 0 to 15 percent for the lender and a donation of 8, 9, or 10 percent for SoLo. In addition, a late fee of 15 percent or $5, whichever is greater, can apply.

Does SoLo Funds check your credit

No. Rather, SoLo skips the traditional credit check and uses its own SoLo Score, which reads your linked bank account history.

What happens if you do not repay SoLo Funds

SoLo does not report the loan to credit bureaus. However, it can send the account to third-party collections and may apply a late fee. Be sure to check the current terms for the full process.

Is SoLo Funds available in every state

No. In fact, SoLo has paused service in some states after regulatory actions, including Pennsylvania. Therefore, confirm that it operates in your state before you apply.

Legal disclaimer. This article is for information only. It is not financial or legal advice. SoLo Funds’ fees and practices have been the subject of federal and state actions and an open class action as of this article’s publish date. Outcomes may change. Verify current terms and legal status with SoLo Funds and with primary regulatory and court records before you rely on this article.