SoLo Funds vs. Payactiv: Which Works When Your Employer Isn’t in the Picture

Quick Take

• Payactiv is an earned wage access platform that requires employer enrollment. Eligible employees can access a portion of their earned wages before payday through a participating employer.
• SoLo Funds is a peer-to-peer lending marketplace with no employer requirement. Members may request loans up to $650 funded by real members.
• Payactiv is a strong fit for employees at enrolling companies. SoLo serves everyone else, including the self-employed, gig workers, and employees whose companies have not partnered with Payactiv.
• Funding on SoLo is not guaranteed. Tips are voluntary and set by the borrower.

Good to Know

• SoLo does not report to the major credit bureaus. Third-party collectors may have different reporting practices.
• Funding on SoLo is not guaranteed and is subject to lender acceptance. Tips are voluntary and set by the borrower.
• Payactiv’s availability, employer partnerships, and fee structures may change. Verify current terms at payactiv.com before using.
• SoLo uses a bank partner (Member FDIC). Pass-through insurance may apply. Check the Terms.

Payactiv built its reputation as an earned wage access platform. For workers at companies that have partnered with Payactiv, it is a genuine benefit. The problem is: it only works if your employer is involved. SoLo Funds is designed for a world where the employer is not part of the equation at all.

How Payactiv Works

Payactiv is an earned wage access benefit delivered through employer partnerships. When an employer integrates Payactiv, enrolled employees can access a portion of the wages they have already earned before their scheduled payday. The amount available depends on hours worked in the current pay period. Payactiv may charge a fee per transaction or offer access through a subscription arrangement depending on the employer’s configuration. Verify current terms at payactiv.com.

The platform also offers additional features including bill pay, savings tools, and financial wellness resources. All of these require the employer-employee relationship to be established within the Payactiv system.

How SoLo Funds Works

SoLo Funds is a peer-to-peer lending marketplace. Members post loan requests up to $650, set a repayment date up to 15 days out, and offer an optional tip to the lender who funds them. No employer is involved at any stage. Your access to the platform is based on your SoLo Score, an internal trust metric built entirely through repayment behavior on the platform. You don’t need to connect through an employer, nor do you need to have the best credit to use SoLo.

Side-by-Side Comparison

The Gap Payactiv Cannot Fill

Payactiv is a valuable employer benefit for the workers who have access to it. For everyone else, it is simply not available. This includes workers at small businesses that have not enrolled, freelancers, gig economy workers, contract employees, and people between jobs. It also includes workers whose employers have enrolled but whose hours worked in the current period do not produce a sufficient advance amount to cover the gap they are facing.

SoLo serves all of these groups. The platform does not require you to be employed by a specific company, have a qualifying direct deposit, or have worked a certain number of hours this cycle. See how SoLo serves gig workers specifically in our dedicated article on SoLo Funds for gig workers, and how it serves hourly workers in our hourly worker guide.

When Access Is a Gap Beyond Your Wages

Earned wage access, by definition, is limited to what you have already earned. If your gap is larger than your current accrued wages or if your paycheck timing does not solve the specific bill you are facing, the advance from Payactiv may not fully address the situation. SoLo’s member funding is not tied to what you have earned in the current pay period. It is tied to what a lender on SoLo is willing to back, which can sometimes be more flexible than your current wage accrual.

Choose SoLo if

• Your employer is not enrolled in Payactiv or any earned wage access program.
• You are self-employed, a contractor, or a gig worker without a traditional employer relationship.
• You need more than your current accrued wages can support as an advance.
• You want to set your own repayment date rather than having it auto-deducted from your paycheck.

Choose Payactiv if

• Your employer is enrolled in Payactiv and the benefit is available to you.
• You want to access wages you have already earned without any borrowing involved.
• You prefer automatic paycheck deduction over managing a repayment date.

SoLo FAQ: How does borrowing work?
SoLo FAQ: What is the SoLo Score?
SoLo FAQ: What is a tip on SoLo Funds?

No employer required. Funded by members, up to $650. Download SoLo Funds today.

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