What Is SoLo Funds? The Complete Guide to Community Lending

QUICK TAKE

• SoLo Funds is a peer-to-peer lending marketplace, not a bank or payday lender.
• No traditional credit score requirement; loans are community-funded within 35 days.
• For lenders: returns are not guaranteed and the loan amount may be lost.

GOOD TO KNOW

• All loan requests need to be verified and funded by a lender.
• Tips are optional and set by the borrower.
• If you lend, repayment isn’t guaranteed, you could lose the amount you funded.

SoLo Funds is a peer-to-peer lending platform where community members lend to and borrow from each other, no interest, no traditional credit score requirement. It’s not a bank loan. It’s a marketplace where your community funds your request. Here’s what you should know about how it works.

The Short Version: What SoLo Funds Does

SoLo Funds connects people who need short-term cash (borrowers) with people who want to put their money to work in their community (lenders). It’s a marketplace, not a lender, which means real people fund real requests, and the whole system runs on community trust rather than credit scores.

“Your community has your back.”, SoLo Funds mission

How It Works for Borrowers

• Request: Submit a borrow request in the SoLo app. Tell the community how much you need ($20–$650), what it’s for, and when you’ll repay, all within 35 days.
• Get funded: A community member reviews your request and chooses to fund it. No traditional credit score requirement. Community-driven decision.
• Receive funds: Money typically arrives in your SoLo wallet after being funded, though timing depends on the transfer method. Standard bank transfers may take a few business days; faster options may be available and may include a fee.
• Repay: Repay within your agreed timeline. On-time repayment builds your SoLo Score, making it easier to get funded faster in the future.

→ SoLo FAQ: How much can I request?

→ SoLo FAQ: What are the borrowing costs?

→ SoLo FAQ: What’s the APR or Interest?

How It Works for Lenders

• Browse requests: See real loan requests from community members, including their purpose, SoLo Score, and repayment date.
• Choose who to fund: You decide which requests to fund based on your own criteria. SoLo Gold members get access to advanced data and insights to help make smarter lending decisions.
• Earn returns: SoLo Gold members may earn returns on their lending activity. Returns are not guaranteed and the loan amount may be lost. See the Terms for the full rules.
• Build community: Your capital stays in your community, funding real people’s real needs. The return isn’t just financial.

→ SoLo FAQ: The Fundamentals of Successful Lending

→ SoLo FAQ: What are the lender fees?

What Makes SoLo Different From Other Financial Apps

SoLo Gold: The Premium Membership

SoLo Gold is our premium membership tier for members who want to take their lending activity further. With Gold, you get:

• Advanced lending insights and SoLo Score analytics
• Priority customer support
• Additional exclusive benefits, check the Terms for the full list

→ SoLo FAQ: Are there additional fees?

Who Uses SoLo Funds?

SoLo Funds serves a large and growing community of members across the United States, primarily people who have been underserved by traditional banking, including gig workers, first-generation wealth builders, and communities where bank branches have been systematically closed or never opened. SoLo is a Certified B Corporation and Public Benefit Corporation, meaning its mission, closing the racial and economic wealth gap, is legally embedded in its business model.

Ready to experience community lending? Download the SoLo Funds app and join a growing community of members who are building financial freedom together.