March 23, 2026
What Is SoLo Funds? The Complete Guide to Community Lending
QUICK TAKE
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GOOD TO KNOW
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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 Funds | Payday Lenders (Advance America, ACE, Check Into Cash, Speedy Cash) | |
| APR | Different business models. Members set their own terms. | 300%+ APR |
| Credit check | No traditional credit score requirement | Yes (sometimes) |
| Who profits | The community | Corporate shareholders |
| Loan amount | $20–$650 | $100–$1,000 |
| Repayment terms | Up to 35 days | Due on next payday |
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. |