Your Guide to
SoLo Borrow

SoLo Funds is a community banking platform with lending, borrowing, banking and intelligence in one place. SoLo Borrow is the borrower's side of it where you have the ability to request and receive funding from real people in the community.

Here's how it works: You post a short-term, small-dollar loan request and set your own terms. A lender in the community decides whether to fund your request. There's no application to fill out, no credit pull, and no big institution standing between you and your funds. Every loan is direct, person to person, both funded and repaid.

Why it's different: You set your own price, tip, donation, and your repayment date. Unlike almost every other short-term option out there, SoLo's costs don't compound over time. What you agree to is what you owe.

Real people, verified results

Every SoLo loan is funded by a real person: a member of the community who chooses your request and receives your repayment. This is not a faceless institution, and the results are public and independently verified.

SoLo is a Certified B Corporation, certified since 2021 and recertified in 2026 with a B Impact Score of 139.4, nearly three times the median for ordinary businesses. B Corp certification is an independent, rigorous review of how a company treats its members, and you can verify SoLo's certification yourself at bcorporation.net. Banking services are provided by Bangor Savings Bank, Member FDIC.

Don't just take our word for it. The 2026 Cash Poor Report at cashpoor.com breaks down the real cost of borrowing across subprime credit cards, payday loans, cash advance apps, buy now pay later, small-dollar bank loans, and SoLo. See Section 11 to read more about why SoLo comes out as the most affordable.

Getting funded comes down to three steps. Skipping or rushing any of them is the most common reason first-time borrowers get stuck.

Step 1 — Verify it’s really you

Every member, whether borrowing or lending, goes through a quick identity check: your name, address, date of birth, Social Security number, and a government ID. It’s the same standard used to open a bank account, and we use Plaid to handle it securely.

Step 2 — Connect your bank account

This is the most important step. Your SoLo Score (Section 6) is built from the activity in this account, so the stronger the account, the stronger your score. The bank account you connect needs to meet a few requirements to help you get the best results:

• A personal checking account. Not a business account or a savings account.
• Active, with transaction activity that shows regular use.
• In good standing, with a positive balance.
• At least 90 days old, so there is account history to work with.

The strongest starting scores come from accounts that show real financial life: a strong payroll history of steady income deposits and a balance. That is what gives SoLo the clearest evidence of healthy financial habits.

Your bank account information cannot be revised once it’s been connected, so select carefully when you sign up.

Step 3 — Create a loan request, and add your debit card

Once your identity and bank account are verified, you’re ready to request. Head to the marketplace and select “Borrow”. Include the amount you need, why you need it, your tip, your donation, and how long you need it for.

Once you’re ready to submit your loan request, you’ll also need to add a debit card issued to you. Requesting a loan requires a debit card that matches the bank and checking account connected in Step 2. Credit cards, prepaid cards, and debit cards from a different bank aren’t accepted. Your connected checking account must also have a non-negative balance when you submit a funding request, or the submission won’t go through.

You can update your debit card up to three times within a 30-day period. If you have a loan pending funding or repayment, you can update your debit card once that loan is no longer pending.

Connecting a strong checking account and debit card from the start will help you get started with your first loan request faster and more easily.

Here is the full path, from sign-up to repayment:

1. Verify your identity. Required before anything else. See Section 2.
2. Connect your bank account. Your everyday checking account gives you the strongest starting score. This locks once connected.
3. Submit your request. Select your amount, reason, tip, donation, and duration. Your account balance needs to be at zero or above, a negative balance will stop the request from going through. Your repayment date doesn’t have to be the shortest option. It can align with your pay schedule.
4. Add your debit card. This is what you use for transferring funds and manual/automatic repayment. It needs to be a real debit card in your name and has to match the bank account from Step 2. Credit cards or prepaid cards are not accepted.
5. Get funded. A lender in the community reviews and funds your request.
6. Receive your funds. Your funds will be located in your SoLo Wallet. From there, you choose how to use them.
7. Pay back your loan. Paying back early or on time can help boost your SoLo Score and give you access to better loan opportunities in the future.

Three ways to use your funds

• SoLo Debit Card — free and instant. Spend straight from your Wallet with no fee and no waiting.
• Instant transfer — 1.99% fee. Move the money to an outside account right away.
• ACH transfer — free, no fee. Move the money to an outside account at no cost. It takes standard transfer time.

The best option for using funds: of the three ways mentioned above, the SoLo Debit Card is the only one that’s both free and instant. Free ACH takes standard transfer time, and instant transfer is immediate but costs 1.99%. If you don’t need the money on an outside card or account right away, spending straight from your SoLo Debit Card skips that fee completely, while still giving you instant access.

Manual vs. scheduled repayment

Manual repayment means you open the app any time on or before your due date and pay it off yourself. You’re in control of exactly when it happens.

Scheduled repayment happens automatically. When you submit your loan request, you authorize SoLo to automatically charge your linked debit card for the amount due on your scheduled repayment date. If you haven’t repaid your loan manually by then, our system will automatically trigger a scheduled repayment on your behalf.

The core rule. Requesting a loan pre-authorizes the pull, so whether you repay manually or let that authorized pull run, the money needs to be there and available on your scheduled date. Confirming that before you set your duration is the single most controllable thing a borrower can do to protect their SoLo Score.

Every loan request has five parts, and you set all of them:

1. Principal Amount. The amount you’re asking for, up to $650.
2. Tip (Optional). This goes 100% to the lender who funds you. You decide the amount, up to 15%.
3. Donation (Optional). This goes to SoLo. Your lender covers it upfront when you’re funded, and you pay it back when you repay your loan. You can adjust it anytime in Settings.
4. Duration. You choose, up to 15 days. This becomes your scheduled repayment date.
5. Reason. Tell us why you’re borrowing.

Why the tip and donation are up to you

Generally, someone else sets the price everywhere else: a payday lender sets the fee, a credit card company sets the APR, a bank sets the overdraft charge. SoLo flips that around. We believe you should decide what a loan is worth to you. You’re the one who knows what $200 is actually worth to you this week, so you have the ability to set the price.

It’s not about always paying nothing, it’s about pricing your request fairly. A subprime credit card averages 51% in total cost. A payday loan averages 46%. If a 10% tip and a small donation gets your $300 funded in twenty minutes instead of sitting unfunded for days, that’s still a fraction of what those other options cost you.

Two separate consequences can happen at different times if you’re late with repayment. Here is the timeline:

The moment you miss your scheduled due date

Your SoLo Score takes a hit immediately. This happens the moment your due date passes without repayment. It’s a score consequence, not a fee.

The grace period

We give you a grace period window through day 35 to repay before things move to a more serious stage. If you repay anywhere in this window, you can avoid the late fee.

The late fee

If your loan is still unpaid after day 35, that’s when a 15% late fee gets added on top of everything else you owe. Before day 35, your SoLo Score is the only thing that’s been impacted. After day 35, it’s both your SoLo Score and additional fees.

Beyond day 35

If things stay unresolved, our automated recovery attempts escalate to human outreach. If a loan is still unresolved by day 90, it moves to a third-party collections agency.

If you can't pay

If you’re coming up short on your due date, two things can help right away:

• Reach out to our customer support directly to work out a plan before you hit day 35.
• Earn SoLo Credits through SoLo Play or Referrals (Section 12). Credits can help lower the amount you owe.

Getting ahead of it gives you a lot more options than waiting for things to catch up to you.

Your SoLo Score is a risk score ranging from 1 to 99 that’s based entirely on your own banking and repayment behavior. It’s not a traditional credit score, and it’s never shared with Equifax, Experian, or TransUnion.

The biggest factor in getting funded

Set your expectations here: your SoLo Score is the single biggest factor in whether your request gets funded, or not. Lenders are real people choosing which requests to fund, and your score is the first thing they weigh. If your requests keep going unfunded, a low score is usually the reason, not your tip and not your wording.

A healthy SoLo Score reflects healthy financial habits, and it starts with the account you connect. An account with a strong payroll history of steady income deposits and a balance gives SoLo real evidence of those habits, and gives you the strongest possible start.

Where you start

When you first connect your bank account, your starting score falls somewhere between 30 and 60. No matter how strong your account is, 60 is the highest score any new borrower can start with. Anything above your starting number gets earned over time, through strong repayment history or a SoLo Score Boost (Section 8).

How to increase your SoLo Score

• Repaying early or on time.
• Connecting more verified payment methods (Section 8).

What lowers your SoLo Score

• Missing your scheduled repayment date, even if you repay within the grace period.

55 is the golden baseline

Borrowing with a score below 55 can make things harder and is not recommended. It can lower your chances of getting funded because only borrowers with a SoLo Score of 55 or higher qualify for lender-side protection. You can still request a loan with a score below 55. Just keep in mind that lenders may see it as a higher-risk request, so a clear and compelling reason can help.

Since the SoLo Score ranges from 30 to 60 for new borrowers, some may start above 55, while others may need time to build their score. Reaching a score of 55 is an important milestone because it can make your request eligible for lender protection, which may improve your chances of getting funded.

Your borrowing limit grows over time and is directly tied to your SoLo Score. SoLo calls this the ladder.

• Start. New borrowers start with a SoLo Score between 30 and 60 and typically have access to $20 to $100, depending on their starting score.
• First real milestone: crossing 55. This is the point where your request becomes more likely to get funded.
• Climb. Every on-time repayment can help increase your score, which can unlock a higher borrowing limit for your next request.
• Reach the ceiling. Your limit increases step by step toward the $650 maximum as you build your track record.

There are two ways to increase your SoLo Score: build your repayment history with consistent, on-time payments, or use SoLo Score Boost, the faster option covered next. Most borrowers who build their score quickly use both strategies: they boost their score to reach 55 faster, then rely on consistent, on-time repayments to work their way up to the $650 borrowing limit.

Want to reach 55 faster without waiting through multiple repayment cycles? You can boost your score by connecting more accounts.

Connect additional bank accounts and debit cards

Connect additional bank accounts and debit cards to your profile beyond the ones you used to sign up. This gives SoLo more financial data, like transaction history, balances, and cash flow, which can trigger a full re-score.

Your cost is based on what you choose, plus a capped set of fees that only apply if you’re late past the grace period. These fees never compound.

Total cost = Tip (up to 15%) + Donation + Transaction fees + additional fees

Additional fees may apply:

• 15% late fee if your loan remains unpaid past day 35
• 1.99% instant withdrawal fee if you choose instant withdrawal
• Transaction fees: 2 × (0.9% of principal + $0.70)

Cost	Amount	When you pay it
Tip	Up to 15%	You choose it. It goes to your lender.
Donation	You choose	Optional. It goes to SoLo. Change it in Settings.
Late fee	15%	Only if unpaid past day 35.
Transaction fee	2 × (0.9% + $0.70)	Standard payment processing.
Instant transfer	1.99%	Only if you send money to an outside account instantly.
SoLo Debit Card	Free	Spend from your Wallet instantly at no cost.

Repay on time with no tip or donation, and your cost can be as low as 0%. Even if you’re fully late and all applicable fees apply, your total cost is capped at 36% and never grows beyond that. On average, SoLo borrowers pay around 17% in total costs. Unlike the other options in the Cash Poor Report, SoLo’s minimum, maximum, and average costs have remained unchanged since 2023.

First, a reset on expectations: your SoLo Score is the biggest factor in whether you get funded. Everything below helps, but nothing helps as much as a score above 55.

Once you’re above 55, these factors can help strengthen your request:

• Keep building your score. A higher score above 55 can help your request stand out among other requests.
• Be specific about your reason. A clear, specific reason gives lenders more context about what you need and why.
• Complete your profile, including a photo. A complete profile can help build trust with lenders.
• Set a tip that fits your situation. If your score is below 55, a higher tip may help offset the additional risk for lenders.
• Request an amount that fits your track record. Asking for an amount that aligns with your borrowing history can make your request easier for lenders to evaluate.

The 2026 Cash Poor Report (cashpoor.com), built with Morgan State University, measured the true cost of borrowing $1,000 across every major option. The numbers below include every fee, not just the advertised rate:

Option	Average	Lowest	Highest	What to know
SoLo	17%	0%	36%	You set the price. Costs never compound.
Cash advance apps	9%	4%	15%	Low average, but transfer fees add up and steady income is required.
Buy now, pay later	21%	3%	42%	Cheap at first. Interest and repeat late fees stack across plans.
Small bank loans	24%	15%	33%	You need a checking account at that bank to qualify.
Payday loans	46%	32%	61%	The highest starting cost of any option.
Subprime credit cards	51%	10%	96%	The most expensive option, and the most widely used.

Subprime credit cards cost Americans roughly $17.4 billion a year, with costs reaching as high as 96% of the original balance in the worst case. SoLo is the only option on this list where the borrower sets the cost, with fees capped and never compounded.

Two easy ways to earn SoLo Credits inside the app. Credits build up in your balance and can help lower what you owe on a loan.

SoLo Play

SoLo Play is an in-app feature that lets you earn SoLo Credits by playing mobile games. It’s available to both borrowers and lenders, and any credits you earn are added to your SoLo Credits balance in the app.

You can earn extra SoLo Credits through SoLo Play without requesting, funding, or repaying a loan.

Referrals

Our referral program lets you earn SoLo Credits by inviting friends and family to join the platform. You’re the Advocate, and the new person you invite is your Friend.

If you’re eligible, you’ll find a unique referral link in the “Share the Love” card in your Profile. When a Friend signs up using your link and becomes an active member on SoLo, you can both earn SoLo Credits. You can earn up to $10 in SoLo Credits for every person you refer and your Friend can earn up to $5 in SoLo Credits.

SoLo Play and Referrals are both available in the app, located in your Profile section. Any SoLo Credits you earn from either are added to the same SoLo Credits balance found in your SoLo Wallet. SoLo Credits can also help lower what you owe if you’re short on a repayment. See Section 5 for more details.

SoLo IQ is more than a FAQ bot. Think of it as a financial co-pilot that uses your existing SoLo data to answer any questions you might have. You don’t need spreadsheets, complicated menus, or a financial background to get the information you need.

Where to find it

SoLo IQ is always within reach, with an icon available on every main screen in the app: Marketplace, Activity, Loans, Wallet, and Profile. Tap the icon whenever you need to ask a question. You’ll need a connected bank account or debit card to access SoLo IQ, as part of the verification process covered in Section 2.

Three kinds of things it's good for

Quick navigation help. SoLo IQ can help you find settings and features, like where to turn off your SoLo Donation, update your debit card, or view your repayment schedule. If you’re not sure where to find something, ask IQ and it can point you in the right direction.

Budgeting assistance. SoLo IQ can help you build a budget, identify where you’re spending the most, and plan around your repayment date. Instead of guessing, you can use your financial information to make a plan that works for you:

• "Help me build a simple budget for next month."
• "Do I have any subscriptions I could cancel?"
• "If I want to save $200 in 60 days, what’s the easiest way to get there?"
• "Based on my spending, what repayment date makes the most sense for this loan?"

Broader financial guidance. SoLo IQ can also help you think through bigger financial goals and better borrowing decisions:

• "What can I do to build better long-term financial health?"
• "How can I improve my chances of getting funded?" (This can be a helpful first prompt if your SoLo Score is below 55. See Section 6.)

Data, privacy, and limits

SoLo IQ reads your SoLo account information and spending data, if connected, to provide guidance. While it can help you make informed decisions, it can’t move money or change your account settings on its own. You’re always in control of what actions you take. Your data isn’t used to train the model, and SoLo’s standard privacy and security protections apply.

SoLo Score. A score from 1 to 99 based on a borrower’s banking and repayment history. New borrowers typically start between 30 and 60. It is not a credit score.

The 55 Threshold. A SoLo Score of 55 is an important milestone for borrowers. Scores below 55 may make it harder to get funded. At 55 or higher, requests are eligible for lender protection, which can improve a borrower’s chances of getting funded.

SoLo Score Boost. Methods to increase a SoLo Score outside of repayment history. Borrowers can boost their score by connecting additional bank accounts and debit cards. It’s the fastest way to increase a score past 55.

Ladder System. New borrowers typically start with access to $20 to $100, with the potential to reach the $650 maximum over time.

Tip. An optional amount a borrower chooses to pay to the lender, up to 15%.

Donation. An optional amount a borrower chooses to give to SoLo. This can be adjusted in Settings.

Grace Period. The period through day 35 after a loan’s scheduled repayment date. Borrowers’ score may be affected during this period, but the late fee has not yet been charged.

Total Cost Rate (TCR). The total cost of borrowing, shown as a percentage of the amount borrowed. The Cash Poor Report uses TCR to compare the costs of different borrowing options.

Late fee. 15% of your loan amount, added only if the loan is still unpaid after day 35.

SoLo Wallet. Where your loan money lands when you get funded, and where you pay from.

SoLo Debit Card. The free card connected to your Wallet. The only way to use your loan money that is both free and instant.

SoLo Play. An in-app feature where members can earn SoLo Credits by playing mobile games. It’s available to both borrowers and lenders.

SoLo Credits. Credits a member can earn through SoLo Play, Referrals, and other in-app rewards and perks. Credits can help lower what you owe.

Referral Program. SoLo’s referral program. The Advocate is the existing member who sends the referral, and the Friend is the new member who joins through the referral. When a referral is completed, both may earn SoLo Credits.

SoLo Help. SoLo’s support team. If a borrower is having trouble making a repayment, contact SoLo Help before day 35 to discuss options.

SoLo IQ. SoLo’s built-in AI financial co-pilot. Access it from Marketplace, Activity, Loans, Wallet, and Profile to get help with navigation, budgeting, and improving your chances of getting funded. It can provide guidance, but it can’t move money or change account settings.

Scheduled Repayment. The amount a borrower owes is automatically pulled from their linked debit card on their scheduled repayment date. By submitting a loan request, they authorize this payment in advance.