Fees checked against each app’s own terms Not financial advice
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SoLo Funds SoLo Borrow: what $100 really costs

In brief

SoLo Funds is a marketplace where members lend to each other. You request $20–$650 ($100 at most the first time) and a lender decides whether to fund it. There’s no mandatory fee; you can offer the lender a tip of up to 15% and SoLo a donation. A 15% late fee goes to the lender if you pay late.

Fees and terms checked · Not financial advice

Not in the cost ranking: A peer-to-peer loan: other members choose whether to fund it, and the cost is an optional tip to the lender plus an optional donation.

Every published price

Quoted from SoLo Funds’s own pages, checked November 8, 2026. Each line links to where it says so.

ChargePriceFrom SoLo Funds’s page
Membership not required Unlike other platforms, SoLo does not have any mandatory fees or subscription fees for borrowing or lending.solofunds.com
Instant to the SoLo debit card $0.00 on $100 Three ways to use your funds: the SoLo Debit Card (free, instant), Instant Transfer to an outside account (1.99% fee), or ACH transfer (free, standard transfer time).solofunds.com
Instant to an outside debit card (1.99%) $1.99 on $100 There is a 1.99% fee for instant withdrawals to your external debit card. We provide a free withdrawal option via ACHsolofunds.com
Standard delivery (standard ACH time (not stated)) $0.00 ACH transfer (free, standard transfer time)solofunds.com
Tips optional The default tip is $0.00 and requires an entry. The donation can be adjusted via your selection at request and within settings.solofunds.com
Late fee (paid to lender) see quote Late Fee (paid by the borrower): 15%. This fee is assessed on the 35th day post-origination.solofunds.com
Transaction fee (when late / sent to collections) see quote Transaction Fee (paid by the borrower): 2 multiplied by (0.9% of principal + $0.70).solofunds.com
Voluntary donation to SoLo see quote A member may also make a voluntary donation to SoLo to help defray verification and transaction costs associated with a loan.solofunds.com
Instant withdrawal fee see quote SoLo charges a 1.99% withdrawal fee on instant transfers to your debit account. ACH withdrawals are available at no chargesolofunds.com

Limits, eligibility and repayment

Maximum
$650.00 We've currently set a range of $20 to $650 for loan requests. Your SoLo score determines the upper limit. solofunds.com
To start
$100.00 First time borrowers may propose a loan with a minimum of $20 and a maximum of $100. solofunds.com
Who can get it
Anyone can request a loan. No credit check, ever. All we ask is that you verify who you are and connect a checking account and debit card that's active and in good standing. solofunds.com
Credit check
No, per its own pages Loan amounts range from $20 to $650, based on eligibility, not your credit score. ... No credit check, ever. solofunds.com
Repayment
The loan duration is 35 days, but you can customize your scheduled repayment time period to be shorter. solofunds.com
Interest
Our voluntary flat fee structure currently does not fit the definition of an accrual-based calculation like APR or simple interest. solofunds.com
States
SoLo is coming back to California! ... we temporarily paused our operations in July 2021 ... While we do not have an exact date for when the service will be available again (similar notices for Maryland, Pennsylvania, Connecticut and D.C.) solofunds.com
Bank connection
Plaid Second, all borrowing members connect their external bank accounts via our open banking provider Plaid. solofunds.com
Works with Chime
Only “most banks” wording We are always working to add more banks as we grow. If your bank is not listed we may not support them at this time. solofunds.com
Works with Cash App
Only “most banks” wording We are always working to add more banks as we grow. If your bank is not listed we may not support them at this time. solofunds.com

Worth knowing

  • SoLo’s own pages disagree on the maximum ($650 on its site, $625 in its terms).
  • Loans run up to 35 days.

Regulatory actions

From official sources only. A complaint states allegations; it is not a finding.

  • Massachusetts Division of Banks (consent order): SoLo allegedly operated as a small loan company in Massachusetts without a license from at least May 2019 to about 2024-06-05, when it said it had stopped business in the state. It pays a $50,000 administrative penalty, without admitting the allegations (Docket 2024-008). Status: Resolved by consent order. Source
  • CFPB (complaint, later voluntary dismissal): The CFPB sued in the Central District of California (No. 2:24-cv-04108) under the CFPA and FCRA. It alleged that SoLo advertised no-interest loans while fees made credit costly, collected on loans void or uncollectible in many states, shared inaccurate borrower credit information, and falsely threatened credit reporting. It amended the complaint on 2024-08-20. Status: The court denied SoLo's motion to dismiss on 2024-10-17. On 2025-02-21 the CFPB and SoLo filed a joint stipulation, and the case was voluntarily dismissed with prejudice against all defendants (case terminated). No finding of liability. Source
  • Connecticut Department of Banking (consent order): Resolves allegations that SoLo operated as an unlicensed small loan company, made deceptive or misleading statements to borrowers, and acted as an unlicensed consumer collection agency. SoLo reimburses 543 Connecticut borrowers all fees (about $220 each, nearly $120,000 total; some loans exceeded 4000% APR) and pays a $100,000 civil penalty. It followed a 2022 temporary order to cease and desist. Announced 2023-06-14. Status: Resolved by consent order. Source
  • District of Columbia Office of the Attorney General (settlement): Settlement resolving allegations that SoLo deceived consumers about loan costs. The DC AG alleged that 'tips' and 'donations' pushed average APRs above 500% versus DC's 24% usury cap. The settlement provides injunctive relief, full restitution to affected DC consumers and a penalty. Status: Resolved by settlement. Source
  • California DFPI (consent order): DFPI found that SoLo brokered loans of up to $500 in California under California Financing Law violations. The platform urged borrowers to offer lender 'tips' of up to 12%, and a 'donation' prompt to SoLo of up to 9% that borrowers could not dismiss. Ordered: desist and refrain, refund all donations to California borrowers, injunctive relief, and a $50,000 penalty. Status: Resolved by consent order. Source

Close to SoLo Funds on cost

Albert Instant Advance

$0.00 · 0% APR

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EarnIn Cash Out

$5.99 · 156% APR

MoneyLion Instacash

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Sources for this page

How costs are calculated, what is left out and how to send a correction: methodology.

Cite this page

Best Cash Advance Apps. "SoLo Funds SoLo Borrow: the true cost of a $100 advance." Updated November 8, 2026. https://bestcashadvanceapps.com/apps/solo-funds/