SoLo Funds Cash Advance: 2025 Review
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Our Take
2.5
SoLo Funds provides large peer-to-peer cash advances, but the stakes are high if you don't repay by the due date.
Pros
- No mandatory fees.
- Offers larger advances than competitors.
- Limits borrowing for first-time users.
Cons
- No guarantee of funding.
- Charges late fee.
- Requests tips.
- May be sent to collections if you don’t repay.
Lender | Est. APR | Loan amount | Min. credit score | |
|---|---|---|---|---|
8.99-
18.00% | $250-
$50,000 | None | Check Rateson NerdWallet on NerdWallet | |
8.14-
18.00% | $500-
$50,000 | 660 | Check Rateson NerdWallet on NerdWallet | |
7.90-
35.99% | $1,000-
$40,000 | 600 | Check Rateson NerdWallet on NerdWallet | |
7.99-
35.99% | $1,000-
$50,000 | 580 | Check Rateson NerdWallet on NerdWallet | |
6.70-
35.99% | $1,000-
$50,000 | None | Check Rateson NerdWallet on NerdWallet |
Full Review
SoLo Funds offers large cash advances via its mobile app. It’s a peer-to-peer lender, meaning its advances are funded by other SoLo community members.
Compare SoLo Funds to other cash advance apps, and consider alternative ways to get quick cash.
» COMPARE: The best cash advance apps in 2025
SoLo Funds cash advance amounts, fees and terms
Cash advance amounts | Up to $625. |
Fees |
|
Repayment | You’ll repay the advance on the scheduled due date. |
Time to fund without express fee | Up to 20 minutes. |
Time to fund with express fee | Instantly to an external debit card. |
How does SoLo Funds work?
SoLo Funds works by giving you a peer-to-peer cash advance, ranging from $20 to $625.
Once you submit a “borrow request” in the SoLo Funds mobile app — including how much money you need, what you need it for, when you’ll repay and any tip you’re offering — it may be funded by another SoLo Funds member.
You’ll receive the advance amount in your SoLo wallet within 20 minutes, and you can transfer the funds to your external bank account for free. If you want the funds sent instantly to an external debit card, you’ll need to pay a fast-funding fee.
Though you can choose the date you’ll repay the advance, it must be within the set repayment term, which SoLo says is 35 days. Pay attention to your scheduled due date; the consequences for not paying are much higher than other cash advance apps (more on this lower down).
If your loan request isn’t picked up by another community member, it’ll be removed after three days, and you’ll need to submit another request to get funded. You can only make one request at a time.
How to get a SoLo Funds cash advance
To get a SoLo Funds cash advance, download the SoLo Funds mobile app, create an account, link your bank account and debit card, and select the advance amount you want.
You’ll also need to meet these eligibility requirements:
Must be at least 18 years old.
Must be a United States resident or possess a 10-year (non-conditional) permanent resident card.
Must open a separate checking account at Bangor Savings Bank.
Must provide a telephone number and/or email address.
Must show a positive balance greater than $0.01 for all bank accounts linked to your profile; all bank accounts with that bank must remain open, including savings accounts.
Must authorize SoLo to utilize data contained in your application, including supporting documentation, social media account information and account activity.
Nerdy Tip
A cash advance app can help cover you in a true emergency. However, NerdWallet recommends against using them regularly. That’s because research shows frequent use of these apps may lead to a cycle of reborrowing that’s hard to quit. And, since the apps often have fees, you may end up with an even smaller paycheck on payday. If you need to use a cash advance app like SoLo Funds, limit it to one-time use and avoid fees if possible.
Should you take out a SoLo Funds cash advance?
Here are some of the pros and cons of using SoLo Funds to get a cash advance.
Where SoLo Funds stands out
Offers large advances: Not all cash advance apps offer large advance amounts (most apps max out at $500 or less). SoLo stands out with its maximum of $625, which may help you cover a larger emergency expense or repair.
No mandatory fees: Unlike other cash advance apps, SoLo Funds has no mandatory fees, so you won’t pay anything extra for the service. The only fees are an optional fast-funding fee (1.99% of the advance amount), which you can avoid by opting for standard delivery, and fees for overdue payments, which you can avoid by repaying your advance on time.
Limits borrowing for first-time users: First-time users will only have access to advance amounts up to $100. This ensures users who are new to the SoLo Funds marketplace don’t request more than they can comfortably repay. According to SoLo, repaying advances on time will help you access larger amounts.
Where SoLo Funds falls short
No guarantee of funding: Because SoLo requires another community member to accept and fund your request, there’s no guarantee you’ll get the money you need when you need it. This is different from other cash advance apps, which lend to you directly, and will likely fund an advance if you meet their eligibility requirements.
Fees and collections if you don’t repay: If you fail to pay back an advance by the scheduled due date, SoLo charges a late fee of 10% of the advance amount or $5 (whichever is greater). Once your payment is 90 days overdue, SoLo charges an additional transaction fee and sells your debt to a third-party debt collections agency. Collections activity typically hurts your credit score.
These actions are extremely rare among cash advance apps, which typically take no further action if you fail to repay other than cutting off your ability to request another advance.
Requests tips: Unlike other apps, SoLo allows tips, which increases the cost of your advance. Tips may be particularly important in the SoLo Funds marketplace, since they entice a lender to fulfill your advance request. SoLo caps tips at 15% of the advance amount.
How we rate SoLo Funds
Product affordability: 3/5 stars
An affordable cash advance app charges no or minimal fees, doesn’t ask for tips and provides overdraft protection.
Product flexibility: 2/5 stars
A flexible cash advance app has a large enough maximum borrowing amount to meet users’ needs, can provide funds quickly without charging a fee and offers repayment flexibility.
Customer experience: 2/5 stars
A customer-first cash advance app will have multiple ways to contact customer service representatives, maintain a thorough FAQ on its website and clearly disclose all fees.
Customer protections: 1.5/5 stars
A consumer-friendly cash advance app will evaluate a user’s bank account history, require recurring direct deposits and implement safeguards to help prevent overborrowing.
Discretionary additions or deductions: None
A cash advance app may earn a higher star rating by offering unique features that benefit customers. Similarly, an app may lose points by offering features that disadvantage customers.
SoLo Funds reviews
Consumer ratings and complaints
At the time of writing this review, SoLo Funds is not accredited by the Better Business Bureau (BBB). BBB accreditation is an important feature to consider, since it helps establish legitimacy and provides an additional avenue for customers to file a dispute.
On Trustpilot, SoLo Funds is rated 4.3 out of five stars. Most reviews are positive, with users citing the ease of applying for an advance and getting quick access to funds as key benefits.
In the Apple app store, SoLo Funds is rated 4.3 out of five stars, with over 29,000 ratings. In the Google Play store, SoLo Funds is rated 4.2 out of five stars, with over 18,000 reviews.
On Reddit, SoLo users discuss how to increase their “SoLo scores,” a number assigned to borrowers that helps reflect their trustworthiness to potential lenders. A higher score means a greater likelihood of being funded.
Frequently asked questions about SoLo Funds cash advance
What is the most money you can borrow on SoLo Funds?
The most money you can borrow on SoLo Funds is $625. First-time borrowers can only access up to $100. To increase your advance amount up to the maximum, SoLo recommends improving your “SoLo score” by repaying advance amounts early or on time.
How long does it take to get money from SoLo Funds?
It takes 20 minutes to get money from SoLo Funds, as long as your request is accepted and funded by a fellow community member. There’s no guarantee someone will fund your request, and unmatched requests are removed after three days.
Does SoLo Funds affect your credit score?
SoLo Funds doesn’t conduct a credit check when you request an advance, so there’s no risk to your credit score. But if you fail to repay an advance, you may be sent to collections, which could hurt your credit score.
Compare SoLo Funds to other cash advance apps
SoLo Funds’ cash advance amounts are larger than other apps, but it charges a late fee for missed payments, which is rare.
Loan app | Loan amount | Speed without paying a fee | Fast-funding fee | Other fees |
|---|---|---|---|---|
$25 to $250. | Up to three days. | $0.99 to $3.99. | $8.99 or $14.99 monthly subscription fee. | |
4.0 NerdWallet rating | $20 to $500. | Up to 24 hours. | $2. | None. |
$50 to $750. | Up to three days. | Starts at $4.99 for $50. | None. | |
Up to $500. | Instant to Dave checking account. | 1.5% of advance amount (applies to external debit card transfers only). |
| |
Up to $750. | Up to two business days. | $2.99 to $5.99. | None. | |
$10-$400. | Up to five days. | $1 to $8 up to $299.99, then 3% of advance amount. | Subscription fee: $8 per month. | |
Up to $200 (higher amounts may be available for some users). | Up to three business days. | $1.49 to $19.99. | None. | |
Up to $500 (higher amounts may be available for some users). | Up to five business days. | $.49 to $8.99. | None. | |
Up to $625. | Up to 20 minutes. | 1.99% of advance amount (applies to external debit card transfers only). |
| |
Up to $500. | Instant. | None. | Advance fee: $1.60 to $40. |
Other ways to get quick cash
Download a BNPL app: If you need cash to purchase an essential item, like a laptop or mattress, “buy now, pay later” apps like Affirm and Klarna may be a good option. These apps split your purchase into smaller installments, usually with no interest and no fees if you pay on time, and you don’t need good credit to qualify.
Explore other ways to make money: Instead of borrowing money, consider a temporary gig to cover small gaps in your budget. You can make money at home or online by selling things you don’t need, taking surveys and testing websites, among other options.
Take out a friend or family loan: Friends and family are often an untapped resource for small loans. Though it may be difficult to ask for help, you can make it easier by drawing up a contract that clearly lists when you’ll repay the loan and if you’ll pay interest.
» MORE: Learn more about family loans
Consider a pawnshop loan: A pawnshop loan lets you borrow money by using a valuable item, like jewelry or electronics, as collateral. You leave the item with the pawnshop and receive a loan based on the item’s value. If you repay the loan, including fees, by the due date, you get your item back. If you don’t repay, the shop keeps the item.
Find the Best Personal Loan
NerdWallet reviews and rates cash advance products from financial companies that provide cash advance apps. We collect over 25 data points from each company, verify the information with company representatives as needed and compare the app with others that seek the same customer or offer a similar cash advance product. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
The maximum allowable rating for cash advance apps that we review is five stars. Our star ratings award points to cash advance apps that offer consumer-friendly features, including: no voluntary tips, protections from overdraft fees caused by app withdrawals, low cost of borrowing and an assessment of the user’s finances before providing an advance. The system also rewards points for features that a consumer seeking an advance would find useful, such as: fast funding without a fee, flexible borrowing amounts, overall funding speed and positive customer ratings. Additional points are awarded to apps that have stricter eligibility requirements, which can help prevent a user from overborrowing. We weigh these factors based on our assessment of which are the most important for consumers and how they impact consumers’ experiences.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for cash advance apps and our editorial guidelines.
