SoLo Funds
solofunds.comSummary
SoLo Funds is a community finance platform that enables peer-to-peer lending and borrowing. It offers a SoLo Wallet with a debit card and ATM access, and plans to introduce interest-earning accounts and credit building services. The platform emphasizes quick fund transfers and a community-driven approach to financial support.
Features5/12
See allMust Have
2 of 5
Instant P2P Transfers
Prepaid Debit Card (Cash App Card)
Early Direct Deposit
Commission-Free Stock Trading
Bitcoin Trading
Other
3 of 7
Fraud Monitoring & Security
High-Yield Savings
ATM Access & Fee Reimbursement
Round-Up Savings
Pay Over Time (Afterpay)
Instant Discounts & Offers
Customizable Card Designs
PricingFreemium
See allBorrower (Optional Costs)
- Access to borrow up to $625
- Set your own loan terms
- Optional tips to lenders
- Optional donations to SoLo Funds
- No compound interest
- No rollover fees
- Instant funding (typically <20 mins)
- Credit Builder program (optional, 3rd party)
- Loan requests subject to verification and lender acceptance
- Tips and donations are voluntary but contribute to average cost
- Max loan amount is $625
Lender
- Fund loan requests from other members
- Earn voluntary tips from borrowers
- SoLo Lender Protection (optional)
- Impact Account (earn on money without choosing each loan)
- Returns are not guaranteed
- Loan amount may be lost
- Must fund individual requests or use Impact Account
Rationale
SoLo Funds offers a community finance platform that facilitates peer-to-peer lending and borrowing, which aligns with the 'Instant P2P Transfers' feature. They also explicitly mention a 'debit card with a global ATM network and no fees' which covers 'Prepaid Debit Card' and 'ATM Access & Fee Reimbursement'. While not explicitly detailed, the platform's focus on financial transactions implies a need for 'Fraud Monitoring & Security'. They also mention 'Interest-earning accounts' which aligns with 'High-Yield Savings'. However, features like early direct deposit, stock trading, bitcoin trading, round-up savings, pay over time, instant discounts, and customizable card designs are not mentioned or are explicitly stated as 'Coming Soon' and thus not currently offered.
