SoLo Funds Eligibility
Find out exactly who qualifies for SoLo Funds, what's required, and what could disqualify your application.
SoLo Funds Eligibility Requirements
Basic Requirements
- ✓US Resident — Must be a permanent resident of the United States at time of registration.
- ✓Age 18+ — Must be a legal adult in your state.
- ✓Valid US bank account — Must have an active checking account that can be connected via Plaid.
- ✓Valid email address & phone number — For account verification and loan notifications.
- ✓Smartphone — SoLo Funds operates through its mobile app only (iOS or Android).
What Disqualifies You
- ✗Living outside the US — Service is only available to US residents.
- ✗No active bank account — A linked checking account is required. Prepaid debit cards are not sufficient.
- ✗Active SoLo loan already open — Only one loan allowed at a time. Must repay current advance first.
- ✗State restrictions — SoLo Funds is not available in all US states. Check solofunds.com for the current list.
- ✗Very low SoLo Score — A poor SoLo Score (from defaulted loans or no bank activity) may prevent lenders from funding your request.
The Verification Process in Detail
Meeting the basic requirements is only the first step. The platform runs several verification checks that can approve or reject your account. Understanding what these checks look for helps you prepare and reduces the chance of unexpected rejection.
Identity Verification
You will need to photograph a government-issued ID (driver license, state ID card, or passport) and take a selfie holding the ID. The platform uses automated identity verification technology that cross-references the photo, ID document, and background systems. Approximately ninety-five percent of legitimate identity verifications complete within one hour. The remaining five percent require manual review, which can take up to seventy-two hours.
Common reasons for identity verification failure include: expired ID documents, ID photos that are blurry or partially obscured, selfies where the person does not clearly match the ID photo, and IDs from states with recent format changes that the verification system does not yet recognize.
Bank Account Verification
You will connect a US checking account via Plaid, which handles the authentication process through your bank directly. The platform verifies that the account is real, active, and in your name. It also checks basic health indicators — accounts with multiple recent overdrafts may be flagged as high-risk.
Some banks work seamlessly with Plaid (Bank of America, Chase, Wells Fargo, most credit unions). Others have limited compatibility (some regional banks may require manual verification through routing/account numbers instead of Plaid). If your bank does not connect via Plaid, contact support for manual verification instructions.
What Actually Disqualifies You
Beyond the basic requirements, several factors will disqualify your application or cause your account to be closed after creation.
Multiple recent bank overdrafts detected during Plaid verification signal high default risk. Prior default on the same platform under a previous account will be detected through SSN cross-referencing — you cannot escape a default by creating a new account. Bankruptcy filings within the last twelve months typically disqualify borrowers. Active involvement in fraud investigations related to any financial platform will disqualify. Providing false information during signup, once detected, results in immediate account closure.
If Your Application Is Rejected
Rejection notices typically do not specify the exact reason for privacy and security reasons. If you believe your rejection was in error, you can contact support with an appeal. Legitimate errors are corrected when identified — for example, if your ID expired between the time you submitted the application and the time it was reviewed, that is fixable.
If your rejection is legitimate (based on overdraft history, prior default, or other risk factors), there is no fast path to approval. Work on resolving the underlying issue — pay down overdrafts and maintain a positive bank balance for several months, then try again. Rejections are typically re-evaluated after six months.