SoLo Funds Fees & Costs
Complete, transparent breakdown of every cost you might encounter on the service — no surprises.
Every SoLo Funds Fee, Explained
No hidden costs. No surprises. Here's exactly what you might pay — and when.
| Fee | Amount | Who Pays | Mandatory? | Notes |
|---|---|---|---|---|
| Lender Tip | 0–15% of loan | Borrower | Optional | Goes to the lender; set by borrower when creating request |
| Platform Donation | 0–9% of loan | Borrower | Optional | Supports SoLo Funds; can increase funding likelihood |
| Fast Funding Fee | 1.99% of loan | Borrower | Optional | Enables ~20-min instant transfer instead of 1–3 day ACH |
| Late Fee | 10% of loan or $5 (whichever is greater) | Borrower | Mandatory if late | Charged automatically on missed due date |
| Membership / Subscription | $0 | N/A | None | No monthly or annual fees |
| Interest / APR | $0 | N/A | None | Zero mandatory interest on any loan |
| Collections Fee (lender) | 30% of recovered amount | Lender | If default | Deducted from any amount recovered after 90-day default |
Real Cost Example: $200 Loan
*Tips and donation are optional and set by you. This example uses typical rates.
Is SoLo Funds Cheaper Than Payday Loans?
Traditional payday loans typically charge $15–$20 per $100 borrowed (equivalent to 391%+ APR). this platform' voluntary model can be significantly cheaper — but only if you keep your tip and donation low.
| Option | $200 Loan Cost | Equiv. APR |
|---|---|---|
| SoLo Funds (0% tip) | $0 | 0% |
| the app (10% tip) | $20 | ~260% |
| Typical Payday Loan | $30–$40 | 390–520% |
| Credit Card Cash Advance | $10–$15 | ~25–30% |
The Complete SoLo Funds Fee Structure
SoLo Funds' fee model is different from traditional lenders. Here's exactly what you might pay, when, and why.
1. Voluntary Tip (0–15%)
The tip is what motivates a lender to fund your request. You choose the percentage, and lenders decide whether to accept based on that offer combined with your SoLo Score. A higher tip = faster funding. A lower tip = risk of not getting funded at all.
Typical tip range: First-time borrowers usually offer 10–15% to attract lenders quickly. Experienced borrowers with high SoLo Scores can often get funded with 5–8% tips.
2. Voluntary Donation to SoLo Funds (0–9%)
This supports the platform' operations. It's completely optional and does NOT affect your funding chances. Many experienced borrowers set this to 0%. New borrowers sometimes include a small donation as a courtesy.
3. Fast-Funding Fee (1.99% of loan amount) — Optional
Free ACH transfers take 1–3 business days. If you need money the same day (usually within 20 minutes), you can pay a 1.99% fast-funding fee. On a $200 loan, that's $3.98 for instant access.
Compare: Dave charges a flat $1.99–$13.99 for instant delivery. EarnIn's Lightning Speed costs $2.99–$5.99. On small loans under $200, SoLo Funds' 1.99% is often cheapest. On large loans ($500+), the flat fees from competitors become cheaper.
4. Late Fee (10% of loan, minimum $5)
This is the one truly mandatory fee, but only if you don't repay on time. Miss your due date and you'll owe 10% of your original loan or $5, whichever is higher. On a $200 loan, that's $20 late fee.
Late fees also hurt your SoLo Score, which reduces your future borrowing power. Late repayment is by far the biggest wealth destroyer in the the service ecosystem.
5. Extension Fee
If you know you'll be late, you can request a repayment extension. If approved by your lender, there's usually an additional fee negotiated between borrower and lender. This is better than defaulting on the original due date.
Actual Total Cost by Loan Amount
| Loan Amount | Tip (10%) | Fast-funding (1.99%) | Late fee if missed | Total cost (on time) | Total (if late) |
|---|---|---|---|---|---|
| $50 | $5.00 | $0.99 | $5.00 (min) | $55.99 | $60.99 |
| $100 | $10.00 | $1.99 | $10.00 | $111.99 | $121.99 |
| $200 | $20.00 | $3.98 | $20.00 | $223.98 | $243.98 |
| $400 | $40.00 | $7.96 | $40.00 | $447.96 | $487.96 |
| $625 (max) | $62.50 | $12.44 | $62.50 | $699.94 | $762.44 |
Assumes 10% tip and 0% donation. Add 5–9% donation if you choose to include one.
How SoLo Funds Compares on Effective APR
The tip and fees, when annualized for the short repayment period, create a high effective APR. But context matters — compare to alternatives.
| Product | $200 Cost | Effective APR (14 days) | Notes |
|---|---|---|---|
| SoLo Funds (10% tip + fast) | $23.98 | ~211% | Voluntary — can lower tip to 0% |
| Payday Loan (typical) | $45–$60 | 391–520% | Mandatory, high state APR limits |
| Credit Card Cash Advance | $14–$20 | 25–30% APR + $10 fee | Best if you have credit access |
| Bank Overdraft Fee | $35 flat per transaction | Effectively 1000%+ short term | Worst option — avoid |
| this platform (5% tip only) | $10.00 | ~130% | Slow funding but cheapest SoLo option |
Bottom line: SoLo Funds is far cheaper than payday loans and bank overdrafts, but more expensive than credit card cash advances (if you have available credit). Its voluntary tip structure means you have significant control over the cost.
Hidden Costs and Gotchas
⚠️ Missed Repayment Compounds
The 10% late fee is bad enough, but the real cost is what it does to your SoLo Score. A single late repayment can drop your score enough to require 3–5% higher tips on future loans, making borrowing progressively more expensive.
⚠️ Bank NSF Fees
the app auto-debits your bank account on the repayment date. If your account is overdrawn, your bank will charge you a $30–$40 NSF fee in addition to the SoLo late fee. Always ensure funds are available.
⚠️ Tip Pressure
Some borrowers feel pressure to offer high tips to attract lenders. Remember: the tip is voluntary. If you can't afford a 15% tip, offer 5% and wait longer. Don't inflate the tip to speed things up unless you truly need urgent funding.
Actual Cost Comparison — $200 Loan for 14 Days
Total dollar cost (tip + fees) for a $200 short-term advance across major cash advance apps and traditional alternatives.
Assumes 10% voluntary tip on SoLo Funds. Dave and EarnIn include express delivery fees. Payday loan uses industry average 15% per $100 rate.