SoLo Funds is a US-based, peer-to-peer (P2P) cash advance app. It offers borrowing and lending options, and anyone who has a membership can lend or borrow from other members.
Like other pay advance apps, SoLo Funds offers loans with no interest. Loan amounts range from $20 to $575 — higher than many other cash advance apps in both the US and Canada. It also helps US residents build credit by reporting payments to the American credit bureaus.
Here are some great alternatives to the SoLo Funds app you can apply to in Canada, highlighting different needs like longer repayment terms, larger amounts or when you need instant delivery.
Is SoLo Funds in Canada?
No, SoLo Funds is not available in Canada. Instead, SoLo Funds is based in Los Angeles, California in the US and only offers loans to US residents. It has been BBB accredited since 2022 and currently has a B rating.
Alternative for no credit check cash advances: KOHO
⚠️ Warning: Be cautious with payday loans
High-cost payday loans are unsustainable for borrowing over a continued period of time and are expensive as a means of longer-term borrowing. View payday costs and regulations by province here. If you're experiencing financial hardship call Credit Counselling Canada for free financial counselling (Monday-Friday 8:00am-5:00pm at +1 866-398-5999). You may also want to consider payday loan alternatives.
iCash provides quick funding and accepts non-employment income. You can get e-Transfer funding in as little as 2 minutes after approval. Unlike SoLo Funds, iCash provides payday loans so you can borrow more but at higher rates.
4.8/5 stars based on over 2,100 Trustpilot reviews
GoDay offers payday loans you can apply for and get approved for within minutes. Once approved, loan funds can be transferred within minutes. While SoLo Funds offers small pay advances, GoDay in contrast offers payday loans, which means you can borrow up to $1,500 at a high interest rate.
4.5/5 stars based on over 2,300 Trustpilot reviews
Apply online for an interest-free line of credit of up to $150 to cover small expenses and build your credit. Get funds in 1-3 business days with a free account. For $11.99 per month, get access to premium services, including funding in 1-30 minutes, a free Equifax credit report and identity theft protection. Repay on your next payday or extend the deadline if you're not ready.
No credit check required
No application fee
No late payment fee
More affordable than payday loans
$11.99 per month for fast transfers, full credit report and other premium perks
Small loan amounts only
Loan amount
$30 – $150
APR
Starting at 0%
Term
30 days, extendable
Fees
No interest or fees to access credit line, optional $11.99/month membership to get premium services such as instant funding
Turnaround time
1-30 minutes with a paid membership or 1-3 business days with a free membership.
Bree, another pay advance app, lets you borrow a small amount of up to $250 to help you cover expenses until your next payday. Like SoLo Funds, Bree won't charge any interest, but there is a small fee if you need funding within a few hours.
Easy application process
No credit checks
0% interest and no late fees
Loan amount may not be enough for your needs
Monthly fee for Bree's budgeting tool
Fee for fast transfers
May not improve your credit, unlike Nyble
Loan amount
$20 – $250
APR
Starting at 0%
Term
Next pay cycle (61 days max.)
Fees
No interest or fees to access cash advance, fee for express funding (varies based on advance)
Turnaround time
Within 8 hours for the express option (fee charged based on advance amount) and up to 3 business days for standard delivery
Alternative for no credit check cash advances: KOHO
Get a zero-interest cash advance ranging from $20 to $250 when you pay a subscription fee starting at $2/month. You'll need a KOHO account to access this service.
SoLo Funds is a solid P2P lending platform in the US, with a high lending amount compared to other cash borrowing apps. Consider other pay advance apps in Canada like Bree, where you can borrow up to $250, or Nyble, where you can borrow up to $150.
Another notable feature is that SoLo Funds (like Canadian pay advance app, Nyble) is one of the few cash advance apps that reports payments to the credit bureaus so borrowers can build or improve their credit.
There’s an optional feature to tip the lender member from 0% to 15% of your amount or give a voluntary donation to SoLo Funds. There are late fees, and if you don’t repay the loan within the term, you owe a late fee of 10% of your principal on the 35th day after the loan originated.
Pros
High $575 advance
Same-day funding available
Reports payments to credit bureaus
Cons
Can’t lend and borrow at the same time
Mixed customer reviews
How to decide which SoLo Funds alternative is right for you
Because SoLo Funds isn’t available in Canada, you’ll need to decide which Canadian alternative is right for you. The first thing to think about is what type of loan to apply for given how much money you need.
If you only need a small amount to get you through to the next payday, consider a 0% interest pay advance from Canadian apps similar to SoLo Funds like Nyble or Bree. If you need to borrow a larger amount and you prefer to borrow from a peer-to-peer platform, consider goPeer.
It’s usually best to avoid payday loans whenever possible because they’re one of the most expensive borrowing options on the market and can easily trap borrowers in a cycle of debt. However, if other borrowing options haven’t worked out, it’s worth looking into reputable payday loan providers like GoDay and iCash, which offer online applications and fast loan turnarounds for up to $1,500.
Chelsey Hurst is an associate editor at Finder. She loves empowering people to avoid financial pitfalls and make better decisions with their money. Chelsey has a Bachelor of Science from Redeemer University, a Master of Science from McMaster University, and has won multiple awards for research communication. In her spare time, Chelsey enjoys cooking and taking long walks in nature.
Borrowing $100 can be a quick and easy process. This guide covers how you can get a small loan in Canada, including benefits, drawbacks and eligibility requirements.
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