{“menuItems”:[{“label”:”Is SoLo Funds in Canada?”,”anchorName”:”#is-solo-funds-in-canada”},{“label”:”7 loans like SoLo Funds”,”anchorName”:”#7-loans-like-solo-funds”},{“label”:”How SoLo Funds compares”,”anchorName”:”#how-solo-funds-compares”},{“label”:”How to decide which SoLo Funds alternative is right for you”,”anchorName”:”#how-to-decide-which-solo-funds-alternative-is-right-for-you”}]}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.7 loans like SoLo FundsAlternative for peer-to-peer loans: goPeerAlternative for fast pay advance app: NybleAlternative for fee-free pay advance app: BreeAlternative for emergency loans: GoDayAlternative for fast payday loans: iCASHAlternative for in-store payday lender: Cash MoneyAlternative for account-linked pay advance: KOHOAlternative for peer-to-peer loans: goPeer
$1,000 – $35,000
Loan amount
8% – 54%
APR
36 – 60 months
Term
goPeer is a peer-to-peer network that lets Canadians borrow from other Canadians instead of big lenders. goPeer offers larger loan amounts and higher interest rates compared to SoLo Funds. Keep looking if you have bad credit because goPeer only offers loans to borrowers with good to excellent credit.
Anonymous application
15-day grace period for unexpected events
No prepayment penalties
High credit score required
Rates as high as 54%
Origination fee baked into APR
Loan amount
$1,000 – $35,000
APR
8% – 54%
Term
36 – 60 months
Interest Rate Type
Fixed
Min. Credit Score
650
Fees
Origination fee variesNo application or prepayment fees
Turnaround Time
Receive a response within 24 hours of your loan application
Serviced Provinces
All provinces
Alternative for fast pay advance: Nyble
Nyble Credit Line
$30 – $150
Loan amount
Starting at 0%
APR
Flexible
Term
Nyble is a pay advance app similar to SoLo Funds, but instead of being a peer-to-peer lender, it is a direct lender. Fill out an application on the Nyble app to borrow between $30 and $150 interest-free. Get your funds within 3 business days or pay a small fee to get it within 30 minutes.
Your limit can increase up to $500 for repeat borrowers
No credit check required
More affordable than payday loans
Membership fee of $4.99 – $7.99 per month to keep the app active
Small loan amounts only
Fee charged for fast money transfers
Loan amount
$30 – $150
APR
Starting at 0%
Term
Flexible
Interest Rate Type
Fixed
Fees
$4.99 – $7.99/month membership fee
Origination Fee
$2.99 – $5.99
Turnaround Time
Within 30 minutes if you pay a fee of $2.99 – $5.99 or within 3 business days if you don’t want to pay a fee.
Alternative for fee-free pay advance: Bree
Bree Early Pay
$20 – $200
Loan amount
Starting at 0%
APR
Next pay cycle
Term
Bree, another pay advance app, lets you borrow a small amount of up to $200 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 – $200
APR
Starting at 0%
Term
Next pay cycle
Interest Rate Type
Fixed
Fees
No interest or mandatory fees
Turnaround Time
Less than eight hours if you pay a $1.99–$6.99 fee or up to three business days.
⚠️ 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. 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.
Alternative for emergency loans: GoDay
GoDay Payday Loan
$100 – $1,500
Loan amount
1 – 62 days
Loan Term
2 minutes
Min. Turnaround Time
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
Get loan funds via e-transfer
Apply and get funding 24/7
Very expensive APR
Can easily trap customers in a cycle of debt
Only available in AB, BC, MB, NB, NS, ON, PEI, SK
Loan amount
$100 – $1,500
APR
Varies by province
Term
Up to 62 days
Min. Turnaround time
As little as 2 minutes with INTERAC e-Transfer®
How to apply
OnlineIn Store
Credit Check
Yes
Alternative for fast payday loans: iCASH
iCASH Payday Loan
$100 – $1,500
Loan amount
7 – 62 days
Loan Term
2 minutes
Min. Turnaround Time
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
Get money within an hour
Get funded 24/7
Payday loans are expensive
Short repayment terms
Only available in AB, BC, MB, NB, NS, ON, PEI
Loan amount
$100 – $1,500
APR
Varies by province
Term
7 – 62 days
Min. Turnaround time
As little as 2 minutes with INTERAC e-Transfer®
How to apply
OnlineIn Store
Credit Check
Yes
Alternative for in-store payday lender: Cash Money
Cash Money Payday Loan
$100 – $1,500
Loan amount
5 – 40 days
Loan Term
15 minutes
Min. Turnaround Time
Cash Money offers higher loan amounts (and higher rates) than SoLo Funds through its payday loans. Get instant approval and funding in as little as 15 minutes when you use the Cash Money app.
Instant decisions
Fast access to funds
Established lender with A+ Better Business Bureau rating
Not available in all provinces
High cost of borrowing
Loan amount
$100 – $1,500
APR
Varies by province
Term
5 – 40 days
Min. Turnaround time
As little as 15 minutes with INTERAC e-Transfer®
How to apply
OnlineIn Store
Credit Check
Yes
Alternative for account-linked pay advance: Koho
KOHO Save
4%
Interest Rate
$0
Account Fee
$0
Transaction Fee
KOHO offers Instant Pay, which allows you to access up to 50% of your pay for every day you work with no interest charge. However, to qualify for Instant Pay you’ll need to sign up for a KOHO savings account with active payroll deposits and get your employer to share payroll information with KOHO.
No interest
Free for employer to sign up
Cheaper than a payday loan
Fast access to funds
Your employer must sign up for it
Min. Age
18
Account Fee
$0
Transaction Fee
$0
Interac e-Transfer Fee
$0
NSF Fee
$0
Maximum borrowing costs of payday loans per province
Always refer to your contract for exact repayment amounts and costs as they may vary from our results.
Province
Maximum allowable cost of borrowing
Alberta, British Columbia, New Brunswick, Ontario & Prince Edward Island
$15 per $100 borrowed
Manitoba, Saskatchewan & Nova Scotia
$17 per $100 borrowed
Newfoundland and Labrador
$14 per $100 borrowed
Quebec
Limit of 35% annual interest rate (AIR)
How SoLo Funds comparesSoLo 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 $200, 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.ProsHigh $575 advanceSame-day funding availableReports payments to credit bureausConsCan’t lend and borrow at the same timeMixed customer reviewsHow to decide which SoLo Funds alternative is right for youBecause 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.
