SoLo Funds is a peer-to-peer lending platform connecting individuals seeking small, short-term loans with fellow users willing to lend. Borrowers create loan requests, specifying the amount and terms, while lenders choose to fund these requests.
SoLo Funds foster a community-driven approach to borrowing, enabling financial support among peers.
Top 10 Apps like SoLo Funds – Best Alternatives
Undoubtedly, SoLo Funds offers numerous benefits to both borrowers and lenders. Its notable advantages are quicker approvals, flexible borrowing amounts, and potentially lower interest rates. However, like any financial platform, it has its share of drawbacks.
Lenders face the risk of default, and borrowers may encounter higher interest rates than traditional bank loans.
|Apps like SoLo Funds
|Peer-to-peer lending, budgeting tools, High Yield Savings Account, Free Tax Filing, Car Insurances, Personal Loans and Much more
|Competitive interest rates, robust user community, diverse loan options
|Peer-to-peer payments, banking, early wage access (up to $200)
|Free peer-to-peer payments, early wage access, cryptocurrency and stock investments
|Limited early wage access amount, late payment fees
|Free paycheck advances, budgeting tools
|Free advances on upcoming paycheck, fast processing time, budgeting tools
|Plus plan subscription for higher advance limit and credit builder
|0% APR cash advances (up to $500), investment accounts, budgeting tools
|0% APR cash advances, potentially higher borrowing limit with MoneyLion products, budgeting tools
|Account activity and income requirements, potentially lower limit initially
|Early paycheck access, financial management tools
|No interest charges or credit checks, early paycheck access, financial management tools
|No cash advances, limited advance amount
|Budgeting tools, automatic savings, cash advances (up to $250)
|Smart savings, cash advances with no late fees, budgeting tools
|Paid subscription for Genius features, lower advance limit
|Peer-to-peer lending, rating system for lower interest rates
|Potential for lower interest rates, established platform
|Strict borrower requirements, longer process
|Streamlined peer-to-peer lending, user-friendly interface
|Simple and transparent platform, user-friendly interface
|Relatively high interest rates, limited loan amounts
|Lending app for college students, financial education resources
|Tailored for students, financial education focus
|Small loan amounts, membership fee
|Peer-to-peer lending, larger loan amounts, longer repayment periods
|Larger loan amounts, longer repayment periods, established platform
|Higher credit score requirements
It’s essential to approach peer-to-peer lending carefully and consider all available options. While SoLo Funds provides a valuable service, other peer-to-peer lending platforms are in the market. Several other apps offer similar services.
Exploring these alternatives allows you to make a well-informed decision. Diversifying your options and staying aware of the broader landscape will help you secure the best possible experience.
Beem is a notable alternative to SoLo Funds in the peer-to-peer lending space. It is a user-friendly platform connecting borrowers and lenders, much like SoLo Funds. Beem is the #1 alternative for an instant cash advance of $5 – $1,000.
The range of other services and products Beem offers makes it a great alternative for emergency funds. Here’s why you should consider Beem:
Competitive Interest Rates
Beem offers competitive interest rates in its personal loan category, making it an attractive option for borrowers seeking affordable loans.
Robust User Community
The platform boasts a solid and active user community, enhancing the trust and reliability of the lending and borrowing process. Apart from this, Beem also offers several budgeting, tracking and financial insights tools that customers can use to improve their money experience.
Diverse Loan Options
Beem provides borrowers with various loan options, allowing them to choose terms that best suit their financial needs.
Beem adheres to relevant financial regulations, offering users security and assurance.
Beem’s intuitive user interface ensures a seamless experience for borrowers and lenders. As a promising alternative to SoLo Funds, Beem presents a compelling choice worth exploring to meet your financial goals.
2. Cash App
Cash App, supported by Square, offers various financial services, making it a viable alternative to SoLo Funds. While it’s well-known for its easy peer-to-peer payment system, it extends its features to include various banking functions.
Users can send and receive money within the app for free and access discounts with Cash App Pay. Additionally, they can venture into cryptocurrency and stock investments. Notably, Cash App introduces a borrowing feature that competes with apps like SoLo Funds.
Cash App’s Borrow feature, though still in its early stages, allows eligible users to secure loans ranging from $20 to $200, subject to a 5% interest rate and four-week terms. In contrast, SoLo Funds caps loan durations at 15 days.
To qualify for Cash App’s Borrow feature, you’ll likely need to be an active user with good credit and a qualifying bank account. It’s important to note that late payments incur a 1.25% weekly fee until the loan is settled, so responsible borrowing is critical.
Brigit, a financial wellness app, offers a timely financial lifeline by providing free advances on your upcoming paycheck, with a speedy processing time of just 20 minutes.
This service is exclusively available to existing members with linked debit cards, helping to prevent overdrafts.
Apart from free use, the Brigit app has much more to offer:
• Access to cash advances with the Plus plan, priced at $9.99 per month
• Borrow up to $250 per pay period
• A separate credit builder product for advance repayment purposes
• Several budgeting and monitoring tools
Brigit is a valuable financial app providing swift paycheck advances and essential budgeting features. For those seeking financial stability and peace of mind, Brigit offers a practical solution.
MoneyLion is an exceptional alternative to SoLo Funds, offering a robust financial platform with enticing features. MoneyLion stands out with its 0% APR cash advances, allowing users to borrow up to $500, contingent upon their account activity and income.
What sets MoneyLion apart is its potential to increase your borrowing limit to as high as $1,000 when you use other MoneyLion products, including their investment account.
MoneyLion’s comprehensive financial ecosystem and higher potential borrowing limits make it an excellent choice for those seeking versatile financial solutions.
And while it may take a few weeks to become eligible for the maximum advance, your borrowing limit remains linked to a substantial 30% of your recurring direct deposit schedule. It offers a robust alternative for individuals seeking immediate support and long-term financial growth.
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Klover’s primary focus on helping users access their earnings promptly and its financial management resources make it an excellent substitute for SoLo Funds, catering to those seeking financial flexibility and security.
With Klover, there are no interest charges or credit checks; it serves as a dependable financial safety net precisely when you require it.
Klover operates by granting you access to your earned wages ahead of your regular payday. The standout feature of Klover is undoubtedly its ability to provide early access to your paycheck. Moreover, it doesn’t stop at paycheck advances; Klover equips you with essential financial wellness tools to enhance your money management skills.
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Albert, your personalized financial assistant, is an excellent financial platform that offers an array of financial tools, including budgeting features, automatic savings, and the option to access cash advances when needed:
- Albert offers smart savings, which intelligently sets aside affordable savings based on your spending habits.
- While the cash advance feature is part of the paid Albert Genius subscription, you don’t need to be a paid member to access it.
- Albert offers cash advances with a maximum limit of $250, aligning repayments with your next paycheck making it more convenient for borrowers.
- Unlike SoLo Funds, Albert does not impose late fees, even if a missed payment occurs.
Albert provides various financial tools and options that align with your needs, making it a strong alternative to SoLo Funds.
Prosper, a pioneer in peer-to-peer lending since 2005, emerges as a noteworthy substitute for SoLo Funds. It operates as a loan marketplace, where borrowers set their loan amount and purpose while investors bid to fund it.
Prosper’s distinguishing feature is its rating system, offering lower interest rates for borrowers with higher ratings. However, it’s crucial to note that Prosper imposes strict borrower requirements.
Despite this, its rich history and rating-based approach make it a strong choice for those seeking competitive interest rates and a trusted lending platform, setting it apart from peer-to-peer lending alternatives.
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Lenme offers a streamlined peer-to-peer lending experience, setting it apart from other apps like SoLo Funds. Borrowers request loans, and investors choose which loans to fund. Lenme excels with its user-friendly interface, simplicity, and transparency. It’s a refreshing choice with great options like:
- User-friendly interface
- Simplicity in the lending process
- Transparent operations
Lenme is a compelling alternative to SoLo Funds, prioritizing user experience and transparency. Although interest rates may be relatively high, Lenme’s ease of use and clarity make it an appealing choice for those seeking straightforward peer-to-peer lending solutions.
9. Vola Finance
Vola Finance, tailor-made for college students, offers a specialized lending app catering to the financial needs of students. It simplifies obtaining small loans during tight spots and includes various educational resources to enhance financial literacy.
Vola’s standout feature is its dedicated focus on college students and its commitment to financial education. This unique approach aligns with the specific needs of the student demographic. However, it’s essential to consider the trade-offs.
Vola Finance primarily provides relatively small loan amounts, and users are subject to a membership fee. Despite all this, it’s still a fantastic choice for college students.
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LendingClub outshines as a seasoned peer-to-peer lending alternative to SoLo Funds. Operating since 2007, it provides a more traditional banking feel. After approval, your loan is pitched to investors, offering the advantage of more significant loan amounts.
What truly sets LendingClub apart is its capacity to offer more substantial loans compared to other platforms like SoLo Funds. Additionally, LendingClub extends the repayment period, alleviating the burden of repayment.
However, LendingClub’s higher credit score requirements may limit accessibility for some users. It remains a robust choice for those seeking substantial loans and a conventional financial experience.
peer-to-peer lending app like solo
- Beem: Instant cash advances from $20-$1000, no credit check, no interest, 20% cash back on purchases, $1M identity theft protection. US only, subscription plans start at $2.47/month.
- Possible Finance: Small loans ($50-$500) with flexible terms, no credit check, high interest rates.
- Zirtue: Borrow directly from friends and family, no fees or interest, great for building relationships and smaller amounts.
- Prosper: Established platform, personal loans with competitive rates, credit check and minimum income required.
- LenMe: Simple and transparent, quick application, no hidden fees, interest rates vary based on borrower profile.
- Kiva: Focuses on socially impactful loans, helps underserved communities.
- LendingClub: Another major platform, personal loans and other financial products, credit check and minimum income required.
- CircleUp: Invests in small businesses, higher risk/reward potential.
- Upstart: Considers alternative factors besides credit score, may qualify borrowers with limited credit history.
While SoLo Funds fosters a heartwarming community of financial support, exploring alternatives is crucial to addressing your financial needs comprehensively. The top 10 apps like SoLo Funds options mentioned each bring unique strengths to the table.
MoneyLion provides a versatile financial ecosystem, Klover focuses on prompt earnings access, and Albert is an intelligent financial assistant. LendingClub stands out with larger loans and extended repayment, while Prosper pioneers a rating system for lower interest rates.
Lenme and Vola Finance target specific demographics with simplicity and financial education.
Top of the list is Beem, owing to the range of financial tools and services that add value to your quest for the best alternatives to SoLo Funds. While each alternative has merits, your choice should align with your financial goals and priorities to ensure a secure and prosperous financial journey. Explore these alternatives wisely to make an informed decision.
How does SoLo Funds generate revenue?
SoLo Funds generates revenue by charging borrowers a transaction fee, usually around 5% of the loan amount, and by taking a percentage of the interest borrowers pay to lenders.
Why is my SoLo score low?
Your SoLo score may need to be higher due to factors such as your borrowing and repayment history, creditworthiness, and your activity on the platform.
What determines the interest rate on SoLo Funds?
SoLo Funds does not set fixed interest rates. Individual lenders determine the interest rate on loans, which may vary based on loan terms and lender preferences.
How much can I lend on SoLo Funds?
The amount you can lend on SoLo Funds depends on your available balance in your SoLo wallet and your willingness to fund loan requests from other users.
Who are the founders of SoLo Funds?
Travis Holoway and Rodney Williams co-founded SoLo Funds.
What is the late fee for SoLo Funds?
SoLo Funds imposes a late fee of 15% of the principal amount plus a $5 fee if a borrower misses the repayment date.
How long does it take to get a loan on SoLo Funds?
The time it takes to receive a loan on SoLo Funds can vary, but many loans are funded within hours or even minutes, depending on lender availability.
How long does SoLo Funds take to verify users?
SoLo Funds typically verifies user identities within a few minutes to hours after the initial sign-up process.
What is the default rate for SoLo?
The default rate for SoLo Funds may fluctuate over time and depend on various factors, including the overall loan portfolio and user behavior.
How many users does SoLo have?
SoLo Funds had over a million users, with a significant majority (82%) residing in underserved zip codes across America.