15 Apps Like Solo Funds: Faster Cash Advances
Looking for alternatives to the SoLo Funds app? If you’re in need of peer-to-peer (P2P) cash advance options, there are several Apps Like Solo Funds that can cater to your borrowing and lending needs. These apps provide loans with no interest and no membership fees, just like SoLo Funds.
In this article, we present you with 15 apps like Solo Funds that cater to various needs. From extended loan terms to higher loan amounts and immediate delivery, explore these fantastic options that go beyond Solo Funds’ limitations.
- Note of Caution: Understanding the Risks of Borrowing from Apps Like SoLo Funds
- 15 Apps Like Solo Funds – Your Better Borrowing Options
- Embracing Financial Freedom with Apps Like SoLo Funds
Note of Caution: Understanding the Risks of Borrowing from Apps Like SoLo Funds
While apps like SoLo Funds offer convenient borrowing options, it’s important to be aware of the associated risks. Borrowing money through these apps may come with potential downsides.
Firstly, interest rates and fees can vary significantly, and borrowers need to carefully review the terms before committing. Additionally, late or missed payments could negatively impact credit scores.
It’s crucial to borrow only what you can comfortably repay to avoid falling into a debt trap. Remember to exercise caution, carefully evaluate the terms and conditions, and make informed decisions when utilizing borrowing apps like SoLo Funds or its alternatives.
15 Apps Like Solo Funds – Your Better Borrowing Options
1. Chime SpotMe
Chime SpotMe is an optional overdraft protection feature attached to Chime’s checking account. It provides an avenue for users to avoid overdraft fees if they overspend on their Chime debit card. Unlike Solo Funds, which offers short-term loans, Chime SpotMe is not a loan but rather an overdraft protection feature. However, both aim to provide financial solutions to users.
- No Overdraft Fees: SpotMe lets you make debit card purchases that overdraw your account with no overdraft fees.
- Increasing Limits: The SpotMe limit starts at $20 and can go up to $200 depending on your account history and direct deposit activity.
- Eligibility Requirement: Users must have at least $200 in monthly direct deposits into their Chime checking account.
Albert is a finance app offering cash advances, along with features for budgeting, savings, and investing. Similar to Solo Funds, Albert does not require a paid membership for cash advances. Albert’s maximum cash advance is lower ($250), and repayment aligns with your pay schedule. Albert also doesn’t charge late fees, unlike Solo Funds.
- Cash Advances: Up to $250, with repayment due on your next paycheck date.
- No Late Fees: There are no late fees, even if you miss a payment.
- Budgeting and Saving: Albert also offers automatic savings and budgeting tools.
Brigit is a financial wellness app that offers paycheck advances, budgeting tools, and alerts to prevent overdrafts.
Unlike Solo Funds, Brigit requires a Plus plan at $9.99 per month for cash advances. It doesn’t accept joint checking accounts and doesn’t report cash advance repayments to the credit bureaus.
- Cash Advances: Up to $250 per pay period for Plus plan members.
- Overdraft Alerts: Alerts are sent if you’re in danger of overdrafting your account.
- Budgeting Tools: Offers tools to track your expenses and plan your budget.
4. Upstart Personal Loans
Upstart is a lending platform offering personal loans from $1,000 to $50,000.
Unlike Solo Funds, which offers small short-term loans, Upstart provides larger personal loans with interest charges and a longer repayment term.
- Personal Loans: Loans range from $1,000 to $50,000 with rates from 4.6% to 35.99%.
- No Prepayment Penalties: There are no penalties for paying off your loan early.
- Quick Transfers: Loan transfers typically occur within one business day.
5. Possible Finance
Possible Finance is a lending app that provides short-term installment loans with amounts up to $500 with two-month terms, repayable in four equal installments.
Possible Finance’s terms are longer than Solo Funds, which has a maximum term of 35 days. While Possible Finance’s loan amounts are similar, their rates are more expensive than Solo Funds.
- Short-term Loans: Up to $500 with a two-month term.
- Reports to Credit Bureaus: Repayments are reported to credit bureaus, potentially improving your credit score.
- Early Repayment: No penalties for early repayment.
MoneyLion is a financial platform offering 0% APR cash advances up to $500, along with a range of other financial tools, including an investment account.
MoneyLion offers a similar cash advance amount to Solo Funds. However, MoneyLion’s other products can increase your advance limit up to $1,000.
- 0% APR Cash Advances: Up to $500 initially, potentially increasing to $1,000.
- Investment Account: Option to invest your funds in MoneyLion’s investment account.
- Synergistic Products: Use of other MoneyLion products could increase your advance amount.
7. Cash App
Cash App, backed by Square, offers peer-to-peer payments, banking services, and small loan provisions.
Similar to Solo Funds, Cash App provides small loans, though their Borrow feature is still in its early stages. Cash App’s terms are longer (four weeks compared to Solo Funds’ 15 days), but its eligibility criteria are not clearly defined.
- P2P Payments: Send and receive money for free within the app.
- Investment Options: Invest in cryptocurrencies and stocks.
- Borrow Feature: Borrow $20 to $200 with 5% interest.
Dave is a financial app that offers no-interest cash advances up to $500, along with budgeting tools. Dave is similar to Solo Funds in offering cash advances with no interest. However, unlike Solo Funds, Dave doesn’t have high late fees.
- No Interest Cash Advances: Up to $500.
- Budgeting: Dave provides budgeting tools to help manage finances.
- Delivery Speeds: Standard (free, three business days) and express (fee, eight hours).
Prosper is a peer-to-peer lending platform that offers unsecured personal loans ranging from $2,000 to $50,000.
Compared to SoLo Funds which caps loans at $575, Prosper provides much larger loans. While SoLo Funds focuses on short-term cash advances, Prosper allows for long-term loans with repayment terms between two and five years.
- Peer-to-Peer Lending: Connects borrowers with investors to facilitate unsecured personal loans.
- Varied Loan Amounts: Offers loans between $2,000 and $50,000.
- No Prepayment Penalties: Borrowers can pay off their loans early without any extra charges.
LenMe is a fintech platform that connects borrowers to investors for loans between $50 and $5,000.
Like SoLo Funds, LenMe operates as a peer-to-peer lending platform. However, it offers a wider range of loan amounts and longer repayment terms.
- Peer-to-Peer Lending: Connects borrowers with lenders for personalized loan options.
- Varied Loan Amounts: Offers loans between $50 and $5,000.
- Easy to Use: Simple process for both borrowers and lenders to get started.
Hundy is a financial platform that offers crowd-sourced cash advances between $25 and $250.
Like SoLo Funds, Hundy connects borrowers with lenders in a crowd-sourced manner, but the loan amounts are generally lower.
- Peer-to-Peer Lending: Connects borrowers with lenders for cash advances.
- Cash Advances: Offers advances between $25 and $250.
- Fast Processing: Funds are typically available within a business day.
Zirtue is a unique lending platform that lets you borrow money directly from people you know, rather than from financial institutions.
Unlike Solo Funds, Zirtue focuses on personal relationships to secure loans, eliminating the need for traditional credit checks and financial qualifications.
- Personal Lending: Borrow money directly from your contacts.
- Free to Use: No service fees or charges.
- Flexible Interest Rates: Interest rates are mutually agreed upon by the lender and borrower.
LendingClub is a financial services company providing a range of products, including personal loans from $100 to a maximum of $40,000.
Compared to SoLo Funds, LendingClub provides much larger loans and offers additional financial services like auto refinancing and banking services. It provides a broader range of financial services beyond just peer-to-peer loans.
- Personal Loans: Offers loans from $100 to a maximum of $40,000 with fixed interest rates.
- Auto Refinancing: Provides auto refinancing services, allowing customers to pay for their car in installments.
- Banking Services: Offers checking and saving banking products.
Klover is a unique app that provides cash advances up to $200, taking it from your next payday without any interest rates or late repayment fees.
Unlike SoLo Funds which operates as a peer-to-peer loan platform, Klover provides advances against your future paychecks. It also disregards credit scores, making it more accessible for users with bad credit.
- Cash Advances: Provides advances up to $200 against future paychecks.
- No Interest Rates or Late Fees: Advances are given without any additional fees or interest rates.
- Credit Score-Independent: Does not consider credit scores for providing advances.
Kiva is a lending app that allows people to lend money to low-income entrepreneurs and students in over 77 countries.
Unlike SoLo Funds which primarily focuses on short-term loans within the U.S., Kiva focuses on microloans to low-income individuals across the globe.
- Global Microloans: Enables people to lend as little as $25 to help others.
- Works with Diverse Entities: Collaborates with over 300 microfinance institutions, schools, non-profit organizations, and social impact businesses worldwide.
- Free of Charge: Kiva is free to use for both borrowers and lenders.
Embracing Financial Freedom with Apps Like SoLo Funds
In conclusion, the world of peer-to-peer cash advance apps extends far beyond SoLo Funds. With these 15 remarkable alternatives, borrowers and lenders alike can explore a multitude of options tailored to their specific needs. Whether you seek longer repayment terms, higher loan amounts, or instant cash delivery, these apps have got you covered.
By venturing beyond SoLo Funds, you open yourself up to a world of financial freedom and flexibility. So, go ahead and discover the perfect app that aligns with your borrowing or lending requirements, and take control of your financial journey.