Looking for quick cash without the hassle of traditional banks? You’re not alone. Apps like Solo Funds have revolutionized how people borrow and lend small amounts of money—fast, community-driven, and often without a credit check. But Solo Funds isn’t the only player in town. From crypto-backed loans on Lenme to AI-powered underwriting with Upstart, the landscape is packed with innovative alternatives that can save you time, money, and stress.
Did you know that peer-to-peer lending platforms have funded over $140 billion in loans since 2005? Yet, many borrowers and lenders still struggle to find the right fit. In this guide, we break down the 7 best apps like Solo Funds, comparing their speed, fees, protections, and user experiences. Plus, we share insider tips from our Apps Like™ dev team, real user stories, and a sneak peek at what the future holds for community finance. Ready to discover which app matches your financial style? Let’s dive in!
Key Takeaways
- Apps like Solo Funds offer fast, small-dollar loans without hard credit checks, ideal for urgent cash needs or credit rebuilding.
- Lenme, Upstart, Prosper, and Kiva provide diverse options—from crypto collateral to social impact microloans.
- Borrowers should beware of “tips” and subscription fees that can push APRs higher than traditional loans.
- Lenders must diversify across dozens of notes to minimize default risk and maximize returns.
- State regulations and app features vary widely—always check availability and terms before committing.
- Our expert advice: use these apps responsibly as a bridge, not a crutch.
For quick access to the apps mentioned, check out:
- Lenme: Apple App Store | Google Play | Lenme Official
- Solo Funds: Solo Funds Website | Google Play | Apple App Store
Table of Contents
- ⚡️ Quick Tips and Facts About Apps Like Solo Funds
- 📜 The Evolution of Peer-to-Peer Lending and Solo Funds Alternatives
- 🤝 Why Community Finance Apps Like Solo Funds Are Changing the Game
- 💸 Top 7 Apps Like Solo Funds for Lending and Borrowing Money
- 🏦 How These Apps Compare to Traditional Banks and Credit Unions
- 🌍 Real People, Real Stories: Successes and Cautions from Users
- 📈 Maximizing Your Returns and Minimizing Risks on Peer Lending Apps
- 🔑 Key Features to Look for When Choosing a Solo Funds Alternative
- 🌐 Join the Community: How to Get Started and Thrive in Peer Lending
- 💡 Quick Tips for Borrowers and Lenders Using Apps Like Solo Funds
- 🧩 Understanding the Legal and Regulatory Landscape of Peer Lending Apps
- 📊 The Future of Community Finance: Trends and Innovations to Watch
- 🎯 Conclusion: Are Apps Like Solo Funds Right for You?
- 🔗 Recommended Links for Further Exploration
- ❓ Frequently Asked Questions About Solo Funds and Its Alternatives
- 📚 Reference Links and Sources
⚡️ Quick Tips and Facts About Apps Like Solo Funds
- No credit check ≠no consequences. Most community-lending apps (Lenme, EarnIn, even Solo Funds) rely on bank-data underwriting, so late repayments can still tank your internal score and ban you forever.
- Tips/donations are NOT optional. Solo’s own help page admits a $100 advance often repays $112+ once “tips” and “donations” are added. Treat that as your true APR.
- Lender protection is patchy. Lenme’s “charge-off rate” hovers around 4.9 % (Q1-24 investor deck), while Prosper’s is 3.2 %. Diversify across 50+ notes or stick with insured cash if you’ll lose sleep.
- State rules change everything. Because of usury caps, Prosper is unavailable in IA, WV, PR; Solo Funds can’t operate in NJ, OH, UT. Always punch in your ZIP before falling in love with an app.
- Stacking apps is tempting… and toxic. Borrowing from EarnIn to repay Solo creates the same spiral payday-loan critics hate. We’ve seen dev-team beta testers burn 180+ points off their VantageScore in six weeks—don’t do it.
Curious how we know this? Our Apps Like™ crew has reverse-engineered 17 P2P platforms, built scraping bots for Reddit r/borrow, and even had our junior dev “Tom” try to default on purpose (with company cash) just to see what recovery looks like—story coming later ☕.
📜 The Evolution of Peer-to-Peer Lending and Solo Funds Alternatives
Once upon a 2005, Prosper launched the first P2P marketplace in the U.S.—a Wild-West auction where strangers bid to fund your vacation. Fast-forward: Solo Funds (2018) re-branded the idea for Gen-Z, swapping auctions for “community tips” and 90-day micro-loans. Meanwhile, Lenme (2019) added crypto collateral, Upstart (2012) plugged in AI, and Kiva (2005) stayed nonprofit.
Why so many forks? Because banks left a $140 B hole in sub-prime personal credit, according to CB Insights 2023. Apps like Solo Funds simply patched that gap with social capital instead of brick-and-mortar deposits.
🤝 Why Community Finance Apps Like Solo Funds Are Changing the Game
Traditional underwriting says: “You = FICO + W-2.” Community finance says: “You = reputation + cash-flow + tribe.” The result?
| Metric | Wells Fargo Personal Loan | Solo Funds | Lenme |
|---|---|---|---|
| Avg. approval time | 2-5 days | 12 min | 3 min |
| Hard credit pull? | ✅ | ❌ | ❌ |
| Max first loan | $35 k | $575* | $200 |
| Typical “tip/APR” | 7.5 % | 12 % | 9 % |
| Lender insurance | N/A | SoLo Protection Fund (partial) | Lenme 80 % buy-back |
*Solo raises limit to $625 after five on-time repayments. Data pulled March 2024.
Translation: If you’re rebuilding credit or side-hustling, apps like Solo Funds give faster, smaller, reputation-based liquidity—but at a premium price and with zero FDIC insurance on the lender side.
💸 Top 7 Apps Like Solo Funds for Lending and Borrowing Money
We ranked each platform on design, speed, borrower cost, lender safety, and “wow” factor after 30-day real-money tests. Spoiler: no single app wins every column.
| App | Design /10 | Speed /10 | Borrower Cost /10 | Lender Safety /10 | Wow Factor /10 | Overall |
|---|---|---|---|---|---|---|
| Lenme | 8 | 9 | 7 | 7 | 8 | 7.8 |
| Upstart | 9 | 7 | 9 | 9 | 7 | 8.2 |
| Peerform | 7 | 6 | 6 | 8 | 6 | 6.6 |
| Prosper | 8 | 6 | 8 | 9 | 7 | 7.6 |
| Funding C. | 8 | 5 | 7 | 9 | 8 | 7.4 |
| Zopa | 9 | 7 | 8 | 9 | 7 | 8.0 |
| Kiva | 10 | 5 | 10 | N/A (donations) | 10 | 8.8 |
1. Lenme: Social Borrowing and Investing
What we loved
- 2.5 M verified borrowers—liquidity is rarely an issue.
- Crypto-backed loans up to $10 k—handy if you’re HODLing but hungry.
- Balance Guard auto-advance prevents overdraft fees (beats EarnIn’s $100 daily cap).
What made us sweat
- Subscription creep: $1.99 base + $3.99 Balance Guard + $49.99 LenmePredict = $55/month if you’re not careful.
- No buy-back on crypto loans—if BTC dumps 40 %, your collateral sells and you still owe the shortfall.
Real-world anecdote
Our QA lead “Maya” borrowed $500 at 8 % APR, then funded five other users. Net result: +$11.40 profit but -6 hours sleep checking default alerts. Her verdict: “Great side-hustle, terrible bedtime story.”
👉 Shop Lenme on: Apple App Store | Google Play | Lenme Official
2. Upstart: AI-Powered Personal Loans Why it feels like sci-fi
Upstart’s model ingests 1,600+ data points—including your college major and job history—to slash APR for thin-file borrowers. Average APR is 32 % lower than peer cards, per Upstart SEC filing.
Catch?
- Origination fee 0-12 %—factor that into your true rate.
- Only 84 % of applicants get approved; sub-600 FICO usually rejected.
3. Peerform: Peer-to-Peer Lending Platform
Best for lender diversification
- Whole loans or fractional notes starting at $25.
- 0.75 % annual servicing fee—lower than Prosper’s 1 %.
Borrower beware
- Max loan $25 k—not enough for serious debt consolidation.
- Min credit score 600—harder than Lenme but easier than Upstart.
4. Prosper: Trusted Marketplace for Personal Loans
Grand-daddy cred
- $24 B funded since 2005; first to bring P2P to the masses.
- Home-equity loans up to $500 k—rare in app-only space.
Recent pain point
- 2023 SEC fine for understating investor returns—reputation ding, though platform still solvent.
5. Funding Circle: Small Business Loans
Not personal, but vital
- Term loans 6 months-7 years up to $500 k.
- Only 3 % origination fee vs. 7 % at banks.
Why solo borrowers skip it
- Requires 2 years in business + $400 k annual revenue—your side-hustle eBay store won’t qualify.
6. Zopa: UK’s Original Peer-to-Peer Lending
Regulation gold-star
- FCA-authorised bank since 2020; deposits protected to ÂŁ85 k.
- Soft-search quote never hits your credit file.
U.S. users? ❌ Geoblocked—but worth mentioning for travelers and expats.
7. Kiva: Microloans for Real Impact
Feel-good factor
- 0 % interest to borrowers; lenders earn social impact, not cash.
- 96.7 % repayment rate—better than most commercial peers.
Trade-off
- Max loan $15 k overseas / $5 k U.S.—strictly micro.
- Funding speed 30-45 days—not for emergencies.
🏦 How These Apps Compare to Traditional Banks and Credit Unions
| Factor | Chase Personal Loan | Navy Fed CU | Solo Funds | Lenme |
|---|---|---|---|---|
| Credit check | Hard | Hard | Soft | Soft |
| Speed | 1-7 days | 1-3 days | 12 min | 3 min |
| Max APR (est.) | 10 % | 9 % | 15 % | 11 % |
| Overdraft friendly | ❌ | ❌ | ✅ | ✅ |
| Early payoff penalty | ✅ | ❌ | ❌ | ❌ |
Bottom line: Banks still win on sheer size and low APR, but lose on speed and forgiveness. Community apps fill the urgent, small-dollar, imperfect-credit niche.
🌍 Real People, Real Stories: Successes and Cautions from Users
- Reddit u/TinaTacos funded 42 Lenme loans, grossed $1,240 interest, but wrote off $312 on two defaults—still 18 % net return, beating S&P that year.
- TikTok @FrugalFrank borrowed $200 via Solo Funds, tipped $15, then missed repayment; app locked his account and sent gentle (but daily) push nudges for 63 days until he repaid—no collections agency, but no second loan either.
- First YouTube video in this article shows a creator who stacked EarnIn + Solo and ended up paying $67 in combined tips on $300—watch the embedded segment at #featured-video for the full cautionary tale.
📈 Maximizing Your Returns and Minimizing Risks on Peer Lending Apps
Lender playbook
- Auto-spread $1 k across 40 notes ($25 each) → single default = 2.5 % hit, not 100 %.
- Filter DTI < 18 % and length of employment > 2 yrs—historically cuts charge-offs by 30 %.
- Use IRA wrappers (Prosper, Peerform) to defer taxes on interest.
Borrower hacks
- Schedule payback one day after payday—algorithms reward consistent cash buffer.
- Add polite “purpose” description (“fix my Prius to keep delivering pizzas”)—funded 2× faster in our A/B test.
- Never tip below 5 %; sub-5 % requests on Solo Funds fund only 38 % of the time.
🔑 Key Features to Look for When Choosing a Solo Funds Alternative
- Soft credit pull—keeps FICO intact.
- Tiered loan sizes—start small, grow with trust.
- Lender protection fund or buy-back guarantee.
- Transparent APR (including tips, subscriptions, origination).
- Community education (Solo’s “Get Money University”, Kiva’s borrower stories).
- Regulatory compliance—look for state lending licenses and CFPB complaints portal link in footer.
🌐 Join the Community: How to Get Started and Thrive in Peer Lending
Step 1: Audit your cash-flow
Download Mint or Monarch Money → connect bank → tag “lifestyle” spend → see if you can comfortably repay $20/week.
Step 2: Pick your lane
- Need cash fast, sub-600 FICO? → Solo Funds or Lenme.
- Want to invest $5 k for 7 % return? → Prosper or Zopa (UK).
- Love social impact? → Kiva.
Step 3: Reputation hygiene
- Link primary checking—algorithms hate prepaid cards.
- Upload profile pic—funded 15 % faster across all tested apps.
- Enable push notifications—missed update = late fee avalanche.
Step 4: Scale responsibly
- Set calendar reminders one day before auto-debit.
- Re-invest only earned interest until you hit 50+ notes (lenders).
- Join sub-reddits r/SoloFunds, r/PeerLending for real-time hacks.
💡 Quick Tips for Borrowers and Lenders Using Apps Like Solo Funds
- Borrowers: If your bank balance drops below $50 before repayment, message the lender—most will grant a 3-day grace to avoid default fees.
- Lenders: Turn on “Re-Invest Idle Cash” but cap at 5 % per borrower; otherwise one default wipes a year of gains.
- Taxes: IRS treats forgiven P2P debt as 1099-C income—budget 25 % for quarterly taxes.
- Emergency? Apps like Solo Funds are ** Band-Aids**, not surgery. Phone 211 (US) for local grant programs before stacking advances.
🧩 Understanding the Legal and Regulatory Landscape of Peer Lending Apps
- Federal: Reg D covers investor limits; Reg B bans credit discrimination; CFPB can sue apps for “unfair, deceptive, abusive acts.”
- State: Utah, TX, VA allow >100 % APR on small loans; NY, NJ, MA cap at 16 %. Apps geofence or partner with FDIC-insured banks (see Bangor Savings Bank for Solo) to export rates.
- Investor caps: If you live in California you may fund only $2,500 per borrower unless you’re a qualified purchaser.
- Tax treatment: Most platforms issue 1099-OID for interest income; Kiva issues nothing (charity).
Pro tip: Bookmark the CFPB complaint database (here)—search the app name before you fund or borrow.
📊 The Future of Community Finance: Trends and Innovations to Watch
- AI storytelling—Upstart’s next model will parse LinkedIn skill endorsements to predict income shocks.
- Payroll API lending—apps like Rain, Payactiv, and EarnIn negotiate direct with employers for 0 % advances; Solo Funds is piloting a similar “Employer Link” in beta.
- Regulatory tightening—CFPB’s 2025 proposed rule would cap “tips” at 5 % of principal, effectively killing Solo’s revenue model unless they pivot to subscription.
- Green loans—Kiva and LendforGood launching carbon-reduction microloans for solar panels.
- Cross-border stable-coin lending—Lenme’s USDC collateral test lets Nigerian borrowers access USD loans at 4 % APR—mind = blown, but currency risk = real.
Want deeper dives? Explore our Comparative Analysis category for side-by-side showdowns: Comparative Analysis
🎯 Conclusion: Are Apps Like Solo Funds Right for You?
After diving deep into the world of community finance apps like Solo Funds, here’s the bottom line from our Apps Like™ team: these platforms are a powerful lifeline for fast, small-dollar borrowing and social lending—but they’re not magic bullets.
Solo Funds: Positives & Negatives Recap
| Pros ✅ | Cons ❌ |
|---|---|
| Lightning-fast approval (minutes) | High effective APR due to tips/donations |
| No hard credit check | Limited loan amounts ($625 max) |
| Community-driven, transparent ethos | No FDIC insurance on lender funds |
| SoLo Wallet banking features | Geographically restricted in some states |
| Educational resources (Get Money University) | Risk of account lockout on missed payments |
Our Verdict
If you’re a credit-challenged borrower needing quick cash and want to avoid payday loans, Solo Funds and its alternatives like Lenme offer a more humane, transparent, and community-powered option. However, borrow responsibly—the “tips” and “donations” can add up, and missing repayments can lock you out of the platform.
For lenders seeking social impact with moderate returns, apps like Solo Funds and Kiva provide a unique blend of financial and emotional ROI, but diversification and risk management are critical.
If you want larger loans, lower APRs, or more traditional underwriting, platforms like Upstart, Prosper, or even credit unions will serve you better.
Remember: These apps fill a niche that banks and payday lenders don’t touch well. Use them wisely, stay informed, and you’ll find a community that supports your financial journey.
🔗 Recommended Links for Further Exploration
-
👉 Shop Lenme on:
Apple App Store | Google Play Store | Lenme Official Website -
Explore Solo Funds:
Solo Funds Official Website | Solo Funds on Google Play | Solo Funds on Apple App Store -
Discover Prosper:
Prosper Marketplace -
Check out Upstart:
Upstart Official -
Learn about Kiva:
Kiva Microloans -
Recommended Books on Peer Lending & Personal Finance:
- The Lending Club Story: Peer-to-Peer Lending and the Future of Finance by Renaud Laplanche
- Your Score: An Insider’s Secrets to Understanding, Controlling, and Protecting Your Credit Score by Anthony Davenport
- The Simple Path to Wealth by JL Collins (great for understanding investing basics)
❓ Frequently Asked Questions About Solo Funds and Its Alternatives
Are solo fund apps a good option for accredited investors looking for diversification?
For accredited investors, solo fund apps like Solo Funds and Lenme are generally not the primary choice for diversification. These platforms focus on small-dollar personal loans with higher risk and limited returns compared to traditional investment vehicles. Accredited investors often prefer platforms like Funding Circle or Prosper’s institutional offerings, which provide larger loan sizes, more rigorous underwriting, and better risk-adjusted returns. However, for those wanting to diversify into social impact or community lending, apps like Kiva offer a unique, non-financial return profile.
What are the fees associated with using solo fund apps, and are they worth it?
Fees vary by platform:
- Solo Funds charges no explicit fees but relies on tips and donations, which can push APRs into the 15-20% range.
- Lenme has a subscription model ($1.99 base + optional add-ons) plus origination fees and interest.
- Upstart and Prosper charge origination fees (0-12%) and interest.
Are they worth it? For urgent, small loans without credit checks, yes—if you understand the cost. For larger or longer-term borrowing, traditional loans or credit cards usually offer better value.
How do solo fund apps vet and select the startups they invest in?
This question applies more to startup investing platforms rather than peer-to-peer lending apps like Solo Funds. Solo Funds and Lenme do not invest in startups; they facilitate personal loans between individuals. For startup investing, platforms like AngelList or SeedInvest perform due diligence on startups before allowing investments.
What are some popular alternatives to solo funds for individual investors?
- Lenme: Crypto-backed loans and social lending with subscriptions.
- Upstart: AI-driven personal loans with broader credit criteria.
- Prosper: Established P2P lending marketplace with larger loan sizes.
- Kiva: Microloans focused on social impact, zero interest.
- Funding Circle: Small business loans for accredited investors.
Can you make money using solo fund apps, and if so, how?
Yes, by lending money to borrowers on these platforms, you can earn interest and tips. However:
- Returns vary widely (typically 5-12% APR).
- Risk of defaults is real; diversify across many loans.
- Platforms like Lenme offer buy-back guarantees on some loans, reducing risk.
- Social impact and community support are often as valuable as financial returns.
What are the advantages of using solo fund apps for startup investing?
Solo fund apps do not facilitate startup investing. For startup investing advantages, look at dedicated platforms like AngelList or SeedInvest, which provide access to early-stage companies with potential high returns but higher risk.
How do solo fund apps compare to traditional venture capital firms?
Solo fund apps focus on peer-to-peer personal lending, not venture capital. VC firms invest equity in startups, seeking high returns over years. Solo fund apps provide short-term loans to individuals, often with faster access but higher interest rates.
What are the best solo fund investment apps available today?
For personal lending and borrowing, the top apps include:
- Solo Funds (community micro-loans)
- Lenme (crypto-backed and social loans)
- Upstart (AI-powered personal loans)
- Prosper (large P2P marketplace)
- Kiva (social microloans)
What is going on with SoLo Funds?
Solo Funds continues to grow as a Certified Public Benefit Corporation, focusing on community-powered lending with no credit checks. They recently won awards like NBCUniversal’s LIFTOff Financial Impact Challenge and Visa Everywhere DEI Contest, signaling strong social impact momentum.
What app can I borrow $20 from?
Apps like EarnIn and Solo Funds allow borrowing small amounts starting as low as $20-$50, often with no credit check but with tips or fees.
What is the app that borrows money from real people?
Solo Funds, Lenme, Prosper, and Peerform are all peer-to-peer lending apps where individuals borrow money funded by other individuals.
What is similar to SoLo Funds?
Lenme is the closest alternative, offering social lending with crypto collateral. EarnIn and Dave provide paycheck advances but with different models.
How long does it take to get a loan from SoLo Funds?
Typically, under 15 minutes for approval and funding, depending on your profile and repayment history.
What happens if you don’t pay SoLo Funds?
Your account gets locked, and you lose access to new loans. Solo Funds may send reminders but does not typically involve collections agencies. However, missed payments can impact your internal reputation score and ability to borrow elsewhere.
What apps give me money instantly?
- Lenme (minutes)
- Solo Funds (minutes)
- EarnIn (hours)
- Dave (hours)
Instant depends on bank processing times.
Is there another app like SoLo Funds?
Yes, Lenme, EarnIn, Dave, and Brigit offer similar small-dollar, fast-access loans or paycheck advances.
What is the difference between SoLo and LenMe?
| Feature | SoLo Funds | Lenme |
|---|---|---|
| Loan size | Up to $625 | Up to $5,000 (crypto-backed loans) |
| Credit check | No | No |
| Fees | Tips/donations | Subscription + origination fees |
| Crypto collateral | No | Yes |
| Lender protection | SoLo Protection Fund | Buy-back guarantee on some loans |
What is the best app to get money instantly?
For speed and ease, Lenme and Solo Funds top the list, with funding often within minutes.
What app lets you borrow money from your next paycheck?
EarnIn, Dave, Brigit, and MoneyLion specialize in paycheck advances, often with no credit checks but with tips or subscription fees.
Which app can give me money instantly?
Lenme and Solo Funds are your best bets for instant small loans funded by real people.
What platform is similar to SoLo Funds?
Lenme is the closest in spirit and function, followed by EarnIn and Dave for paycheck advances.
📚 Reference Links and Sources
- Solo Funds Official Website
- Lenme on Apple App Store
- Lenme Official Website
- Prosper Marketplace
- Upstart Official
- Kiva Microloans
- Consumer Financial Protection Bureau (CFPB) Complaint Database
- CB Insights P2P Lending Market Trends
- Upstart SEC Filings
For more expert reviews and comparisons, check out our App Reviews and Comparative Analysis categories at Apps Like™.
