10 Best Loans Like Solo Loans to Borrow Fast in 2025 🚀

a calculator on a table

Ever found yourself stuck waiting for payday, wishing there was a quick, trustworthy way to get a small loan without drowning in fees? You’re not alone. Apps like Solo Funds promised a community-driven, zero-interest lending experience—but the reality can be more complicated, with hidden tipping fees and regulatory red flags. So, what are your real options if you want loans like Solo Loans that are fast, fair, and transparent?

In this guide, we uncover the top 10 alternatives to Solo Loans—from peer-to-peer lending platforms like Lenme to cash advance apps like Dave and MoneyLion, plus structured installment loans from Prosper and Upstart. We’ll break down the fees, risks, and benefits so you can borrow smartly and avoid the debt traps many fall into. Plus, we share real user stories, expert tips on choosing the right loan, and how to join the lending community yourself. Ready to find your perfect loan match? Let’s dive in!

Key Takeaways

  • Solo Funds’ tipping model can lead to extremely high effective APRs, so transparency is key when choosing alternatives.
  • Cash advance apps like Dave and Brigit offer quick, small advances with budgeting tools, but watch out for subscription and express fees.
  • Peer-to-peer lenders like Lenme and Prosper provide larger loans with more structured terms, ideal for borrowers with fair credit.
  • Formalized friend-and-family loans through apps like Zirtue offer a unique, low-cost borrowing option.
  • Always assess your true need, understand all fees, and read user reviews before borrowing.
  • Building a small emergency fund is the best way to avoid reliance on high-cost short-term loans.

For a full breakdown of these apps and how they compare, check out our detailed reviews and recommendations throughout the article!

Table of Contents

Hey everyone, it’s your expert team at Apps Like™, where we live and breathe the world of apps to bring you the inside scoop. Today, we’re diving deep into the buzzing world of peer-to-peer (P2P) lending and cash advance apps, specifically looking for loans like Solo Loans. If you’ve ever found yourself in a tight spot a few days before payday, you know exactly what we’re talking about. We’ve been there, and we’ve tested the digital waters to find the best lifelines.

We’re going to unpack everything—the good, the bad, and the “oh-wow-I-didn’t-know-that”—about these financial tools. And if you’re looking for a quick list, you can check out our roundup of the 7 Best Apps Like Solo Funds to Borrow & Lend Fast (2025) 🚀. But stick around, because we’re about to go way beyond a simple list.

⚡️ Quick Tips and Facts About Loans Like Solo Loans

Right out of the gate, let’s arm you with some rapid-fire knowledge. Think of this as your cheat sheet before the deep dive.

  • What is SoLo Funds? It’s a peer-to-peer (P2P) lending platform where users can borrow small amounts from other users. It pitches itself as a community-driven alternative to traditional banks.
  • The “Tip” Controversy: ⚠️ While SoLo Funds advertises 0% APR, it relies on optional “tips” for lenders and “donations” to the company. Regulators have found these tips can lead to effective APRs ranging from 43% to a staggering 4,280%! This has led to cease-and-desist orders and lawsuits from states like Connecticut and the Consumer Financial Protection Bureau (CFPB).
  • You’re Not Alone: If you’ve used a cash advance app, you’re in good company. A 2022 survey found that about 33% of American consumers have used one.
  • It’s a Booming Market: In 2019, consumers received 55.8 million cash advances totaling $9.5 billion, a huge jump from the previous year.
  • The Debt Cycle is Real: Be cautious! Many users of cash advance apps find themselves trapped in a cycle of debt. One report found that high-frequency users accounted for 38% of users but a whopping 86% of all advances.
  • Alternatives Abound: From other P2P lenders like Lenme and Prosper to cash advance apps like Dave, Brigit, and MoneyLion, you have options. We’ll explore these in detail.

🔍 Understanding Solo Loans and Their Alternatives: A Deep Dive

So, what’s the deal with SoLo Funds? Imagine a platform where, instead of going to a bank, you could ask a community of people for a small loan to cover, say, an unexpected car repair. That’s the core idea. It was founded to be a more “human” financial service, connecting people who have a little extra with those who need a little help.

The platform operates on a unique model. A borrower requests a loan (up to $575) and suggests a “tip” for the lender and a “donation” for SoLo Funds itself. Lenders browse these requests and decide which ones to fund. It sounds great in theory—no mandatory interest, just voluntary appreciation.

But here’s the catch we hinted at.

That “voluntary” tip often feels anything but. To get your loan funded quickly (or at all), you’re incentivized to offer a significant tip. This is where regulators stepped in, arguing that these tips are just interest payments in disguise, leading to sky-high effective APRs that can trap borrowers. The CFPB has even accused SoLo Funds of using “digital dark patterns to trick borrowers” into paying.

This controversy is precisely why you might be looking for loans like Solo Loans, but perhaps with more transparency or different structures. The world of fintech has exploded with options, and they generally fall into a few key categories:

  • Peer-to-Peer (P2P) Lending Apps: These, like SoLo Funds, connect individual borrowers with individual lenders (investors).
  • Cash Advance Apps (or Earned Wage Access): These apps, like Dave or Earnin, give you an advance on your upcoming paycheck for a small fee or subscription.
  • Personal Installment Loans: Offered by online lenders like CreditNinja, these are more traditional loans with a set repayment schedule and fixed interest rate.

Feeling a bit overwhelmed? Don’t be! We’re about to break down the best players in each category. Let’s find the right fit for you.

1. Top 10 Loans Like Solo Loans: Best Alternatives for Personal Borrowers

Video: 💳 5 INSTANT LOANS with no CREDIT CHECK – INSTANT FUNDING!

Alright, let’s get to the main event! We’ve sifted through the app stores, read the fine print, and analyzed user reviews to bring you the definitive list of alternatives. For more great finds, check out our Best Apps Roundups.

1.1 Peer-to-Peer Lending Platforms: Social Finance Revolution

These are the closest cousins to SoLo Funds, connecting individual borrowers and lenders. The P2P lending scene has evolved, with some platforms now using institutional investors alongside individuals.

1. Lenme

Lenme operates in a similar P2P space but with a twist. Borrowers post loan requests, and investors compete to fund them, which can help keep rates competitive.

Feature Our Rating (1-10) Notes
Design & UI 8/10 Clean and modern. Many reviews praise the user-friendly interface.
Functionality 7/10 Connects borrowers and lenders effectively, with crypto-backed loan options.
Transparency 6/10 While better than hidden tips, the reliance on lender offers can be unpredictable.
User Support 4/10 A common complaint across reviews is slow or unresponsive customer service.

The Lowdown: Lenme is an interesting concept, allowing you to get loans up to $5,000. However, getting your first loan can be slow, and many loan requests go unfunded due to a shortage of investors. Reddit users have a mixed view, with some lenders reporting great returns while others cite poor customer service.

✅ Pros:

  • Competitive offers from multiple lenders.
  • No credit check required to make a request.
  • Helps build credit by reporting on-time payments.

❌ Cons:

  • No guarantee your loan request will be funded.
  • Poor customer support is a recurring theme in reviews.
  • Can be slow to receive funds.

👉 Shop Lenme on:

2. Prosper

A true veteran in the P2P space, Prosper was one of the first P2P lenders in the USA. It operates more like a traditional loan platform but is funded by individual investors.

Feature Our Rating (1-10) Notes
Reputation 9/10 Long-standing and well-regarded in the P2P industry.
Loan Amounts 9/10 Offers personal loans from $2,000 up to $50,000.
Speed 8/10 Known for fast funding, sometimes as quick as one business day.
Accessibility 7/10 Requires a minimum credit score (around 600), making it less accessible for some.

The Lowdown: If you have fair-to-good credit, Prosper is a fantastic option. It offers larger loan amounts and more structured repayment terms than cash advance apps. It’s a great choice for debt consolidation or larger, planned expenses.

✅ Pros:

  • Larger loan amounts available.
  • Competitive interest rates for those with good credit.
  • Fast funding process.

❌ Cons:

  • Not suitable for those with poor or no credit history.
  • Charges an origination fee.

👉 Shop Prosper on:

3. Zirtue

Zirtue takes a unique approach by formalizing loans between people who already know each other—friends and family.

The Lowdown: The app acts as the middleman, handling the loan agreement, deposits, and automatic repayments. This removes the awkwardness from borrowing from loved ones. The best part? No credit check is needed, and the repayment terms are decided between you and your lender. It’s a brilliant solution for relationship-based lending.

✅ Pros:

  • Avoids the discomfort of asking friends/family for money directly.
  • No credit check required.
  • Flexible, mutually-agreed-upon terms.

❌ Cons:

  • Requires you to have someone in your life willing and able to lend you money.
  • Charges a 5% fee on the total loan amount.

👉 Shop Zirtue on:

1.2 Cash Advance Apps: Your Paycheck on Demand

These apps are designed for small, short-term needs. They give you an advance on your earned wages, usually for a monthly subscription fee or an optional tip. As the host of the #featured-video in this article points out, it’s crucial to “make sure you know your terms on anything you apply for before applying.”

4. Dave

Dave is one of the most popular cash advance apps, known for its friendly bear mascot and its mission to help users avoid overdraft fees.

Feature Our Rating (1-10) Notes
Advance Amount 8/10 Up to $500 with its ExtraCash™ feature.
Fees 7/10 A low $1/month membership fee. Express funding costs extra, and optional tips are encouraged.
User Experience 9/10 Very easy to use, with helpful budgeting tools and a “Side Hustle” feature.
Transparency 6/10 While it claims “no fees,” the express fees and tipping model can add up, which some find misleading.

The Lowdown: Dave is a solid choice for small advances. To qualify, you’ll need a bank account with a history of recurring deposits. While the advance itself is interest-free, getting your money instantly will cost you, and the app will ask for a tip. It’s a much better alternative than a traditional payday loan but not entirely “free.”

✅ Pros:

  • Advances up to $500.
  • No interest or late fees.
  • Helpful tools for budgeting and finding extra work.

❌ Cons:

  • The “no fee” claim is debatable due to express fees and tips.
  • The amount you qualify for can be unpredictable and may be less than the maximum.
  • Requires a monthly membership fee.

👉 Shop Dave on:

5. MoneyLion

MoneyLion is a comprehensive financial app offering banking, investing, and cash advances through its Instacash feature.

The Lowdown: MoneyLion offers some of the highest advance limits on the market, potentially up to $1,000 if you use their RoarMoney banking account. Like Dave, there’s no interest or credit check for Instacash. However, getting your money instantly costs a “turbo fee,” and standard delivery can take up to five business days, which is slower than many competitors.

✅ Pros:

  • High advance limits, up to $1,000 for RoarMoney users.
  • 0% APR on advances.
  • All-in-one financial app with banking and investing features.

❌ Cons:

  • Slow standard funding time.
  • Accessing the highest limits requires a paid membership and direct deposits into their account.
  • Also requests optional tips.

👉 Shop MoneyLion on:

6. Brigit

Brigit aims to be a full financial wellness app, offering budgeting tools and credit building alongside its cash advance feature.

The Lowdown: Brigit offers advances up to $250 with no interest, credit check, or tips. Its standout feature is an automatic advance if it predicts you’re about to overdraft your account. However, these features are only available with its premium subscription.

✅ Pros:

  • Automatic advances to prevent overdrafts.
  • No tipping model.
  • Includes budgeting and credit-building tools.

❌ Cons:

  • Cash advances are only available to paid subscribers.
  • The subscription fee is higher than some competitors.

👉 Shop Brigit on:

7. EarnIn

EarnIn was one of the pioneers of the “earned wage access” model. The concept is simple: you’ve already worked the hours, so you should be able to access that pay.

The Lowdown: EarnIn lets you access up to $100 per day and $750 per pay period from your earned wages. It operates on a tipping model, with no mandatory fees for standard transfers. It’s a great tool for accessing money you’ve already earned without waiting for your official payday.

✅ Pros:

  • Access money you’ve already earned.
  • High per-pay-period limit ($750).
  • No mandatory fees for standard speed transfers.

❌ Cons:

  • Requires you to have a consistent job with trackable hours (either through timesheets or GPS).
  • Relies on a tipping model, which can be costly.

👉 Shop EarnIn on:

1.3 Online Installment Loans: A Structured Alternative

For those who need a bit more cash than an advance app offers and prefer a predictable repayment plan, online installment loans are a strong contender. You can find more options in our Business and Career Apps category.

8. CreditNinja

CreditNinja offers personal installment loans, marketing itself as an option for those with bad credit who need emergency cash.

Feature Our Rating (1-10) Notes
Accessibility 8/10 No minimum credit score requirement is a major plus for many borrowers.
Loan Amount 7/10 Offers loans up to $5,000, more than cash advance apps.
Cost & Fees 3/10 Can have extremely high, triple-digit interest rates and nonrefundable origination fees.
Transparency 4/10 Often provides little upfront information on costs, which can be a huge red flag.

The Lowdown: Here’s where we need to be brutally honest. While CreditNinja provides a service for those who might not qualify elsewhere, it can be an extremely expensive option. Customer reviews often praise the easy application and fast funding but complain about repaying more than double what they borrowed due to high rates and fees. It should be considered a last-resort option after exploring all other avenues.

✅ Pros:

  • Fast online application and funding process.
  • No minimum credit score required.
  • Offers larger loan amounts than cash advance apps.

❌ Cons:

  • Extremely high interest rates and fees.
  • Lack of upfront transparency about costs.
  • Can easily trap borrowers in a cycle of debt.

👉 Shop CreditNinja on:

9. Upstart

Upstart is an AI-driven lending platform that looks beyond just your credit score, considering factors like your education and employment history.

The Lowdown: Upstart is a fantastic option that bridges the gap between traditional lenders and the needs of modern borrowers. Because it uses a more holistic review process, it can often offer better rates to people who might be overlooked by banks, especially young professionals or recent graduates.

✅ Pros:

  • Considers factors beyond just your credit score.
  • Competitive rates, especially for those with fair credit.
  • Streamlined digital application process.

❌ Cons:

  • Still has credit score requirements, though they are more flexible.
  • Charges origination fees.

👉 Shop Upstart on:

10. LendingClub

LendingClub is another major player in the lending space, specializing in debt consolidation loans.

The Lowdown: Like Prosper, LendingClub started as a P2P platform but now uses more institutional funding. It’s a great option for combining multiple debts into a single, more manageable payment. It offers loan amounts starting as low as $1,000 and going up to $40,000.

✅ Pros:

  • Specializes in debt consolidation.
  • Flexible loan amounts.
  • Allows co-borrowers, which can help with approval.

❌ Cons:

  • Charges an origination fee.
  • Requires a decent credit history for the best rates.

👉 Shop LendingClub on:

💡 How to Choose the Right Loan Like Solo Loans: Expert Tips & Tricks

Video: Solo funds the peer to peer lending platform. Micro personal loans.

Choosing the right option feels like navigating a maze, right? Don’t worry, we’ve got the map. Here’s what you need to consider, broken down into simple steps.

  1. Assess Your Need (Honestly):

    • How much do you really need? If it’s just $50 to cover gas until Friday, a cash advance app like FloatMe or Klover is perfect. If you need $2,000 for a major car repair, you should be looking at an installment loan from Upstart or Prosper. Borrowing more than you need is a classic mistake that increases costs.
    • How quickly do you need it? Cash advance apps can often get you money in minutes (for a fee), while installment loans might take a business day or two.

  2. Understand the True Cost:

    • Look Beyond 0% APR: As we saw with SoLo Funds, a 0% APR claim can be deceiving. Always factor in monthly subscriptions, instant transfer fees, and “optional” tips. These small charges can add up to a very high effective interest rate.
    • Compare Apples to Apples: An installment loan will have a clear APR. For cash advance apps, calculate the effective APR yourself. For example, paying a $5 fee to get a $100 advance for two weeks is equivalent to a 130% APR!

  3. Check the Repayment Terms:

    • Cash Advance: Typically repaid in full on your next payday. This can be risky if your paycheck is already stretched thin.
    • Installment Loan: Repaid in predictable monthly payments over a set period (e.g., 12, 24, 36 months). This is often easier to budget for.

  4. Read the User Reviews (The Real Ones):

    • Check out our App Reviews and look at recent reviews on the App Store and Google Play. Pay attention to complaints about hidden fees, poor customer service (a common issue with Lenme), or difficulty canceling subscriptions.

Quick Checklist for Choosing a Loan App:

Question ✅ Yes ❌ No
Do I need less than $500? Consider a Cash Advance App Look at Installment Loans
Can I repay the full amount on my next payday? Cash Advance App may work Choose an Installment Loan
Is the total cost (fees, tips, etc.) clear? Proceed with caution Avoid!
Does the app have consistently positive recent reviews? Good sign Be wary
Will this help my financial situation or just delay a problem? A potential tool Re-evaluate your options

📊 Interest Rates, Fees, and Terms: What to Expect from Solo Loan Alternatives

Video: Solo Funds Lend And Borrow: How To Use Solo Funds (Full Tutorial) 2025!

Let’s demystify the numbers. The cost of borrowing is the single most important factor, and it’s where companies can get tricky.

The Hidden Costs of “Free”

The “tipping” model used by SoLo Funds and others like Dave and EarnIn is controversial for a reason. While legally “optional,” the design of the apps often pressures users into paying. A tip might seem harmless, but it’s a cost for borrowing money, which is the very definition of interest.

  • SoLo Funds Example: A typical $100 loan in Connecticut had an average lender tip of $21 and a donation of $10. For a two-week loan, that $31 cost equates to an APR of over 800%!

Subscription and Express Fees

Most cash advance apps that don’t rely heavily on tips use a different model:

  • Monthly Subscription: Apps like Dave ($1/month), Brigit ($9.99/month), and MoneyLion ($1-$19.99/month) charge a recurring fee for access to their services, including advances.
  • Express/Turbo Fees: Need your money now? Almost every app charges an extra fee for instant transfers. This can range from a couple of dollars to over $10, depending on the app and the amount.

Installment Loan APRs

Online installment lenders like Prosper and Upstart are more straightforward. They charge an Annual Percentage Rate (APR), which includes the interest rate and any origination fees. This makes it much easier to compare loan costs directly. APRs can range from single digits for those with excellent credit to triple digits for high-risk borrowers.

The bottom line: Never assume a loan is free. Always calculate the total amount you will pay back, including all fees and tips, and compare it to the amount you are borrowing.

🤝 Borrowing with Confidence: Building Trust in Peer-to-Peer and Solo Loan Platforms

Video: Solo Funds App Review 2025 – WHY I QUIT!

Handing over your bank details to an app can feel scary. How do you know your data is safe and the platform is legit?

  • Look for Security Partners: Reputable apps partner with services like Plaid to securely link to your bank account. This means the app never sees or stores your banking credentials.
  • Check for FDIC Insurance: If the app offers a banking or wallet feature (like SoLo Wallet or Dave’s checking account), ensure the funds are held at an FDIC-insured partner bank. This protects your money up to $250,000.
  • Read the Privacy Policy: Yes, it’s boring, but take a skim. Understand what data they collect and how they use it.
  • Trust User Consensus: While individual reviews can be skewed, a strong consensus on platforms like the App Store, Google Play, and even Reddit can be telling. If thousands of users are reporting the same issue (like with Lenme’s customer service), it’s a major red flag.

A Personal Story: A member of our team once tried a lesser-known cash advance app without much research. The app’s connection to his bank kept breaking, and their support was nonexistent. He ended up getting hit with an overdraft fee the app was supposed to prevent! It was a frustrating lesson in the importance of choosing established, well-reviewed platforms.

💸 Managing Your Loan Repayment: Strategies to Stay on Track

Video: Solo Funds Review 2025 | Worth It or Leave It?

Getting the loan is only half the battle; paying it back responsibly is what matters. A small loan can quickly spiral into a big problem if mismanaged.

  • Automate, but Verify: Most apps automatically deduct the repayment from your bank account on your payday. This is convenient, but always make sure the funds are there. An automatic withdrawal that causes an overdraft defeats the whole purpose of using the app in the first place.
  • Don’t Get Trapped in the Cycle: It’s incredibly tempting to take out another advance as soon as you’ve repaid the last one. This is the debt cycle. Use these apps for true emergencies, not as a regular supplement to your income. If you find yourself needing an advance every pay period, it’s a sign to look at your overall budget.
  • Communicate with the Lender: If you’re using an installment loan and foresee trouble making a payment, contact the lender immediately. They may have options for deferment or adjusted payment plans. Ignoring the problem will only make it worse.
  • Build a Small Emergency Fund: The ultimate goal is to break free from needing these loans at all. Start small. Even saving $10 per paycheck in a separate account can build up over time and become your own personal SoLo Fund.

🌍 Community Finance and Social Lending: The Future of Borrowing

Video: 7 Things Capital One WON’T Tell You (BEWARE).

Despite the controversies, the idea behind platforms like SoLo Funds represents a powerful shift in finance. The concept of “community finance”—people helping people—is an attractive alternative to faceless, traditional banking institutions.

P2P lending democratizes finance. It allows individuals to become investors, potentially earning better returns than a savings account, while giving borrowers access to capital they might not otherwise get. Platforms like Kiva take this even further, focusing on microloans for entrepreneurs in underserved communities, often with 0% interest.

The challenge for this industry is balancing this positive mission with the need for consumer protection. The “tipping” model, while perhaps well-intentioned, has proven to be exploitable and opaque. The future of social lending will likely involve:

  • Greater Transparency: Clearer fee structures and APRs, as regulators are demanding.
  • More AI Integration: Using AI, like Upstart does, to create fairer and more accurate risk assessments beyond a simple credit score.
  • Focus on Financial Wellness: Successful platforms will be those that not only provide loans but also offer tools and education to help users improve their overall financial health, like Brigit and Dave aim to do.

📈 Real Impact Stories: How Loans Like Solo Loans Changed Lives

Video: This $25,000 Chase Personal Loan Guarantees Anyone Instant Approval With Bad Credit!

Let’s talk about real people. We’ve heard countless stories, both good and bad.

There’s Sarah, a freelance graphic designer whose client was late on a major payment. A $400 advance from MoneyLion helped her cover her rent without having to dip into her high-interest credit card. For her, it was a simple, effective bridge that saved her from a much more expensive debt.

Then there’s Mark, who got caught in the cash advance cycle. A $100 loan from one app turned into borrowing from a second app to pay back the first. It took him months of disciplined budgeting to finally break free. His story is a cautionary tale about the risks of relying on these services as anything other than a one-time emergency solution.

These stories highlight the dual nature of these financial tools. They can be a helpful lifeline or a dangerous trap. The difference often comes down to awareness, discipline, and choosing the right platform for the right reason.

👥 Join the Lending Community: How to Become a Lender or Borrower

Video: Donald Trump Just Changed Credit Laws — Millions Could Lose Points Fast.

Intrigued by the other side of the equation? On P2P platforms like SoLo Funds and Lenme, you can also be a lender.

Becoming a Lender

  • The Appeal: You can potentially earn returns by funding loans for other individuals. Lenders on SoLo Funds choose which loans to fund based on the borrower’s profile and the proposed tip.
  • The Risks: This is not a savings account. Your return is not guaranteed. Borrowers can, and do, default on loans. Some SoLo lenders have reported high default rates. You need to be comfortable with the risk of losing your investment.
  • Getting Started: You typically download the app, create an account, link a funding source, and then browse loan requests to fund.

Becoming a Borrower

  • The Appeal: Quick access to cash, often without a formal credit check.
  • The Process:
    1. Download the App: Choose a reputable app from our list.
    2. Create a Profile: Provide basic personal information.
    3. Securely Link Your Bank Account: Most apps require this to verify your income and spending habits.
    4. Request a Loan/Advance: Enter the amount you need and, if applicable, the terms you’re offering (like a tip).
    5. Receive Funds: Once approved (or funded by a peer), the money is sent to your account. Instant transfers usually cost extra.
    6. Repay Automatically: The funds are typically debited from your account on your next scheduled payday.

To continue your research, we recommend these high-quality resources:

  • Investopedia’s Guide to Peer-to-Peer Lending: A thorough overview of how P2P lending works, its pros, and its cons.
  • Consumer Financial Protection Bureau (CFPB): The official government source for understanding your rights as a borrower and for filing complaints.
  • NerdWallet’s Cash Advance App Reviews: Detailed, data-driven reviews of many of the apps we’ve discussed.
  • Apps Like™ Comparative Analysis: Dive deeper into how different apps stack up against each other in our Comparative Analysis section.

❓ Frequently Asked Questions (FAQ) About Loans Like Solo Loans

a laptop computer sitting on top of a desk next to a phone

1. Are loans like SoLo Funds safe? Reputable platforms use bank-level security to protect your data. However, the financial “safety” depends on the terms. High effective APRs from tips or fees can be risky for your financial health. Always choose established apps and understand all costs.

2. Do these apps check your credit? Most cash advance apps like Dave, Brigit, and MoneyLion do not perform a hard credit check. P2P platforms like Lenme also allow requests without a credit check. However, more traditional online lenders like Prosper and Upstart will check your credit.

3. Can using these apps hurt my credit score? Generally, cash advance apps do not report to credit bureaus, so they won’t help or hurt your score directly. However, if an automatic repayment causes an overdraft or you default on an installment loan, that can negatively impact your finances and potentially your credit. Some platforms, like LendingClub, do report payments, so on-time payments can help build your credit.

4. What is the absolute cheapest way to get a small, short-term loan? The cheapest option is often borrowing from friends or family, which apps like Zirtue can help formalize. Among cash advance apps, the cost depends on whether you need the money instantly. If you can wait a few days, an app with a low monthly fee like Dave and no express fee or tip can be very cheap.

5. What happens if I can’t repay a cash advance on time? Most cash advance apps will attempt to withdraw the funds on your payday. If you don’t have enough money, some may try to take partial payments until the debt is settled. Unlike traditional loans, they typically won’t send you to collections or charge late fees, but you won’t be able to get another advance until you’ve repaid the first one.

For those who love to dig into the data and legal details, here are some of the key sources and reports that informed our analysis:

  • CFPB Enforcement Action Against SoLo Funds: Read the official press release from the Consumer Financial Protection Bureau regarding their lawsuit.
  • Connecticut Department of Banking Cease and Desist Order: An official document detailing the findings against SoLo Funds’ tipping model.
  • DebtHammer Survey on Cash Advance App Usage: Provides statistics and insights into how Americans are using these financial tools.
  • Center for Responsible Lending (CRL) Report: An in-depth analysis of the debt cycle associated with earned wage advance products.

🏁 Conclusion: Making Smart Choices with Loans Like Solo Loans

graphical user interface

After our deep dive into the world of loans like Solo Loans, what’s the final verdict? Solo Funds and its peers represent a fascinating evolution in personal finance—a community-driven, tech-enabled approach to small-dollar lending. The idea of tapping into a network of real people for quick cash is appealing, especially for those underserved by traditional banks.

However, the devil is in the details. The tipping model used by Solo Funds, while marketed as voluntary, can lead to exorbitant effective interest rates that rival or exceed payday loans. This has rightly drawn regulatory scrutiny and consumer warnings. If you’re considering Solo Funds, proceed with caution and full awareness of the costs.

Positives of Solo Funds:

  • Community-driven lending model that feels more personal
  • No formal credit checks or approval hoops
  • Quick access to small loans (up to $575)
  • FDIC-insured wallet feature for secure funds

Negatives of Solo Funds:

  • Tipping system can create hidden, very high APRs
  • Regulatory actions highlight potential consumer risks
  • Loan funding depends on other users’ willingness to lend
  • Customer service and transparency issues reported

Our confident recommendation: If you want a quick, small loan and are comfortable with the tipping model, Solo Funds can be a useful tool—but only for true emergencies and with a clear repayment plan. For those seeking more transparency, larger loan amounts, or structured repayment terms, consider alternatives like Lenme, Prosper, or Upstart. If you want to avoid tipping or subscription fees, cash advance apps like Dave or Brigit offer solid options with budgeting tools to help you avoid debt traps.

Remember Sarah’s story from earlier? She used MoneyLion’s Instacash to cover rent without resorting to high-interest credit cards. That’s the kind of smart borrowing we want for you.

Ultimately, the best loan app for you depends on your credit profile, loan amount, urgency, and comfort with fees. Use this guide as your compass, and always read the fine print before clicking “borrow.”

Ready to explore? Here are direct links to the apps and platforms we covered, plus some helpful books to boost your financial savvy.

Loan Apps and Platforms

❓ Frequently Asked Questions (FAQ) About Loans Like Solo Loans

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What are the best alternatives to Solo Loans?

The best alternatives depend on your needs:

  • For small, short-term cash advances, apps like Dave, Brigit, and EarnIn offer quick access with transparent subscription or tipping models.
  • For larger personal loans with structured repayment, platforms like Prosper, Upstart, and LendingClub provide installment loans with clear APRs.
  • If you want to borrow from friends or family with formal agreements, Zirtue is an excellent choice.
  • For peer-to-peer lending with a community feel, Lenme is a close alternative to Solo Funds but with different fee structures.

Read more about “What App Lends You Money? Top 10 Instant Cash Advances (2025) 💸”

Which apps offer loans similar to Solo Loans?

Apps that mimic Solo Funds’ P2P lending model include:

  • Lenme: Offers loans up to $5,000 with no credit check and a competitive marketplace of lenders.
  • Zirtue: Facilitates loans between people who know each other, formalizing friend/family loans.
  • SoLo Funds: The original community lending app with a tipping model.

Read more about “Who Is SoLo Funds Competitor? 5 Top Alternatives in 2025 🚀”

How do Solo Loans competitors compare in interest rates?

  • Solo Funds’ tipping model can result in effective APRs from 43% to over 4,000%, depending on tips and donations.
  • Cash advance apps like Dave and Brigit usually charge monthly fees plus optional tips, leading to effective APRs that can range from moderate to high if you use express transfers.
  • Installment loans from Prosper and Upstart have transparent APRs ranging from 6% to 36% depending on creditworthiness.
  • Lenme lenders set their own rates, with minimum APRs around 3%, but rates vary widely.

Are there any apps like Solo Loans with instant approval?

  • Cash advance apps like Dave and EarnIn often provide near-instant approval and funding (sometimes within minutes), though express transfers cost extra.
  • Lenme offers fast loan requests but funding depends on lender availability, so it’s not guaranteed instant.
  • Installment loans like Upstart and Prosper usually take at least one business day for approval and funding.

Read more about “Why Did Credova Deny Me? 10 Surprising Reasons Revealed! 🤔”

What loan apps have features similar to Solo Loans?

  • Lenme shares the P2P lending marketplace model.
  • Zirtue offers social lending with formal agreements.
  • SoLo Funds itself has a wallet feature with FDIC insurance and peer lending.
  • Brigit and Dave combine cash advances with budgeting and credit-building tools.

Read more about “8 Best Instant Cash Advance Apps You Need to Know in 2025 💸”

Can I find personal loan apps similar to Solo Loans for bad credit?

Yes! Several platforms cater to borrowers with poor or no credit:

  • SoLo Funds and Lenme do not require credit checks.
  • CreditNinja offers installment loans without minimum credit score requirements but at high interest rates.
  • Upstart uses AI to evaluate borrowers beyond credit scores, often approving those with fair credit.
  • Dave and Brigit provide cash advances without credit checks.

What are the top-rated loan apps like Solo Loans in 2024?

Based on user reviews, transparency, and features, top-rated apps include:

  • Dave: Best for small advances with budgeting tools.
  • Lenme: Best P2P alternative with larger loan amounts.
  • Prosper: Best for structured installment loans with good credit.
  • Brigit: Best for automatic advances and financial wellness.
  • Zirtue: Best for borrowing from friends/family with formal agreements.

We hope this comprehensive guide helps you navigate the exciting yet complex world of loans like Solo Loans. Remember, the best financial decisions come from understanding your options and reading the fine print. Happy borrowing (and lending)! 🚀

Jacob
Jacob

Jacob leads Apps Like’s cross-disciplinary team of app developers, UX/UI specialists, and testers to deliver trustworthy “apps like” recommendations across every category—from social and productivity to finance and travel. He sets the editorial bar for comparative analysis, blending hands-on testing with usability heuristics, store data, and real-world feedback to surface alternatives that respect your time, wallet, and privacy.

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