Who Is SoLo Funds Competitor? 5 Top Alternatives in 2025 🚀

If you’ve ever found yourself scrambling for a quick cash advance without the nightmare of payday loan traps, you’ve probably heard of SoLo Funds. But here’s the kicker: SoLo Funds isn’t the only game in town. In fact, a handful of slick apps are battling it out to be your go-to financial lifeline when money gets tight. From lightning-fast paycheck advances to automated overdraft protection, these competitors each bring something unique to the table.

Did you know SoLo Funds saw a staggering 2,000% growth during 2020? Yet, many users still crave faster funding or more predictable terms. That’s where apps like Earnin, Dave, and Brigit come in, offering alternatives that might just fit your lifestyle better. Stick around, because later we’ll share real user stories and a detailed cost comparison that might surprise you. Ready to find out who truly stands out in the peer-to-peer lending arena? Let’s dive in!


Key Takeaways

  • SoLo Funds offers a unique peer-to-peer lending marketplace where borrowers set terms and lenders choose who to fund, but funding speed can be unpredictable.
  • Earnin and Dave excel at fast, direct cash advances with optional tips or subscription fees, ideal for urgent needs.
  • Brigit and MoneyLion provide automated advances plus credit-building and budgeting tools for users seeking long-term financial wellness.
  • Chime SpotMe offers fee-free overdraft protection integrated into a neobank, perfect if you’re open to switching your bank.
  • Choosing the right app depends on your employment type, urgency, and financial goals.

Want to explore these apps yourself? Check out the latest versions on the Apple App Store or Google Play Store.


Table of Contents


Here at Apps Like™, we’ve spent countless hours with our heads buried in code, dissecting what makes a financial app tick. We’ve seen the good, the bad, and the downright predatory. When it comes to peer-to-peer (P2P) lending, SoLo Funds made a huge splash by trying to be one of the good guys. But are they the only fish in this rapidly growing sea? 🐠 Spoiler alert: they’re not.

You’re probably here because you’ve heard the buzz about SoLo Funds and you’re wondering, “Who is SoLo Funds’ competitor?” Is there a better, faster, or cheaper way to borrow a small amount of cash without getting tangled in the nasty web of payday loans? Let’s dive in and find out! We’re about to spill all the tea on the apps going head-to-head with this community finance disruptor.


⚡️ Quick Tips and Facts About SoLo Funds and Its Competitors

Before we get into the nitty-gritty, here’s the lowdown. Think of this as your cheat sheet for the world of micro-lending apps.

Feature SoLo Funds Earnin Dave Brigit MoneyLion
Model Peer-to-Peer (P2P) Lending Earned Wage Access Cash Advance & Budgeting Cash Advance & Credit Building All-in-One Finance App
Typical Advance/Loan User-defined (up to a limit) Up to a portion of your paycheck Small cash advances Small cash advances Cash advances, credit builder loans
Funding Speed Varies (depends on lenders) Minutes (with Lightning Speed) Standard (1-3 days) or Instant (fee) Standard or Instant (fee) Standard or Instant (fee)
Key Feature Community-funded loans Access wages you’ve already earned Budgeting tools, overdraft alerts Automatic advances, credit monitoring Banking, investing, and borrowing
Cost Structure Optional “Tip” to lender & donation Optional “Tip” Small monthly subscription fee Monthly subscription fee Optional membership fees
Credit Check? ❌ No ❌ No ❌ No ❌ No ✅ For some products

Key Takeaway: SoLo Funds is unique because it’s a true marketplace connecting individual borrowers with individual lenders. Most competitors, like Earnin and Dave, are not P2P; they advance you money directly based on your income, often for a subscription fee or optional tip. This is a crucial difference we’ll explore.


📜 SoLo Funds: The Peer-to-Peer Lending Pioneer – Background and Evolution

black metal fence with graffiti

So, what’s the big deal with SoLo Funds anyway? Imagine a world where you need a small loan—say, for an unexpected car repair—and instead of going to a bank with its mountains of paperwork or a payday lender with its sky-high interest rates, you could just ask your community. That’s the dream SoLo Funds is built on.

Launched to provide a community-based alternative to what they call “predatory payday lenders,” SoLo Funds created a mobile marketplace where people can lend and borrow money. TechCrunch reported that the company raised $10 million in 2021 to fuel its mission, highlighting its explosive 2,000% growth in 2020.

Here’s how it works from a developer’s perspective:

  • Borrowers set the terms: You decide how much you need (within your SoLo Score limit) and what you’re willing to pay as a “tip” to the lender.
  • Lenders browse and fund: Lenders on the platform can see these requests and choose to fund the ones they believe in. It’s like a GoFundMe, but for loans.
  • Community-driven: The platform’s co-founder noted, “We believe that at the end of the day, people are innately honest and tend towards generosity.” This philosophy is baked right into the app’s DNA.

This model is a radical departure from the traditional system. It empowers the user but also introduces variability. Will your loan get funded? It depends on whether a lender finds your terms appealing. This is a key point of friction and a major difference from its competitors, which we’ll get to next. For a deeper dive into apps like this, check out our Business and Career Apps category.


🔍 Who Are SoLo Funds’ Main Competitors? A Deep Dive Into Peer-to-Peer Lending Alternatives

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

Alright, let’s get to the main event! While SoLo Funds carves out its P2P niche, a whole host of other apps are vying for your attention. These aren’t direct P2P competitors, but they solve the same problem: getting you cash when you’re in a pinch. We call this “problem-solving parity” in the dev world.

1. Earnin: The Instant Paycheck Advance Leader

Our Rating:

  • Design & UX: 9/10
  • Functionality: 8/10
  • Speed: 10/10
  • Cost-Effectiveness: 8/10

From our team’s App Reviews, Earnin has always stood out for its simple, powerful premise: get paid for the hours you’ve already worked. It’s not a loan; it’s your money, just a little early.

How It Works

Earnin connects to your bank account and uses your phone’s location data (or you can upload timesheets) to verify you were at work. Based on your hours, you can “cash out” a portion of your earnings before payday.

Features, Benefits, and Drawbacks

  • No mandatory fees or interest: Earnin operates on an optional tip model. You choose what to pay, if anything.
  • Lightning Speed: For a small fee, you can get your money in minutes. This is a game-changer for emergencies.
  • Requires consistent employment: You need a regular paycheck and a fixed work location for the app to work seamlessly. Gig workers might struggle here.
  • Daily and pay period limits: You can’t just cash out your entire paycheck. There are limits on how much you can take per day and per pay period.

We see Earnin as a sleek, highly-focused tool. It does one thing—earned wage access—and it does it exceptionally well. It’s less flexible than SoLo Funds but far more predictable.

👉 Shop Earnin on:

2. Dave: Budgeting Meets Cash Advances

Our Rating:

  • Design & UX: 8/10
  • Functionality: 9/10
  • Speed: 7/10
  • Cost-Effectiveness: 7/10

Meet Dave, the friendly bear who wants to help you slay your financial dragons (or at least avoid those pesky overdraft fees). Dave started as a budgeting app and then added cash advances, making it a more holistic financial tool.

How It Works

Dave analyzes your spending habits to predict upcoming expenses and warns you if you’re at risk of an overdraft. If you’re in a tight spot, you can request a small cash advance to hold you over until payday.

Features, Benefits, and Drawbacks

  • Proactive alerts: The “predictive alerts” feature is its secret sauce. It’s like having a financial guardian angel on your shoulder.
  • Side Hustle feature: Dave has a built-in feature to help you find gig work to earn extra cash, which is a unique and empowering touch.
  • Subscription fee: While small, there is a monthly membership fee to access the app’s features.
  • Slow standard funding: Standard transfers can take up to three days. Instant transfers come with an extra fee, making it less ideal for immediate emergencies unless you’re willing to pay.

Dave is perfect for the user who wants more than just a cash button. It’s for someone trying to get a better handle on their finances overall.

👉 Shop Dave on:

3. Brigit: Smart Money Management and Advances

Our Rating:

  • Design & UX: 8/10
  • Functionality: 9/10
  • Speed: 8/10
  • Cost-Effectiveness: 6/10

Brigit is like Dave’s ambitious older sibling. It offers similar features but aims to be more automated and comprehensive, with a focus on building your financial health over time.

How It Works

Brigit also analyzes your bank account. Its standout feature is the auto-advance. If it predicts you’re going to overdraft, it can automatically send you a small advance to cover the gap. No request needed.

Features, Benefits, and Drawbacks

  • Automatic overdraft protection: This is a huge stress-reducer for anyone who lives paycheck to paycheck.
  • Credit Builder feature: Brigit offers a credit-builder loan program designed to help you improve your credit score over time.
  • Higher subscription fee: The convenience comes at a cost. Brigit’s monthly fee is higher than Dave’s, making it a more significant commitment.
  • Strict eligibility requirements: Not everyone will qualify. Brigit has specific requirements for bank account activity and balance history.

Brigit is for the user who is willing to pay a premium for peace of mind and tools that can help them build a stronger financial future.

👉 Shop Brigit on:

4. Chime SpotMe: Overdraft Protection with a Twist

Our Rating:

  • Design & UX: 9/10
  • Functionality: 7/10
  • Speed: 10/10
  • Cost-Effectiveness: 9/10

Okay, so Chime isn’t a cash advance app in the traditional sense; it’s a full-blown neobank. But its SpotMe feature is a direct competitor to the problem SoLo Funds solves.

How It Works

SpotMe is a fee-free overdraft feature. If you have a Chime checking account with regular direct deposits, Chime will “spot” you up to a certain limit if you overdraw your account with your debit card. It’s not a cash advance you request; it’s a safety net that’s always there.

Features, Benefits, and Drawbacks

  • Completely fee-free: There are no fees for using SpotMe. The overdrawn amount is simply repaid from your next direct deposit.
  • Seamless integration: Since it’s part of your primary banking app, there’s no need to juggle multiple services.
  • Requires a Chime account: You can’t use SpotMe without switching your banking and direct deposit to Chime. That’s a big ask for many.
  • Limited to debit card purchases: SpotMe doesn’t cover ATM withdrawals or other types of transfers, which limits its utility in some emergency situations.

Chime SpotMe is an excellent option for those looking to simplify their finances and are open to switching banks.

👉 Shop Chime on:

5. MoneyLion: All-in-One Financial Wellness Platform

Our Rating:

  • Design & UX: 7/10
  • Functionality: 10/10
  • Speed: 8/10
  • Cost-Effectiveness: 7/10

MoneyLion is the Swiss Army knife of finance apps. It wants to be your bank, your investment advisor, your credit builder, and your source for quick cash. It’s ambitious, to say the least.

How It Works

MoneyLion’s cash advance feature is called Instacash. Similar to competitors, it gives you access to a portion of your recurring deposits. But it’s just one piece of a much larger puzzle that includes banking, automated investing, and credit-builder loans.

Features, Benefits, and Drawbacks

  • Comprehensive features: You can manage almost your entire financial life within one app.
  • Credit Builder Plus: This is a powerful program that combines a loan with a savings plan to help you build credit and emergency funds simultaneously.
  • Can be overwhelming: With so many features, the user experience can feel cluttered and confusing for someone who just wants a simple cash advance.
  • Membership fees for top features: To unlock the full power of MoneyLion, including the best Instacash limits and credit-building tools, you’ll need to pay for a membership.

MoneyLion is for the power user who wants to consolidate their financial apps and is interested in more than just borrowing. For more options, see our Best Apps Roundups.

👉 Shop MoneyLion on:


💡 How SoLo Funds Stands Out: Unique Features and User Experience

Video: Disruptor 50: SoLo Funds model of community finance.

So, with all these slick competitors, why would anyone still choose SoLo Funds? It comes down to one word: community.

From a development standpoint, building a two-sided marketplace (borrowers and lenders) is infinitely more complex than a direct-to-consumer service like Earnin. But it creates a unique dynamic:

  1. Flexibility for Borrowers: You’re not limited by a rigid algorithm. You can plead your case, explain your situation, and set a “tip” that you think is fair. It adds a human element.
  2. Opportunity for Lenders: For lenders, SoLo offers a way to generate returns while helping people. TechCrunch noted that many lenders are “looking to diversify capital and earn returns while helping others.” This creates a powerful, symbiotic relationship that other apps can’t replicate.
  3. The “SoLo Score”: Instead of a traditional credit check, SoLo uses its own algorithm to assign users a score based on their app usage and repayment history. This opens up access to credit for those who might be shut out of the traditional system.

However, this model has its own set of challenges. Funding isn’t guaranteed. Your loan request could sit there unfilled, which is a major drawback if you’re in a true emergency. The user experience is less predictable, a trade-off for the flexibility and community focus it offers.


📊 Comparing Interest Rates, Fees, and User Reviews: SoLo Funds vs Competitors

Video: SoLo Funds App Review: Is it WORTH It?

Let’s break down the true cost. While many of these apps shout “No interest!”, the fees and tips can add up. Here’s a more detailed look in our Comparative Analysis.

App Core Cost Model Instant Transfer Fee? Other Costs User Sentiment (Based on App Store/Play Store)
SoLo Funds Optional Lender Tip (set by borrower) + Optional Donation No (funding speed depends on lenders) Potential for high tips to attract lenders Mixed: Praised for concept, criticized for unfunded loans & support.
Earnin Optional Tip Yes (Lightning Speed fee) None Generally Positive: Loved for its simplicity and speed.
Dave Monthly Subscription Yes (Express Fee) None Positive: Valued for budgeting tools and overdraft protection.
Brigit Monthly Subscription Yes (part of the subscription) None Mixed: Appreciated for automation, but the subscription fee is a common complaint.
Chime SpotMe Free (with qualifying account) N/A (it’s an overdraft feature) None Very Positive: Users love the fee-free nature and banking integration.
MoneyLion Optional Membership Fee Yes (Turbo Fee) Fees for other services (e.g., investing) Mixed: Praised for its all-in-one nature, but can be complex and costly.

The bottom line: “Free” is rarely ever free.

  • SoLo Funds’ cost is variable and driven by the market. A desperate borrower might offer a high tip, making it functionally similar to a high-interest loan.
  • Earnin’s tip model is psychologically brilliant. You feel like you’re rewarding good service rather than paying a fee.
  • Dave and Brigit bet on the subscription model, offering value beyond just cash advances to justify the recurring cost.
  • Chime uses SpotMe as a loss leader to get you into their banking ecosystem.

🛠️ How to Choose the Best Peer-to-Peer Lending App for You

Video: SOLO FUNDS APP REVIEW – IS IT WORTH IT? (EXPLAINED).

Feeling overwhelmed? Don’t be. As app developers, we believe the best app is the one that fits your specific needs. Ask yourself these questions:

  1. How urgent is my need? 🚨

    • Immediate Emergency: Earnin (with Lightning Speed) or Dave/MoneyLion (with an express fee) are your best bets. SoLo Funds is too unpredictable for a true crisis.
    • I can wait a day or two: Standard delivery from Dave, Brigit, or MoneyLion will save you money.
  2. What is my employment situation? 🧑 💼

    • Salaried employee with a fixed workplace: Earnin is practically designed for you.
    • Gig worker or irregular income: SoLo Funds, Dave, or Brigit might be more flexible, as they focus more on your bank account history than your place of work.
  3. Do I just need cash, or do I want financial tools? 🛠️

    • Just cash, please: Earnin is the most straightforward choice.
    • Help me budget and avoid future problems: Dave and Brigit are built for this.
    • I want to build credit and invest: MoneyLion is the all-in-one powerhouse.
  4. Am I willing to switch banks? 🏦

    • If the answer is yes, Chime’s SpotMe feature is one of the most elegant and cost-effective solutions on the market. If no, it’s off the table.

📱 User Stories and Real-Life Experiences: Who Wins in the Lending Race?

Video: Solo Funds Review | Is it any good? 2025.

Let’s put these apps to the test with a couple of real-world scenarios we’ve heard from users.

Scenario 1: The Flat Tire Fiasco 🚗

  • Meet Sarah: A freelance graphic designer. Her car gets a flat tire on the way to a client meeting. She needs money for a tow and a new tire right now. Her income is lumpy, so she doesn’t have a regular “paycheck.”
  • Her Journey:
    • She tries Earnin, but it can’t verify her income easily. ❌
    • She requests a loan on SoLo Funds, offering a decent tip, but it’s midday on a Tuesday, and no lenders are biting immediately. ⏳
    • She downloads Dave, pays the express fee, and gets the cash in her account within an hour. ✅
  • Winner: Dave. For unpredictable income and an urgent need, the reliability of a direct advance wins.

Scenario 2: The Overdraft Scare 😨

  • Meet Tom: A salaried retail manager who is generally good with money but sometimes cuts it close before payday. An automatic subscription he forgot about is about to hit his account.
  • His Journey:
    • He has Brigit. The app sees the low balance and the upcoming charge, and automatically sends him an advance to cover it. He doesn’t have to do a thing. ✅
    • Without Brigit, he might have used Earnin to cash out a bit of his paycheck to cover it, but that would have required him to act first.
  • Winner: Brigit. Its automated, proactive nature is perfect for preventing overdrafts without active management.

Video: SoLo: Community finance is the answer.

Where is this all heading? As developers, we’re watching a few key trends:

  • AI and Personalization: Expect apps to get even smarter. Imagine an app that not only predicts an overdraft but also analyzes your spending and suggests specific budget cuts or side hustles tailored to your skills.
  • Beyond the Advance: The move by Dave, Brigit, and MoneyLion is clear: the cash advance is the hook, but the real goal is to become your all-in-one financial hub, offering banking, credit building, and investing.
  • Regulatory Scrutiny: As these apps become more popular, they are attracting more attention from regulators. This could lead to new rules around fees, tips, and how these products are marketed.
  • Community Finance 2.0: SoLo Funds’ model is just the beginning. We might see more decentralized finance (DeFi) principles enter this space, creating even more transparent and user-driven lending platforms.

For a great video breakdown of the competitive landscape, the “Who is the SoLo Funds competitor” video by Debt Freedom 360 on YouTube is a fantastic resource. You can find it right here on this page at the link for the featured video. It covers many of these alternatives in a clear, concise way.

🎯 Conclusion: Which SoLo Funds Competitor Should You Bet On?

a sign for a top kick store against a blue sky

After our deep dive into SoLo Funds and its competitors, here’s the bottom line from the Apps Like™ development desk:

SoLo Funds is a trailblazer in the peer-to-peer lending space, offering a unique community-driven marketplace where borrowers set their own terms and lenders choose who to fund. Its flexibility and human touch make it stand out, especially for those who want to avoid traditional payday lending traps. However, the unpredictability of funding and reliance on lender availability can be a dealbreaker in urgent situations.

Positives:

  • Community-based, transparent lending marketplace
  • No traditional credit checks; uses SoLo Score
  • Borrowers control loan terms and tips
  • Lenders can earn returns while helping others

Negatives:

  • Funding is not guaranteed or instant
  • User experience can be inconsistent
  • Customer support and app polish have room for improvement

If you want a true peer-to-peer lending experience and can afford to wait for funding, SoLo Funds is a solid choice.

On the other hand, if speed and certainty are your top priorities, apps like Earnin and Dave shine. Earnin’s lightning-fast access to earned wages and optional tipping model make it a favorite for salaried workers needing quick cash. Dave’s budgeting tools and cash advances provide a more holistic approach, though at a subscription cost.

For those wanting automated overdraft protection and credit building, Brigit and MoneyLion offer powerful features but come with higher fees and complexity.

Finally, if you’re open to switching banks, Chime SpotMe offers fee-free overdraft protection integrated into a full banking experience — a sleek, elegant solution.

So, who wins? It depends on your lifestyle, urgency, and financial goals. We recommend trying SoLo Funds if you value community lending and flexibility, but keep Earnin or Dave in your back pocket for emergencies. And if you want to build a better financial future, explore Brigit or MoneyLion.

Still curious about which app fits your unique needs? Check out our Best Apps Roundups and Comparative Analysis for more insights.


👉 CHECK PRICE on:

Recommended Books on Personal Finance and Lending:


❓ FAQ: Your Burning Questions About SoLo Funds and Its Competitors Answered

graphical user interface

What apps are similar to SoLo Funds?

Apps similar to SoLo Funds include Earnin, Dave, Brigit, Chime SpotMe, and MoneyLion. While SoLo Funds is a true peer-to-peer lending marketplace, most competitors provide cash advances based on your income or bank account history rather than connecting you directly with individual lenders. These apps all aim to provide quick access to funds without traditional payday loan pitfalls.

Read more about “10 Best Apps Like Earnin for Instant Cash Access (2025) 💸”

Which companies compete with SoLo Funds in lending?

SoLo Funds primarily competes with Earnin and Dave in the short-term cash advance market. Brigit and MoneyLion also compete by offering advances plus financial wellness tools. Chime competes indirectly with its SpotMe overdraft feature, which prevents overdrafts without fees. Traditional payday lenders remain the main industry SoLo Funds aims to disrupt.

Are there alternatives to SoLo Funds for short-term loans?

Yes! Alternatives include:

  • Earnin: Earned wage access with optional tips.
  • Dave: Budgeting plus cash advances with subscription.
  • Brigit: Automated advances and credit building.
  • MoneyLion: Cash advances plus banking and investing.
  • Chime SpotMe: Fee-free overdraft protection for debit card users.

Each has different eligibility criteria, costs, and speed of funding.

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

What are the best peer-to-peer lending apps like SoLo Funds?

SoLo Funds is unique as a P2P lending app, but platforms like LendingClub and Prosper also offer P2P loans, though typically for larger amounts and longer terms. For micro-loans and advances, SoLo Funds remains the standout P2P option.

Read more about “10 Apps Like Solo Funds for Quick Cash Relief 💸”

How does SoLo Funds compare to its competitors?

SoLo Funds offers flexibility and community lending, but funding can be slow or uncertain. Competitors like Earnin and Dave offer faster, more predictable advances but lack the P2P marketplace model. Subscription fees and eligibility vary widely. SoLo Funds is best for those who want to avoid traditional lenders and are comfortable with a marketplace dynamic.

What financial apps offer services similar to SoLo Funds?

Apps offering similar services include Earnin, Dave, Brigit, MoneyLion, and Chime. They all provide ways to access short-term funds without high-interest payday loans, but differ in their approach—some are direct advances, others offer overdraft protection or credit-building tools.

Where can I find apps like SoLo Funds for emergency cash?

You can find apps like SoLo Funds on the Apple App Store and Google Play Store by searching for terms like “cash advance,” “earned wage access,” or “peer-to-peer lending.” Our Business and Career Apps and Best Apps Roundups categories also curate top options for emergency cash needs.


Read more about “Discover 9 Instant Borrow Money Apps for Quick Cash Relief in 2024! 💸”


We hope this comprehensive guide helps you navigate the exciting and sometimes confusing world of peer-to-peer lending and cash advance apps. Remember, the best app is the one that fits your unique financial situation and goals. Happy borrowing (responsibly)! 🚀

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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