8 best apps like SoLo Funds: small loans & cash advances

Why we chose Possible: Possible Finance offers almost identical loan products as SoLo Funds. The Possible Loan can help borrowers avoid paying the astronomical interest rates on these quick-cash payday loans.

With Possible Loan you can instantly borrow up to $500 without fees or interest. You then pay it back over four installments.

The platform is planning to launch a cash advance program that also unlocks a low-limit credit card over time, but for now, it’s focused on small loans.

Compared to payday lenders and high-interest credit card companies, Possible Finance offers a much safer alternative. Borrowing money to get out of a tricky situation can devastate the underbanked. Getting a small personal loan with Possible can prevent borrowers from racking up endless debt.

The Better Business Bureau gives Possible Finance 4.5 stars, and Google Play Store reviews average 4.3 out of 5 (from over 46,000 reviews).

Cost: Fees vary by state, but they're usually around $10-$15 per $100 borrowed

Why we chose Zirtue: As with SoLo Funds, Zirtue customers can choose custom loan amounts, connect directly to a lending member, and agree on repayment terms.

Zirtue recognizes the importance of helping reach the un- and under-banked, like SoLo Funds. However, instead of putting out a loan request as you would on SoLo Funds, on Zirtue, you need to request funds directly from someone you know.

You send the request to your contact to borrow money, offering personal details to explain why you need the funds. They can pay your loan digitally, and you repay either in one sum or across monthly installments.

Cost: It's free to use; interest terms are agreed on with the lender

Why we chose Prosper: Prosper was the first peer-to-peer lender in the U.S. The platform offers unsecured personal loans of $2,000 up to $50,000. (SoLo Funds currently maxes out loans at $575.)

This company has been in operation since 2005. It makes funds available to borrowers as quickly as one business day and doesn’t charge any penalties for prepayment.

On the Prosper platform, members share basic income and expense information to help determine what their loan rate will be. You’d then select a loan length, often between two and five years.

Prosper offers credit card consolidation loans, which can be helpful for borrowers with high-interest debt. It also has a home improvement-specific loan. If you want to strengthen your loan application, you can consider applying jointly with a family member or friend who has solid credit.

Cost: origination fee and possible late or NSF fees

Why we chose Lending Club: Lending Club, like SoLo Funds, offers fast personal loans without collateral. You can apply for a loan of up to $40,000, usually with a fixed term at a fixed rate. The company says over a third of its loans are funded within 24 hours of approval.

You have a 15-day grace period for repayment, and then late fees are charged.

You can also access Lending Club banking services — checking, high-yield savings, CDs, and more.

Cost: origination fees between 3% and 6%, plus interest charges

Why we chose LenMe: Another Fintech platform that believes that traditional lending and borrowing are failing people, LenMe, gives access to between $50 and $5,000 in loans. LenMe works much like SoLo Funds in that borrowers can connect to lenders who want to invest in them.

LenMe is simple to use — it says it takes only “three clicks” for either the borrower or the investor (lender) to start. Investors can see borrowers’ info such as credit score, bank data, and a LenMe score before deciding.

Loan repayment is anywhere from one month to 12 months (borrowers decide), and funds are usually available in one to two business days.

Cost: free app, but $1.99 monthly subscription to access loans

Why we chose Brigit: Brigit provides loans of up to $250 with no credit check and no interest charged. It points out that there are no “tips,” unlike SoLo Funds. While Brigit offers free financial advice and alerts, you’ll have to fork over $9.99 a month to access the quick cash feature. Brigit can also assist you in improving a bad credit score.

Brigit’s other features include automatic overdraft protection, $1 million in identity theft protection, and guidance to help you increase your income and improve your financial picture. Those are sweet benefits that could help users avoid digging into a high-interest debt cycle.

Cost: $9.99 monthly

Why we chose Chime®: While Chime doesn't technically provide loans, it's a good option for those who want an all-in-one mobile banking platform — with the included benefit of overdraft protection.

By opening up an account with Chime, you unlock access to a debit card and the company’s Chime SpotMe® program for up to $200 in overdraft protection5. That means Chime doesn’t charge fees for taking your account balance below zero for eligible Chime members, up to -$200.

Cost: free with an eligible account

Why we chose Hundy: Like SoLo Funds, Hundy presents itself as a platform connecting borrowers with investors seeking to lend a hand. It doesn’t give out loans per se but offers cash advances between $25 and $250 in a crowdsourced manner.

According to Hundy’s website, creating an account and requesting funds takes about five minutes. Then, within about a business day, borrowers will have the needed funds.

The purpose behind Hundy is similar to that of SoLo Funds, with Hundy’s emphasis on building a community of borrowers and lenders. The company says it “empowers its members to benefit from their good character.”

Cost: free app, but voluntary tips