Cash Advance Apps To Options For Larger Loans
Do you need extra cash but can’t get a loan from typical financial institutions?
Peer-to-peer lending makes cash more accessible and removes many of the hurdles consumers face at traditional banks. SoLo Funds is a peer-to-peer lending solution and cash advance app that helps borrowers get the cash they need in a pinch by allowing consumers to lend to those who need up to $575. Investors earn a return on their investment by lending money to others, and borrowers get the cash they need.
In this article, we'll cover both cash advance apps like Solo Funds for loan amounts up to $575, how you should choose which app is best for you, and also go over other cash advance apps and lending platforms that offer loan amounts ranging from $1,000 to $50,000 and beyond.
Scroll below to see apps like SoLo Funds or tap our Table of Contents to dive in:
Table of Contents
What is Peer-to-Peer Lending?
Not everyone can get a loan from a bank. Some banks have high credit score requirements, and consumers may have to find alternatives. Payday lenders and title loans can provide relief, but these financial products typically have excessive interest rates and fees.
Peer-to-peer lending is a middle ground and another option that makes loans more accessible than traditional banks.
What Are Cash Advance Apps?
As an alternative to peer-to-peer lending platforms, cash advance apps are a convenient way to borrow additional money without many hurdles. Most cash advance apps don’t have credit score requirements. Users can borrow the minimum amount when they get started and raise their maximum cash advance with a good deposit history and by paying cash advances on time.
Cash advance apps are also useful alternatives to credit card cash advances and payday loans, which have higher interest rates and fees. It’s possible to find cash advance apps that give you cash at 0% APR and cost only a small fee instead.
What Is SoLo Funds?
SoLo Funds is a peer-to-peer lending platform that connects borrowers with investors. You don’t need a great credit score to get a small loan, and you can still get favorable terms. Borrowers can decide the interest rate, length of the loan, and other factors when using SoLo Funds.
The loan amount starts at $100 but goes up to $575 if you build up your SoLo Score and repay loans on time. The minimum loan amount is $20, and each loan is due within 35 days. SoLo Funds uses an optional tipping system instead of interest and the tip is the amount an investor receives for providing the loan to a borrower. You might get a loan without providing a tip, but investors can filter results by the tip. A higher tip (0% to 15% of the loan’s value) will get more attention.
- Loan Amount: $20-$575
- Interest Rate Type: Tipping system
- Loan Term: Up to 35 days
- Speed: Depends on tip and repayment history
- Rating: 4.6 of 5 stars on 7,818 Google Play reviews
- No hard credit check: Your borrowing limit is based on your banking and SoLo Funds history, not your credit score.
- Borrow from SoLo members: You have the freedom to determine the conditions and borrow according to what suits you best.
- No interest rate: Most lenders set interest rates for their loans, but you can get interest and fee-free loans with SoLo Funds. With SoLo Funds you decide by choosing the tip you'd like to pay. Setting a higher tip will help you get cash sooner, but you can put a loan on the P2P marketplace without a tip.
- You can only borrow up to $575: It’s not enough for every expense, and borrowers just getting started can only borrow up to $100. Traditional financing usually has a higher ceiling than SoLo Funds.
- Short repayment: Borrowers have to repay the loan within 35 days. If the borrower does not pay on time, the borrower must also pay a late fee to the lender.
Apps like SoLo Funds For Small Cash Advances
SoLo Funds is a great option for connecting borrowers with lenders, and peer-to-peer lending offers cash to borrowers with lower credit scores, but, you might be able to borrow significantly more with other cash advance apps.
Like SoLo Funds, cash advance apps do not function like traditional payday loans but do speed up access to your next paycheck, so you don’t have to borrow money at a high interest rate to cover emergency expenses.
Here are some of the top cash advance apps to consider:
Lenme Borrow: Like SoLo Funds But With Larger Loans
Lenme Borrow is the most similar to SoLo Funds as it's also a peer-to-peer marketplace where users can set the terms for their loan request, and then investors share offers for the borrower to accept. Your loan request is offered to many investors at the same time, so there's an opportunity for investors to compete for the loan – ideally, resulting in a lower cost for you. Unlike SoLo Funds, Lenme loan limits can get much larger with an established history.
Lenme is also similar in that most of the setup is just downloading the app, completing identity verification, and linking a bank account.
- Loan Amount: $50-$5,000
- Interest Rate Type: Based on custom offers from investors
- Loan Term: 1-12 months with monthly payments
- Speed: Typically 1-2 days after accepting a loan offer
- Rating: 4.3 of 5 stars on 26,000 App Store reviews
- Higher loan amounts: Although it may take building positive history, the $5,000 loan limit is much higher than most small cash advance apps.
- No hard credit check: Your borrowing limit is based on building history with Lenme.
- Possibility for competitive rates: Multiple lenders are able to compete for your loan request.
- Flexible payback: Payback is automatically deducted from your bank account but, there's an option to request a payback extension via the Lenme app if you need it.
- Speed: Although Lenme mentions you can receives loan offers in minutes, they may not come as quickly as you need them.
- Features: If you're looking features beyond solely borrowing, like budgeting or saving, other apps on the list may be worth considering.
Earnin: Cash Advances Up to $750
Earnin speeds up your access to every paycheck. The cash advance app lets users receive up to $100/day from their pay right away instead of waiting multiple business days to receive the funds. Earnin users have obtained over $15 billion through the app’s cash advances.
- Loan Amount: Up to $750
- Interest Rate Type: 0% APR
- Loan Term: Until next payday
- Speed: 1-3 business days or faster with Lightning Speed feature
- Rating: 4.7 of 5 stars on 242,866 Apple App Store reviews
- Overdraft protection: Earnin sends notifications when your balance is getting close to zero to help keep you away from overdraft fees.
- 0% APR cash advance: Credit card cash advances can get expensive, but with Earnin, you don’t have to worry about interest.
- No credit check: You won’t have to worry about a hard pull damaging your credit if you get a cash advance from Earnin.
- Earnin requires access to your bank account: The app can use your bank account to recoup the cash advance.
- Unemployment payments do not count as direct deposits: Unemployment benefits will not increase your maximum Earnin cash advance.
Dave: Best for $500 and a Side Hustle
Dave is one of the most established cash advance apps that also provides financial tools and resources. The fintech company allows users to create bank accounts and capitalize on a debit card with up to 15% cash back on qualifying purchases. Dave’s network of 37,000 ATMs makes it easier for debit cardholders to withdraw cash without paying fees. The app even has an automatic budgeting feature that lets you know how much you can spend.
- Loan Amount: Up to $500
- Interest Rate Type: 0% APR
- Loan Term: Until next payday
- Speed: Instant or up to 3 days
- Rating: 4.8 of 5 stars on 627,269 Apple App Store reviews
- Access to side hustles and local job opportunities: If you need help finding work, developing skills, or want an extra side hustle to help with the bills, Dave’s database can make the search easier.
- Borrow cash at 0% APR: Many cash advance apps offer this advantage, and Dave is no exception to the rule.
- Get a full banking experience: Aside from ExtraCash, Dave offers an immersive banking experience that can help you save money and receive cash back on purchases.
- $1/mo monthly membership fee: The 0% APR is worth it, but you have to consider all costs when assessing the cost of borrowing money.
- Dave cash advances do not build your credit score: Dave does not report cash advances to the major credit bureaus, so your repayment will not help your credit score.
Empower: Best for Great Reviews
Empower isn’t just a cash advance app. The fintech company provides a banking experience that helps users with saving and budgeting. These extra features are part of the reason Empower has a higher monthly fee than most cash advance apps, but users stick around. The company’s stellar reviews in the Apple App Store and Google Play are a testament to the app’s traction.
- Loan Amount: Up to $250
- Interest Rate Type: 0% APR
- Loan Term: Until the next payday
- Speed: As fast as minutes
- Rating: 4.7 of 5 stars on 123,121 Apple App Store reviews
- Empower offers an entire banking experience: You can create an account and use budgeting tools to stay on top of your expenses.
- You don’t need a credit score to receive funds: Empower doesn’t do a hard credit check for its cash advance product as their cash advances are not loans.
- $8/mo membership fee: Some cash advance apps are free, and most of the apps with fees aren’t at $8/mo.
- Empower can use your bank account funds to repay the balance: The cash advance app will have access to your bank account. It can use your next payday to recoup the cash advance.
- You can only borrow up to $250: Many cash advance apps have small maximums.
Which App Should I Choose?
Consumers have many choices that cater to their needs. It’s possible to get cash at 0% APR, borrow money even if you don’t have the best credit score, and receive flexible terms. While many choices mean there’s likely the perfect app for you; it can feel overwhelming to look at the options. Here are some things to look for when checking out peer-to-peer lending and cash advance apps.
- Interest and fees: Loans and apps can get expensive if you aren’t careful. Check the origination fees, membership fees, interest rates, and other costs associated with borrowing money.
- Loan amount: Most cash advance apps only let you borrow a few hundred dollars. Consumers who need thousands of dollars to cover their costs should look at other lending options.
- Credit requirements: Most cash advance apps do not require good credit to borrow money. Some peer-to-peer lending apps let you get financing even if you have a 600 credit score, but some have higher requirements. Be sure to compare options.
- Reviews: Every cash advance and P2P app makes itself look like the best. Customer reviews can help let you know if these apps are good or bad.
- Loan terms: Most cash advances are due at the next paycheck, but there is more variety with peer-to-peer lending apps. Some apps let you take out 7-year terms, while others won’t let you borrow a loan with more than two years on it.
Online Lenders For Larger Loan Amounts
SoLo Funds recently passed 1 million registered users, and many of these users had good things to say about the P2P lending app on Google Play and other platforms. While SoLo Funds has much to offer, the fintech company isn’t a solution for large loan amounts. Knowing some of the top peer-to-peer lending apps can help you find the right match to access more funds.
Prosper: Best for Borrowers With Fair Credit
Prosper is one of the most popular P2P lending apps. The company has connected investors with borrowers since 2005. Over 1.4 million people have borrowed money through the Prosper peer-to-peer lending marketplace. The marketplace has over 20,000 investors who average a 5.7% historical return on Prosper’s P2P loans.
- Loan Amount: $2,000-$50,000
- Interest Rate Type: Fixed
- Loan Term: 2-5 years
- Speed: 1-5 business days
- Rating: 4.7 of 5 stars on 11,502 TrustPilot reviews
- High loan amounts: You can borrow up to $50,000 through Prosper. Other P2P lending apps don’t offer that much, and you will only get a few hundred dollars with a cash advance app.
- You only need a 600 credit score: Many other lenders request higher credit scores, making it more difficult to get financing.
- You can get a co-signer: A co-signer with a good credit history can help you get approved and secure a lower interest rate for your loan.
- Flexible repayment terms: Borrowers can repay the loan through fixed monthly payments over 2-5 years.
- The funds cannot go to college expenses or tuition: If you want to use the proceeds for higher education, you will have to work with another peer-to-peer lending company.
- You can get offered a 35.99% APR loan: The APRs on Prosper personal loans depend on your credit score and other factors.
- Fees: The origination fee can be as high as 5% of the loan’s value.
Upstart: Best for Quick Approval
Upstart uses AI to make loans more accessible to borrowers with fair credit and decrease the likelihood of defaults. An Upstart study revealed that only 48% of Americans have access to prime credit, even though 80% of Americans have never defaulted on a credit product. This study demonstrates there’s more to creditworthiness than a FICO score, and Upstart makes loans more accessible to people with lower scores. The approach has generated plenty of demand, as the fintech company has originated over $32 billion in loans.
- Loan Amount: $1,000 - $50,000
- Interest Rate Type: Fixed
- Loan Term: 3, 5, or 7 years
- Speed: As fast as 1 business day
- Rating: 4.9 out of 5 stars on 41,260 TrustPilot reviews
- No prepayment penalty: If you want to get out of the loan sooner and avoid interest payments, you won’t have to worry about a penalty fee.
- You can get a 7-year loan term: Most peer-to-peer lending apps don’t offer more than 5-year terms. Getting an extra two years on your term means lower monthly payments.
- Lower interest rates: Upstart looks at your credit score and other factors. Their method helps borrowers secure 43% lower rates as compared to a model that only considers your FICO score.
- The minimum loan term is 3 years: A lengthier loan term may not be the best choice for borrowers who need less funds and can quickly repay the loan. Upstart doesn’t have a prepayment penalty which can make this disadvantage more manageable.
- No co-signers allowed: Other peer-to-peer lending platforms let borrowers get a loan with a co-signer. Upstart borrowers have to rely on their own credit and financials to secure a loan. Having a willing friend or family member with an excellent credit score won’t increase your chances.
- No mobile app: You will have to view your Upstart dashboard from your smartphone’s browser or on a computer. Upstart currently does not have a mobile app which may be inconvenient for some borrowers and investors.
Funding Circle: Best for Businesses
Funding Circle is a peer-to-peer lending platform that prioritizes businesses and offers some of the highest loan amounts for P2P platforms. Borrowers can get a loan from $25,000 to $500,000 on flexible terms. However, obtaining a loan from Funding Circle is more difficult than other peer-to-peer lending platforms.
- Loan Amount: $25,000 - $500,000
- Interest Rate Type: Fixed
- Loan Term: 6 months to 7 years
- Speed: As fast as 3 business days
- Rating: 4.6 of 5 stars on 13,650 TrustPilot reviews
- High loan amounts: You can borrow up to $500,000 with this app. It’s far more than what you can get from somewhere else.
- Flexible terms: Borrowers can get loans that last 6 months to 7 years. Funding Circle offers more choices than most of the other peer-to-peer lenders.
- Lower APR: Funding Circle loans have APRs between 5.99% and 16.49% APR. Other P2P lenders have APR caps above 30%.
- Higher requirements: You will need a 660 credit score, at least two years of business experience, and at least $400,000 in annual revenue. Funding Circle is not the best choice for new businesses.
- The minimum loan amount is $25,000: If you need a peer-to-peer loan for a small emergency expense, Funding Circle isn’t the best choice for you. Their loans cater to business owners.
- A personal guarantee is required: This extra layer of protection protects lenders but increases the borrower’s risk. A personal guarantee can result in a lower interest rate, but Funding Circle makes this a requirement. Other peer-to-peer lending platforms do not request collateral.
Is SoLo Funds worth it?
SoLo Funds can be worth it if you only have a small expense. If you need a few hundred dollars and low or no APR, SoLo Funds can help. However, some cash advance apps offer more convenient access to 0% APR proceeds, and you may need to explore other platforms for loan amounts in the thousands.
What are the issues with SoLo Funds?
SoLo Funds only lets you borrow up to $575, and all loans are due within 35 days.
What’s the difference between cash advance apps and SoLo Funds?
Cash advance apps give users an early payday against future income, while SoLo Funds gives users loans. Most cash advance apps connect to your bank account and automatically use the next payday to replenish the cash advance.
Why are loan apps like SoLo Funds better than payday loans?
Apps like SoLo Funds have lower interest rates and fees than payday loans. You will likely save a lot of money if you avoid payday loans and go with a loan app like SoLo Funds instead.
Will cash advance apps like SoLo Funds help me build credit?
Cash advance apps usually do not aid in building credit since they do not perform a hard credit check or report payment history to major credit bureaus. This means that while applying for a cash advance won't harm your credit score, it also won't help establish a positive payment history when you make payments towards the loan.
I have bad credit. Will a cash advance app still loan me money?
Cash advance apps often make loan decisions based on your deposit and payment history, without conducting a hard credit check.
Does SoLo Funds work with Chime?
No. SoLo Funds does not work with Chime at this time.
Does SoLo Funds use Plaid?
Yes. SoLo Funds uses Plaid.
Can I borrow from multiple apps at once?
Yes. You can borrow from multiple apps at once.