loans like solo funds

There are many financing options available if you are looking for loans similar to SoLo Funds. In 2022, about 33% of American consumers used cash advance apps to get emergency cash between pay periods.1 But while cash advance apps are convenient, they can spawn more issues than they solve.  

You may have heard about SoLo Funds as a quick cash solution, but are they right for you? Learn about this financial technology company and SoLo Funds alternatives to get money in your bank account quickly. 

Finding the Right Personal Loan

Personal installment loans allow borrowers to get a lump sum of money quickly and repay it over the course of a specific length of time through monthly payments. 

A personal loan can be used for almost any emergency purpose, such as:

  • Medical emergencies
  • Mechanic repairs on a vehicle 
  • Home repairs
  • Unexpected job loss
  • Legal fees
  • Emergency travel

Loan Terms To Consider 

Finding the right personal installment loan is about knowing what type of terms you want. Every loan offer is different, and will affect your finances based on the personal loan agreement you sign. Consider the following repayment terms when looking for a personal loan.

The Approval Process

How soon do you need the money? And how would you prefer to complete the approval process? Online loans generally offer the same benefits as traditional in-store loans, but they do not require travel or long waiting periods. Eligible borrowers could get a cash advance, payday loan, personal installment loan, and other financial products entirely online. 

The Loan Amount

Every financial institution has a minimum and maximum loan amount. However, the right personal loan is not necessarily the one that gets you the most money. It’s almost never a good idea to borrow more than you need. A higher loan amount will increase your monthly payment amount, as well as the total loan cost. Consider how much you actually need and how much you can afford to pay monthly.

The Type of Interest Rate

Installment loans can have fixed or variable interest rates. Fixed-rate loans generally have monthly payments that stay the same throughout the loan period. But a variable-rate loan has interest rates that change frequently, which results in unpredictable loan payments. Consider how much you can pay every month and whether you can afford to risk fluctuating loan payments. 

The Repayment Length

The repayment period for personal installment loans can be short or long. In contrast, cash advance apps like SoLo Funds generally have short repayment terms, but personal loans can usually last several months or years. 

The Use of Collateral

Most personal lenders and apps like SoLo Funds offer unsecured loans, which do not require any form of collateral. While there are secured loans, it’s in your best interest to avoid using personal property to borrow money. Using collateral is financially risky, as the lender can take ownership of the asset through the repossession process. 

Can I Use Installment Loans for Vet Procedures?

Personal installment loans generally range from a few hundred dollars to a couple thousand, which means borrowers can use their loan money for almost any expense. If you need money fast for a vet procedure, an installment loan could be a good solution. 

Take a look at some common procedures to get a better idea of how much funding you may need:

Common Veterinary ProceduresAverage Cost (USD)
Wellness Exam$50 – $100
Spay/Neuter$200 – $500
Dental Cleaning$200 – $500
Blood Work$80 – $200
X-rays$150 – $250 per x-ray
Ultrasound$300 – $600
Emergency Surgery (e.g., Bloat)$1,500 – $7,500
ACL Repair/CCL Surgery$1,000 – $3,000
Tooth Extraction$150 – $700

Loans Comparable To SoLo Funds: What You Need To Know

SoLo Funds is a cash advance app available on the Apple App Store and Google Play Store. The SoLo Funds app is similar to a peer-to-peer loan because app users can borrow and lend to each other. 

Travis Holoway and Rodney Williams launched SoLo Funds in 2018 as a banking alternative. App users can borrow and lend from each other, although banking services are provided by Evolve Bank & Trust, Members FDIC. Approval is not required, as anyone can download and use the app.  

Like other cash advance apps, SoLo Funds offers small-dollar loans with no interest and no membership fees. Apps like SoLo Funds seem rather convenient, but critics and state regulators have vehemently opposed the tipping option. 

In 2022, Connecticut regulators issued a temporary cease and desist order due to lack of a proper lending license and mandatory tips that “resulted in actual interest rates on loans pitched as 0% APR to range from 43% to over 4,280%.”2 

Who Are They For? 

Apps like SoLo Funds are for individuals that need cash advances quickly to get back on their feet. According to SoLo Funds, most borrowers can get up to $575 in their bank accounts within 20 minutes. 

Unlike traditional loans, apps like SoLo Funds do not have qualification requirements. SoLo Funds is a community led finance option, which means that your eligibility depends on other app users and their decision to fund you. If you have a bad credit history, you may be interested in SoLo Funds or Possible Finance. 

How Do They Work? 

SoLo Funds offers these three financial products: 

SoLo Borrow

Interested borrowers can sign up to submit a monetary request. The user can submit a ‘borrow request’ by providing their desired loan amount, reason for the loan, expected repayment date, and tips or donations. Adding tips and donations to the request is optional, but they may increase the likelihood of a borrower getting a loan. Once a member decides to fund a loan request, the borrower can get their money instantly. 

Remember that unlike a direct lender, your ability to get a loan through SoLo Funds depends on whether someone decides to fund your monetary request. There are numerous monetary requests online, and you are not guaranteed to get funding quickly or at all. The P2P approval process is a waiting process with no estimated timeline. 

SoLo Lend

Investors can sign up with SoLo Funds to earn money using their money. A member can browse requests online and choose which ones to fund. The requests display the desired loan amount , tip value, repayment date, and the reason for the request.

Members can also see the requestors credit score and payment history before deciding to accept a monetary request. SoLo Funds states that lenders can be confident that loans will be repaid, but they also stress that returns are not guaranteed. If a lender wants additional financial support in case of an issue, lenders are encouraged to add SoLo Lender Protection. However, their website does not provide information on what SoLo Lender Protection provides. 

SoLo Wallet

SoLo wallet is a deposit account that enables users to transact on SoLo. This is a requirement in order to transmit and receive money from other members. Users can get debit cards, access to an ATM network, no debit card limits, and no overdraft fees. The cash balance in a user’s deposit account is insured up to the standard maximum deposit insurance amount of $250,000 per person through Synapse’s partner banks, Members FDIC.

How Will the Application Process Work? 

Interested borrowers have to sign up for an account on the official SoLo Funds cash advance app. Once you have an account, you can sign in and submit a loan request. 

Loan requests will require the following information:

  • Your desired loan amount (between $50 to $575)
  • Your loan tip (optional but may help you get funded)
  • Your repayment terms

CreditNinja: How Does It Compare?

Unlike SoLo Funds, CreditNinja is a direct online lender that provides unsecured personal loans, not P2P loans. Since 2018, we have been offering fast funding for all types of unexpected expenses. 

CreditNinja knows that unexpected financial emergencies can be stressful. That’s why we aim to be a convenient solution for people that struggle to get traditional loans. Learn more about us and what we offer below. 

CreditNinja’s Installment Loans

Unlike cash advance apps, CreditNinja offers flexible loan terms to accommodate various financial needs. We know that while you may need money, you also deserve convenient benefits that make the repayment process easier for you. Take a look at some of the benefits we offer:

  • Fast funding with same day* decision
  • Flexible loan range 
  • Competitive interest rates
  • Short and extended repayment plans
  • Personalized loan terms

In addition to convenient financial assistance, we also offer financial resources that cover a wide range of topics. Check out our Dojo to learn how to get out of an RV loan fast and easy, if reward cards are worth it, and much more!

Who Should Pick CreditNinja?

A personal loan from CreditNinja may be ideal for anyone that needs to borrow money with bad credit. 

Creditworthiness is important to all lenders, but at CreditNinja, we understand that you are more than your credit score. That’s why we base approval on several factors. When someone applies for an installment loan, we consider their entire credit history and income. 

If you need an emergency cash loan, you may still be eligible despite bad credit. Inquire today to see if you qualify and how much you may be able to get in your checking account

How Will the Loan Process Work?

CreditNinja offers an easy online application process that only requires 3 simple steps. If you’re in need of financial assistance, take a look at what you can expect from the approval process:

Step 1: Apply Online 

Consumers can apply for a personal installment loan through the CreditNinja website or on the mobile app. The application form is short and only requires basic personal information, such as your name, and contact details. Our online process is completely secure, so rest easy knowing your data is encrypted. 

Step 2: Review Your Loan Offer

Once you submit your application, you will quickly receive an approval decision. You will receive a personalized loan offer with your loan amount, rate, and terms. Carefully review your loan offer and reach out to your agent if you have any questions. 

Step 3: Get Your Money 

If you’re satisfied with your loan offer, you can electronically sign the loan agreement to get your money! Your funds will be sent directly to your bank account so you can start paying bills as soon as the same day!*

Frequently Asked Questions About Loans Similar To SoLo Funds

What are the main differences between installment loans and payday loans?

While both can provide quick cash advances to your bank account, installment loans are typically paid back over a set period in regular monthly payments, whereas payday loans are usually due in full on your next payday. Understanding this can help you decide which option better suits your financial situation.

How do installment loans impact my credit score compared to cash advance apps?

Installment loans often require a credit check and, if managed well, can help build your credit score through consistent, on-time payments. On the other hand, cash advance apps like SoLo Funds or Possible Finance may not always report to credit bureaus, so their impact on your credit might be limited.

Can I get an installment loan if I’ve used cash advances or apps like SoLo Funds in the past?

Yes, having a history with cash advances or apps doesn’t automatically disqualify you from getting an installment loan. Lenders will consider your overall financial history, current ability to repay, and other factors.

What should I consider before transferring the loan amount to my bank account?

Before you proceed, consider the interest rates, fees, repayment schedule, and the total amount you’ll owe over the life of the loan. Ensure that the monthly payments are manageable within your budget and that you’re comfortable with the terms.

Are there any alternatives to installment loans and cash advance apps for emergency funds?

Yes, alternatives include borrowing from friends or family, seeking assistance from community programs, or exploring lines of credit. Each option has its pros and cons, so consider your situation carefully before deciding.

How quickly can I receive funds from an installment loan compared to a cash advance?

While cash advances can often provide funds almost immediately, installment loans might take a bit longer due to the application and approval process. However, many lenders offer quick decisions and, if approved, may deposit funds into your bank account within a few business days.

In Summary From CreditNinja

There are several loan options similar to SoLo Funds and Possible Finance when you need to borrow money with bad credit. But the best lending choice depends on your unique circumstances and repayment preferences. Making comparisons can help you narrow down your options and save money. 

CreditNinja is here for your financial needs. While we offer installment loans, we also provide free financial articles to help everyday consumers increase their financial literacy. You can also use our online financial calculators to determine how much a loan will cost. 

*Applications approved before 10:30 a.m. CT Monday-Friday are generally funded the same business day. Applications approved after this time are generally funded the next business day. Some applications may require additional verification, in which case the loan, if approved, will be funded the business day after such additional verification is completed.

References:

  1. Cash Advance Apps for Money Before Payday│InCharge Debt Solutions
  2. SoLo Funds│CNBC
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