SoLo Funds vs. MoneyLion: Community Lending vs. All-in-One Finance App

Quick Take

• SoLo Funds is a focused peer-to-peer lending marketplace with no subscription fee, loans up to $650, a Mastercard debit card, and SoLo IQ, an AI financial coach built using insights from SoLo’s real marketplace transaction history.
• MoneyLion is an all-in-one app with banking, investing, and cash advances up to $500 (up to $1,000 with RoarMoney).
• SoLo lets members be both borrowers and lenders; MoneyLion is lender-only (MoneyLion funds the advances itself).

Good to Know

• Tips are voluntary and set by the member requesting funds. No mandatory interest charges on SoLo.
• Funding on SoLo is based on the lender community and marketplace, not credit scores.
• SoLo does not report to the major credit bureaus. Third-party collectors may have different reporting practices.

MoneyLion and SoLo Funds show up in a lot of the same comparisons, but they’re solving different problems. One is a closed financial ecosystem. The other is a focused community lending platform. If you’re deciding between them, the answer usually comes down to what you actually need from a financial app.

What Each Platform Is Built to Do

SoLo Funds is a peer-to-peer lending marketplace that connects members who need short-term cash with real people who want to lend it. Members who lend on SoLo earn returns on real loan requests from real borrowers, that’s a feature MoneyLion doesn’t offer at all. Beyond lending and borrowing, SoLo also offers members a Mastercard debit card connected to their SoLo Wallet, and SoLo IQ, an AI-powered financial coach built on real community transactions. Loan amounts run up to $650, repayment windows up to 15 days, and tips are always borrower-set and optional.

MoneyLion is a fintech app that offers a checking account, cash advances, a credit-builder loan product, investing tools, and a crypto feature, to those that qualify after a soft credit pull. Cash advances (called Instacash) go up to $500 without a fee, or up to $1,000 with a RoarMoney account. Instant delivery carries an added fee of $1.99 to $8.99 depending on the amount.

The Lender Advantage: Where SoLo Has No Competition

When it comes to lending, MoneyLion is strictly a borrowing tool for its users. SoLo Funds lets any member flip to the lender side and browse real loan requests from real people in their community. Members who lend choose which requests to fund, earn back their principal plus any tip the borrower offered, and build returns on a diversified portfolio. According to SoLo data, lenders earn tips averaging 10.4% per loan, far above what any savings account or CD offers. Like any loan, returns are not guaranteed, but the opportunity is real and it’s something MoneyLion simply doesn’t have.

Side-by-Side Comparison

Which Borrower Fits Each Platform?

SoLo Funds is the better pick if you want a focused borrowing experience with no monthly subscription, no traditional credit check, more control over your repayment date, and the option to become a lender yourself. The peer-funded model means funding depends on lender decisions, not a guaranteed advance from a company. That’s part of what makes us different. MoneyLion is a good fit if you want the ability to build credit.

Choose SoLo if

• You want to conveniently lend, borrow, and bank within a real community.
• You prefer borrowing from real people who don’t care about a credit score.
• You want an AI financial coach in your corner, SoLo IQ is built on real community transactions.
• You don’t want to open a new checking account or pay a monthly subscription.

Choose MoneyLion if

• You want money automatically taken from your paycheck.
• You’re interested in general investing or credit-building tools.

SoLo FAQ: How does borrowing work on SoLo?
SoLo FAQ: Can I be both a borrower and a lender?
SoLo FAQ: What is SoLo Gold?

MoneyLion is a financial app for members who want banking, investing, and advances in one place. SoLo Funds is a peer lending community for members who want flexible short-term borrowing, no subscription, the option to lend to others, an AI financial coach, and a debit card, all built around a real community. They overlap on cash advances but serve different financial needs.

SoLo Funds is the community option. Real people funding real requests. No subscription required.

Download SoLo Funds in the App Store
Download SoLo Funds in the Google Play Store