SoLo Funds is a unique online lending marketplace that matches borrowers with individual lenders and in the process facilitate and execute their loan requests. Each borrower can get his or her cash advance application funded in under 10 minutes with SoLo Funds. It is therefore designed as a peer-to-peer (P2P) cash advance app that maximizes borrowing and lending options, with anyone having a membership qualified to lend or borrow from fellow members.
Like other cash advance apps like SoLo Funds, the platform offers loans with no interest, and there are no membership fees. Loan amounts range from $50 to $575 — higher than most of its cash advance app competitors. It also reports payments to the credit bureaus to help with credit building. However SoLo Funds is not perfect. The platform comes with a few limitation one of it being that your first loan amount is limited to $100.
Therefore if you want viable reputable apps like SoLo Funds that can provide an alternative to expensive overdraft laden payday loans and credit card debt, then this article is for you. We have provided the top 5 loan apps that is a veritable option to SoLo Funds and offer overdraft protection, banking services, and other financial benefits as well.
Top 5 Apps like SoLo Funds that can provide personal and professional loans until your next payday
If you’re looking for a way to expand your business or fund an upcoming purchase, some of the best reliable and incredible cash advance apps like SoLo Funds that provide quick access to business and personal loan without credit check include Lenme App, Zirtue App, Possible Finance App, Prosper App and Brigit App among others. These loan providers and cash advance apps award funds quickly and at low- to no-interest rates. In addition, they keep you from running to payday lenders and give you flexible repayment terms and larger amounts.
1. Lenme App
Lenme is one of the best peer-to-peer lending apps like SoLo Funds that allows you to borrow up to $25,000. You can apply for a loan in less than 5 minutes and get approved or denied within 24 hours. If approved, the funds will be deposited directly into your bank account in less than a week. You can pay it back over six months or longer at an APR of 11 – 29%.
2. Zirtue App
Zirtue is one of the leading apps like SoLo Funds that recognizes the importance of helping reach the unbanked and under-banked customers. However, instead of putting out a loan request as you would on SoLo Funds, on Zirtue, you directly request funds 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. One unique thing about Zirtue is that it’s free to use and interest rates are agreed on with the lender.
3. Possible Finance App
Possible Finance is an installment loan lender and one of the few reputable apps like SoLo Funds where you can access up to $500 through their app. Their fee is comparatively low put side by side to payday loans though Possible Finance typically charges 150-200% APR on their loans. Possible Finance’s rates vary by state, but it’s much more expensive than SoLo Funds — expect to pay around $15 to $20 per $100 borrowed. Like SoLo Funds, Possible Finance reports repayments to credit bureaus, so you may see an increase in your credit score if you repay on time.
4. Prosper App
Prosper is a peer-to-peer online loan marketplace that works similar to SoLo Funds by connecting investors who want to lend money with borrowers who want to borrow it. As with most other peer-to-peer lending platforms and apps like SoLo Funds, using Prosper requires an account and identity verification before applying for a loan. Its main advantage is that it offers low-interest rates on loans—as long as you can find a willing lender (and vice versa). Your credit score doesn’t affect your ability to get approved for a loan via Prosper. What matters most is how much money you’re willing to part with as collateral.
5. Brigit App
Brigit, a reliable and reputable alternative app like SoLo Funds, provides loans of up to $250 with no credit check and no interest charges per pay period. The app is free to use and there are no “tips,” unlike SoLo Funds. While Brigit offers free financial advice and alerts, you’ll have to part with $9.99 a month to access the quick cash advances. Brigit can also assist you in improving a bad credit score and protecting you against automatic overdraft.
What is peer-to-peer lending?
Credit Karma defines peer-to-peer lending also known as P2P lending as: “An online system where individual investors fund loans (or portions of loans) to individual borrowers. Also called marketplace lending, peer-to-peer lending is a growing alternative to traditional banking lending.”
What is the greatest demerit of SoLo Funds?
The biggest downside of SoLo Funds is that you have to explain why you need the money and how you’ll use it. Most people do not feel comfortable sharing that kind of information with strangers on the internet, in which case exploring other apps like Solo Funds reviewed above might be a better alternative. However, if you’re willing to share that information, SoLo Funds can be an excellent choice for your loan and borrowing needs.
How long does it take to borrow money from SoLo Funds?
Once cash advances are approved on SoLo Funds, deposits are processed within minutes. This means the entire lending process from requesting money to receiving it in your account should take about 15 minutes. Many other apps like Solo Funds offer quick and seamless payment as well.
In Conclusion
What makes SoLo Funds stand out is about the owners’ goal of creating a community of lenders and borrowers with the eventual hope that borrowers will choose to become lenders one day and pay back the help they have gotten from the community. The idea behind P2P lending is to match borrowers with investors willing to lend them money at lower interest rates than they would get from a bank. Borrowers get access to the capital they wouldn’t otherwise be able to get, while lenders earn more than they could get in traditional savings accounts or CDs.
