Applications Similar To SoLo Funds

Applications Similar To Solo Funds. You’ve got expenses piling up with costs you didn’t prepare for, and you need to get quick cash to settle your bills but you are looking for loan providers, especially loan applications that give out funds quickly. You don’t consider going to the bank an option nor do you want your family members to be aware of your current situation. In spite of this, every question has an answer and every problem has a solution.

Applications Similar To Solo Funds

Several fintech companies like SoLo Funds offer personal and business loan options through peer-to-peer lending. They have a lending platform established online where people borrow money from other people instead of financial institutions like banks at a fast rate. This statement clarifies that not only banks award loan credit.

You might wonder sometimes, is it only SoLo Funds? There are many other applications similar to Solo funds that provide similar services. To consider which application is best for your money-borrowing needs, read through as more enlightenments will be gained at the end of this article to enable decision-making.

What Is SoLo Funds?

SoLo Funds is a good peer-to-peer lending platform where people can borrow money from their peers. It has been a popular cash advance option for small peer-to-peer loans, despite some issues it had including recent legal issues. Rodney Williams and Travis Holoway founded the company in 2015 to provide a unique way for individuals to obtain affordable personal and business loans.

SoLo Funds app serves many purposes to borrowers that include paying off credit card debt, covering unexpected expenses, purchasing a new car, and so on. It is distinct from other peer-to-peer lending platforms in that it includes a “social impact” attribute.

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How Does SoLo Funds Work?

Solo Funds connect lenders and borrowers through peer-to-peer loans by utilizing technology and the power of social networks, In addition to assisting you in getting out of debt and making timely payments, you can earn points by paying your loan on time. These points add up to higher SoLo Scores, making it easier to borrow money when you really need it.

Borrowers can have their Solo Funds requests funded in as little as 20 minutes, but there have been some negative customer feedback and concerns with the tipping process.

Best Applications Similar To SoLo Funds

Are you looking for a means to fund an anticipated purchase or grow your business? Check out the following loan apps or cash advance apps that grant funds quickly. They are alternatives to SoLo Funds as they offer a low or no interest rate on loans:

1. Zirtue

Zirtue is a platform established online that allows users to search and apply for personal and business loans. The app is available for Android, and iOS devices, including desktop computers through its website. You can use the mobile app to look over different loan options, compare rates on auto or student loans, and apply for a loan by responding to questions about yourself that will assist you in selecting the best option.

Zirtue customers can choose custom loan amounts, directly connect to a lending member, and agree on repayment terms. This is the same for SoLo Funds. However, instead of putting out a loan request like you would on SoLo Funds, you must request funds directly from someone you know on Zirtue.

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2. Possible Finance

Possible Finance and SoLo Funds provide nearly identical loan products. Borrowers can use the Possible Loan to avoid paying the incredibly high-interest rates on these quick-cash payday loans.

Possible Loan allows you to borrow up to $500 instantly, with no fees or interest. You then repay it in four installments.

Over time, the platform intends to launch a cash advance program that also unlocks a low-limit credit card, but for the time being, it is focused on small loans.

Possible Finance is a much safer alternative to payday lenders and high-interest credit card companies. Borrowing money to get out of a tough spot can be devastating for the unbanked. Borrowers who obtain a small personal loan from Possible can avoid becoming indebted for an indefinite period of time.

3. LendingClub

Lending Club, like SoLo Funds, provides quick personal loans with no collateral. You can apply for a loan of up to $40,000, with a fixed term and fixed interest rate. According to the company, more than a third of its loans are funded within 24 hours of approval.

There is a 15-day grace period for repayment before late fees are enforced. Lending Club also offers banking services such as checking and high-yield savings amongst others.

4. Prosper

Prosper was the first peer-to-peer lending platform in the United States. The platform provides unsecured personal loans ranging from $2,000 to $50,000. At the moment, SoLo Funds’ loan limit is $575.

Members on the Prosper platform share basic income and expense information to help determine their loan rates. You’d then choose a loan term between two and five years.

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The main advantage of Prosper is that it provides low-interest loans as long as you can find a willing lender. Your credit score has no bearing on your ability to obtain a loan through Prosper. What is most important is how much money you are willing to put up as collateral.

Prosper, like most other peer-to-peer lending websites and apps such as SoLo Funds requires an account and identity verification before applying for a loan.

5. LenMe

LenMe, like SoLo Funds, allows borrowers to connect with lenders who want to invest in them. It is a platform for peer-to-peer lending that allows you to borrow up to $25,000. You can apply for a loan in less than 5 minutes and find out whether you’ve been approved or denied within 24 hours.

If your application is approved, the funds will be deposited directly into your bank account in less than a week. You can repay it over six months or longer at an APR ranging from 11 to 29%.

These loans do not require a credit check, so it makes no difference if your credit score is low or nonexistent. Lenme’s policy of no origination fees ensures that these loans have no hidden costs.

Which App To Choose

Each app has its own features, so it’s essential to choose the one that best meets your needs. Overall, these apps offer a convenient way to obtain quick cash without having to deal with high rates of interest.

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