Apps similar to Solo Funds are fantastic platforms to offer cash advance experiences and connect lenders and borrowers. In this blog post, you are provided with ten similar apps to Solo Funds. For your knowledge enhancement, each app’s appealing features will also be included in the below description.
In this post, you will discover some information regarding its safety, legality, and Solo Funds working process.
10 Similar Apps To Solo Funds
Ten apps similar to Solo Funds are Dave, Earnin, Chime, LenMe, Zirtue, Hundy, Lending Club, Possible Finance, Prosper, Brigit, etc. These alternative apps will assist you if Solo Funds is unable to approach you for some reason. You can continue or fulfill your financial deals by using these apps.
Dave
Dave offers salary advances through its ExtraCash feature. A banking app like Dave is mainly recognized for its ability to provide short-term loans to help people survive until their next paycheck. And all of this without late fees, interest, or credit checks.
This app easily provides up to $500 interest-free cash advances. If you are searching for money-browsing options that lend you some money without all the drama of credit score, this is your life savior. Dave offers a repayment option to save you from worrying about returning your money. Its monthly membership cost is only $1.
There are two delivery speeds for Dave’s funds: express and free standard. Express delivery costs $1.99 to $11.99 and takes 8 hours. Standard delivery sends money within three business days, depending on your requested amount and where the money is going.
Features:
- Available in all states
- $1 monthly membership cost
- $500 interest-free cash advance
Earnin
Paycheck advance apps like Earnin allow you to draw from your earned wages before payday. They ask users to provide an optional tip for the service instead of charging interest. This app advance, called ‘Cash Out,’ is only available to employees who get their paychecks by direct deposit and can be relatively large.
With an optional tip of up to $13 per advance and with low fast-funding fees, the cost to get an advance is relatively inexpensive. This app is suitable for high-cost loans and payday, but it is the best before getting an advance. Rather than a paycheck advance or loan, Earnin offers access to earned wages. Its advance amount is about $750 per pay period and $100 per day.
Features:
- Cash advance of $750/pay period
- Quick funding
- Balance shield character
Chime
Chime is a banking application that assists users in managing their money. This is not a bank itself; it’s a technology company that has developed the banking platform. Chime’s FDIC-member partners, Stride and Bancorp Bank, actually handled the banking services.
The main product of Chime is checking accounts, which permit you to deal with daily banking transactions like paying bills, making withdrawals, and depositing a paycheck. If you are a cardholder, you can get access to 60,000+ fee-free ATMs worldwide. If you visit an ATM that is not part of the network, you can be charged a third-party fee.
Users of Chime can get access to cashback offers and special discounts from companies that partner with this application. It is free to download and doesn’t charge international transactions or any monthly fee for its checking or saving account accounts.
Features:
- Fee-free ATMs
- Special discount
- No international transaction
LenMe
LenMe is a fantastic application designed to provide a peer-to-peer lending experience. It works by permitting investors to see the loan requests made by the borrowers and select which ones they want to fund. It is a vital place that believes that borrowing money and traditional lending of funds are failing people. That’s why it gives users a straightforward approach to loans of about $50-$50,000.
This platform can permit borrowers to join with potential investors so they can make investments in them. It succeeds due to its simplicity, user-friendly interface, and transparency. As the interest rates are relatively high, its easy use and clarity make it an appealing choice.
Features:
- Simple lending process
- Transparent operations
- Straightforward use
- Loan access quickly
Zirtue
Zirtue users can connect directly to a lending member, choose a loan amount, and agree on repayment terms. It deeply recognizes the importance of helping the under-banked people. This app allows the users to directly request from the people they know. If you are using this app, you don’t need a good credit check to request funds.
You email a request for a loan of money to your contact, along with some personal information explaining why you need the cash. You can repay either in one sum or across installments per month, and they can pay your loan digitally. This app does not have any fixed repayment policy. The lender and borrower both can decide the terms of repayment and select the best option that suits their preferences.
Features:
- Set your repayment terms
- Simple loan agreements with friends
- Privacy features are trustworthy
Hundy
The Hundy is a community-based application where people can borrow and lend small amounts of money. If you need a significant amount of cash, this app is not considered the best option. It presents itself as the most excellent place to connect investors with borrowers who are looking to lend users a hand.
People gain money from here; it is not a loan, but it can be divided as cash advances that range between $25-$250. For the user, requesting cash and creating an account from the app takes about only 5 minutes. However, the fund’s transaction can take up to 24 hours. The use of this app is more friendly and less transactional or for paying on time, you get rewards.
Features:
- Straightforward experience
- Cash advance of $25-$250
- Quick loan access
Lending Club
Lending Club is considered the best place for those who are looking to access quick personal loans without any security. Here, you can apply for a loan of about $40,000. The massive amount of loan makes up the drawback, though the terms for the finance might be fixed. The repayment policy of the company has a fixed 15-day period. The time can be increased if you request for solid reasons.
The unlimited banking services of this app are not only used by the customer; they can also utilize Lending Club to gain high-yield savings, records, and more. After applying and getting approval, Lending Club presents your loan to potential investors. You receive the money once the loan is fully funded.
Features:
- A wide array of loan options
- Outstanding online loan app
- Loan of about $40,000
Possible Finance
Possible Finance is a fantastic application that offers short-term loan installments of $500 in two-month terms. You can repay that loan in four equal installments. To qualify, you don’t need to pass a credit check; however, you will be required to connect a bank account that shows the income of at least two months.
You will have at least seven days and a great time of 29 days before your first payment is due, in which you can maintain your payment due dates. To check whether you qualify for its installment loan, it looks for your income rather than your credit. Just like its name, this app makes it possible for users to receive small loans. In terms of interest rates, it can be pretty costly.
Features:
- Short-term loan installments
- Repair within four installments
- The loan amount is about $500
Prosper
In the United States, Prosper was the first peer-to-peer lender. This app provides the unsecured personal loans of $2,000 to $50,000. Since 2005, this company has been in operation. Then this application has facilitated more than 1,000,000 people up to 20 billion in loans. Borrowers can access funds as soon as one business day, and for the repayments, it doesn’t charge any fee.
The customers select the amount they desire or the purpose, and the investors offer to fund it. This is just like a loan marketplace. To determine the loan rate for this platform, members have to share their basic expense information and income. Then, you would decide on a loan length between two and five years. Institutions and individuals can invest in loans and earn solid returns.
Features:
- Peer-to-peer financing experience
- Loan amount $2000 and $50,000
- Fixed-term loan
Brigit
Brigit is a fantastic financial app that doesn’t require a credit check and offers a maximum advance of up to $250. The New York-based company states that, since its launch in 2019, it saved over four million participants from over $750 million in fees. This app is considered the best place for those who are seeking to borrow a tiny amount immediately.
The Brigit app is free to use and includes monitoring and budgeting features. A $9.99 monthly fee is the minimum Payment required to obtain fast cash advances. If you meet specific requirements, this application offers automatic advances to prevent overdrafts. Once your account is connected to this app, you will be given a score between 0 and 100. You require a score between 40 and 100 to qualify for Brigit Instant Cash.
Features:
- Smart budgeting tools
- Cash advances quickly
- Overdraft protection
What is Solo Funds?
Solo Funds, for the prospective members, has a unique set of criteria. To have an account with this platform, lenders and borrowers are needed to fulfill the basic requirements. However, lenders must have to satisfy the additional needs to qualify.
It caters to those customers who are not eligible for traditional lending, such as personal loans. Prospective borrowers can borrow money through this portal with zero interest instead of relying on expensive alternatives. You can request a loan of $20 to $575 and return it within 35 days or less. There are no interest charges or finance fees.
| Name | Solo Funds |
| Type | Financial service |
| Purpose | Funding loan |
| Loan Amount | $20-$575 |
| Term Length | 35 days |
Solo Funds App
Solo Funds is a finance community application where participants support one another. It is a mobile app that offers peer-to-peer cash advances through its marketplace feature. The borrowers request for an advance and lenders select which requests to fund. This app provides you with both borrowing and small-dollar lending services.
The biggest drawback of this app is the funding duration. Lenders decide whether to fund your loan, which may take three days. On the other hand, its competitors instantly tell you whether you can or not get an advance.
Features of Solo Funds
Solo Funds is an outstanding app that has several appealing features, but a few of them are:
- Focus on time efficiency and cost
- Set a competitive interest rate
- Compliance and security
- Seamless payment solutions
How Solo Funds Works
The Solo Funds platform consists of borrowers who want to borrow money and lenders who can lend their wealth. You can apply and get access to the application online or via an app. On this portal, borrowers’ request consists of the following instructions.
- First and last name of the borrower.
- A profile picture.
- The requested amount (at the first $25 to $100 but approaches to $575).
- A strong reason for the request.
- Additional lender tip.
- Estimated repayment date up to 35 days.
- The borrowers’ social media information and this app’s repayment history.
- The borrowers’ Solo score is based on the bank account usage and their credit score usage.
If the request is not fulfilled within three days, it will be automatically canceled, and the borrower will have to create a new request.
Is Solo Funds free?
Solo Funds is an app that provides lending and borrowing services. You can request $20 to $575 as a borrower and repay it within 35 or fewer days. There are no interest charges or finance fees. Instead, you can tip your lender or make an optional donation to the platform.
Is Solo Funds safe?
Solo Funds is not a better investment place because debt collection efforts are not successful, and your money could be lost if the borrower doesn’t repay it. Unfortunately, this happens primarily according to users’ reviews. So, this one is not a good choice for lenders who are at risk in an unpredictable system.
Is Solo Funds legal?
Yes, it is legal, as it received several positive reviews from users, but it has some flaws like other platforms. For peer-to-peer lending, it follows regulations. Solo Funds, based in Los Angeles, is an honest company that has offered cash advances since April 2018.
On CFPB and Better Business Bureau websites, many recent reviews are from lenders who were not repaid and borrowers who could not change their date of repayment.
Conclusion
In the world of peer-to-peer lending, apps similar to Solo Funds connect borrowers and lenders. In this blog post, you are provided with ten apps similar to Solo Funds that contain like features and working processes that are of the main application.
For your knowledge enhancement, this post provides you with each app’s Android, official, and iOS links so you do not have to go anywhere and can fulfill your needs. You should thoroughly visit this platform if you want to learn about its working process, safety, and legality. All the mentioned information is described in the above discussion.
