What do you do when you need money quickly but can’t always go to a bank or a family member? This situation might be caused by many cost-incurring conditions occurring or by a pause in work. SoLo Funds has been a popular alternative for modest peer-to-peer loans, despite several problems, including current legal issues.
SoLo Funds connects borrowers with specific lenders to complete loan requests. Borrowers may have SoLo Funds requests funded in just 20 minutes. There are many apps like SoLo Funds if you want an alternative to payday lenders and credit card debt. Some further provide banking services, overdraft protection, and other advantages. Check out our list of the top apps like SoLo funds.
Top 6 Alternatives to SoLo Funds Available
Certain dependable cash advance apps, like SoLo Funds, offer instant access to personal and business loans without a credit check. These lending companies and cash advance applications disburse money swiftly and with little to no interest. Additionally, they offer flexible repayment options and higher quantities, preventing you from turning to payday lenders.
1. Possible Finance
Nearly comparable lending packages are provided by Possible Finance and SoLo Funds. The Possible Loan might assist debtors in avoiding paying the exorbitant interest rates on these payday loans by providing immediate cash. You may quickly borrow up to $500 with a Possible Loan without paying any fees or interest. Then, you return it through four payments.
The site is now focused on modest loans, but eventually it plans to roll out a cash advance program that also unlocks a low-limit credit card. Possible Finance is a far safer alternative to high-interest credit card firms and payday lenders. Taking out a loan to get out of a tight spot might ruin the underbanked. Possible’s tiny personal loans might save debtors from taking on a mountain of debt. Possible Finance has a Better Business Bureau rating of 4.5 and an average rating of 4.3 out of 5 in the Google Play Store (from over 46K reviews).
2. Zirtue
Zirtueis a popular app that recognises the value of helping to reach unbanked and underbanked clients, much like SoLo Funds. On Zirtue, however, you directly ask someone you know for money rather than posting a loan request as you would on SoLo Funds.
You email your contact a request to borrow money and some personal information explaining your financial situation. They can return your loan digitally, and you can choose to do it in one lump sum or over the course of several months. The fact that Zirtue is free to use and that interest rates are negotiated with lenders makes it special.
3. Prosper
Similar to SoLo Funds, Prosper is a peer-to-peer Internet lending platform that brings together investors looking to offer money and borrowers looking to borrow it. Before asking for a loan on Prosper, you must create an account and submit identification verification, much like on the majority of other peer-to-peer lending platforms and applications like SoLo Funds.
Its major benefit is that Prosper provides low-interest loansas long as you can find a lender who is prepared to do so (and vice versa). Your ability to be accepted for a loan with Prosper is unaffected by your credit score. The amount of money you’re willing to put up as collateral matters most.
4. LenMe
LenMe, another finance site that feels conventional lending and borrowing are not working for people, provides access to loans ranging from $50 to $5,000. LenMe, like SoLo Funds, allows borrowers to connect with lenders who wish to invest in them. LenMe is easy to use, and the company claims it only takes “three clicks” for the borrower or the investor (lender) to get started.
Before making a decision, investors may view borrower information, such as credit scores, bank data, and a LenMe score. Loan payback terms range from one month to twelve months, and money is often accessible within one to two business days.
5. Brigit
Brigitoffers up to $250 in loans with no credit check and no interest. It emphasises that, unlike SoLo Funds, there are no “tips.” While Brigit provides free financial advice and notifications, the Quick Cash Tool costs $9.99 per month. Brigit can also help you improve your credit score.
Brigit also offers automatic overdraft protection, $1 million in identity theft insurance, and coaching to help you boost your income and improve your financial situation. These are appealing features that might help people avoid falling into a cycle of high-interest debt.
6. Hundy
Hundypositions itself as a platform that links borrowers and investors looking to offer help, much like SoLo Funds. Although it doesn’t offer loans per se, it does provide crowdsourced cash advances in the range of $25 and $250. According to Hundy’s website, creating an account and requesting funds takes roughly five minutes.
Borrowers will then get the required amounts in their accounts in approximately a business day. With an emphasis on creating a community of borrowers and lenders, Hundy’s goal is similar to that of SoLo Funds. According to the business, it “enables its members to benefit from their good character.”
FAQs on Apps Like SoLo Funds
Here are some frequently asked questions on apps like SoLo Funds:
Is there any free money app?
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Who is SoLo Funds’ owner?
Providing worldwide access to small-dollar loans has always been a long-term goal for SoLo Funds co-founders and Endeavour Entrepreneurs Rodney Williams and Travis Holoway.
Is there a loan limit from SoLo Funds?
For loan requests, they presently have a range of $20 to $575. Your SoLo score determines the top limit, and your SoLo score and limit will rise the more you utilise SoLo and make timely or early loan repayments.
How does a money-lending app like SoLo Funds function?
SoLo easily integrates your work accounts into a single app to manage your income, keep track of your spending, predict your taxes, and ensure your daily pay. They will compensate you for the difference if you use SoLo’s pay estimates to plan your schedule and make less money.
How long does verification take before you can get funds?
You must wait 48 hours for verification before transacting on SoLo Funds. They transfer your information to SynapseFi during the signup process. Different lending apps have different wait times for verification.
Overall, these applications offer a practical option to receive fast cash without worrying about exorbitant interest rates. Creating an emergency fund can help you avoid taking out tiny loans when unforeseen expenditures arise. This is our best long-term recommendation. But if you need money soon and are still deciding whether to go with SoLo Funds, look into apps like SoLo funds listed above to see if one would suit you.
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