«SoLo Funds» is a comfortable application that allows you to avoid extra paying in case you need a small amount of cash. With this app you can also be a lender yourself and help other people.

Loans for ANY  NEEDS
APR from 4.99%

Let’s see, how SoLo Funds lending platform functions

If you are a borrower, create an account at your first step. You should set a loan amount, a term for its repayment and specify your needs for the fund (for example, «car repair», «co-payment» etc.). You will not pay with interests but with «lender tips». It is you who decides, how much it will be, so make a tip comfortable and accessibly for you.

There are up to 30 days to repay the loan, and as soon as it’s repaid, your score will increase (you become more reliable for the lenders and next time it’s easier to borrow bigger amount of money). The repayments are automatic, and they are collected from your bank account on a date you choose. This way SoLo Funds peer-to-peer loans are similar to Payday Loans online.

To make a repayment you can use a debit card, ACH transfer or both ways.

What if you are not able to repay a loan?

In this case there are 2 ways:

  1. To get extra 14 days to finish a payment but with a fee of $5 or 5% of the amount due.
  2. To write to your lender. His further decision may be to gift you your loan or to put your account on the black list, prohibiting to borrow on «SoLo Funds» anymore and also will result in $15 fee.

How can I be a lender using SoLo Funds?

First of all, by being a lender you will help your peers in financial hardship and cover emergency expenses. You are free to choose the needs you want to cover. All the process is well-controlled and transparent. In addition, you will make an extra income by getting appreciation tips.

Of course, be careful with your investments and remember about the restrictions: up to $3,000 per day and $8,000 per month.

Read more: Peer-to-Peer Loans

«SoLo Funds» seems to be good, easy in use and secure. But does it have any hidden pitfalls?

If you are a borrower, you should control your solvency to pay the debt in term, cause 30 days sometimes are not enough to recover after serious financial failure. Measure your tip well! It doesn’t make sense if it’s as expensive as a payday loan.

If you are a lender, you should be aware of the fact, that instead of getting extra income you may result in losing money if your borrower defaults.

The application is available for free to download in App Store or Google Play.

Sites like SoLo Funds offering Peer-to-Peer or other Personal Loans

Prosper is a lender offering Personal Loans up to $40000, debt consolidation and home improvement loans.online and in-store in the majority of states. 

  • MIN Loan Amount: $2000
  • MAX Loan Amount: $40000
  • Terms: 3 - 5 years
  • Rates and fees: 6.95% to 35.99% APR
  • Turnaround Time: 1 - 2 business day
  • Personal Loans
  • Debt Consolidation Loans
  • Home Improvement Loans
  • be 18 years of age or older,
  • have a valid Social Security number as well as a checking or savings account,
  • you must reside in an eligible state.
Pros
  • A fixed interest rate
  • A clear payment plan
  • A set payoff date
Cons
  • Not available in every state.
  • High interest rates for bad credit borrowers.
  • Your origination fee is based on the proprietary Prosper Rating, which you can’t control.

 

 

LendYou is will help you get the cash you need when you need it. You can apply for Payday Loans, Installment Loans or Personal Loans, etc. Compare the lenders and get matched with the best one.

  • MIN Loan Amount: $100
  • MAX Loan Amount: $35000
  • Terms: Varied
  • Rates and fees: Starting at 4.99% APR
  • Turnaround Time: 1 business day
  • $100 - $1000 Payday Loans
  • $1000 - $5000 Installment Loans
  • $5000 - $35000 Personal Loans
  • 18 years of age or older
  • U.S. citizenship
  • Valid checking or savings account with direct deposit
  • Minimum regular income of $1,000 per month
  • Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
Pros
  • High up to $15,000 loan amounts. 
  • Minimal restrictions on how you can use your loan.
  • No collatera or guarantor.
  • Bad credit is OK. 
Cons
  • It's not a direct lender, so you'll need to clarify rates and terms with the company you are matched with. 

 

 

Credible offers Personal Loans, Student Loans, Mortgages, Credit Cards and other money products at affordable rates with convenient repayment. 

  • MIN Loan Amount: $1000
  • MAX Loan Amount: $100000
  • Terms: Vary by state.
  • Rates and fees: starting at 4.99% APR
  • Turnaround Time: 1 business day
  • Personal Loans
  • Student Loans
  • Student Loan refinancing
  • Mortgages
  • Mortgage refinancing
  • Credit Cards
  • Credit score of 640+
  • An active checking account 
  • US residence
Pros
  • Apply once to get access to multiple lenders
  • Quick funding within 1 -2 business days
  • No additional fees
Cons
  • Not many lenders to choose from
  • Not always available for bad credit
  • Sometimes lenders may charge fees to borrow