In the digital world, people have also become digital.Nowadays more amount of people opt for online payments and transactions rather than visiting the bank for the same. The online transaction, investment, and borrowing of money demand have increased. Therefore due to high demand, there are many reputable apps out there that provide such facilities to people. Such apps offer a platform where users invest,pay, borrow as well as carry out the transaction at their convenience. Among such reputable apps, Solo Funds is said to be one of the best which suits the user. Before moving forward firstly let us know about the Solo Funds.
Solo Funds:
Solo Funds is a peer-peer online platform where borrowers and lenders can borrow and lend money to each other. This app is said to be a nontraditional lending platform as it does not charge any fees or interest from its users when the user needs such cash advances. Also, it provides cash advances for the users The best part to know is that here the borrowers make a voluntary donation to the platform to tip their lender.
However, they are many apps like solo funds which provide the same facilities to the users and which are best to be reliable. Below mentioned in the review are some of the best solo funds alternatives on which you can get rely in terms of lending and borrowing.
What will you see here?
Prosper App
Prosper is one of the best peer-to-peer lending online marketplaces where you can easily obtain personal loans from investors. Here this app allows the user to borrow and invest money through the marketplace of Prosper. This appl is only compatible with Android devices and on iOS.If a user wants to borrow then this app allows the user to apply for a personal loan from $2000 to $50000 along with the interest rate and the monthly payments which the user has to carry out.
If the user desires to invest then this app offers the user to invest the money in personal loans where the investor is given a choice to choose the type of investment they want to do based on the factors such as credit score, interest rate, and loan purpose. The app consists of a system where the users can have a look at their existing loans and can check their balance, interest rate, and monthly payment, and also they can carry out the monthly payment of their loan through the app.
Moreover, this app allows users to carry out the process of borrowing and investing money from anywhere. Also if the user has applied for the loan then its app is been approved in just a day. Here it also offers a credit card consolidation for borrowers who want high-interest debt. Also, the app charges fees in terms of origination, late payment, and default in loans. Also, there are some risks involved which the user has to take note of before using it.
Overall, the Prosper app is convenient and easy to use when the user is in need to borrow or lend rupees. Though it has risks involved it's a reliable app when used properly. You can easily download the app from the app store.
- Easy to use
- A wide range of borrowers is available
- Quick approvement of loan
- Fee payment
- Risk involved
Zirtue App
Moving forward to another platform is Zirtue a peer-to-peer lending platform for family, friends, and trusted relationships which allows the users to carry out the process of borrowing and lending with their close ones. It is a free app that carries out the loan process and makes it easy for the users to track their payments and it also looks out that everyone is on the same page. The automated pay system here automatically collects the payment at the time of payment from the borrower on a scheduled date.
This process makes the payment process easy by eliminating the late fees problem. It uses security which is same as the bank security to protect the financial and personal information of the user. The data of the user is never stored on the zirtue server as all the transactions are encrypted.
There is a option for customization where a user can customize his terms such as interest rate, loan, and repayment period. The best thing to know is there are no fees for the lender as well as for the borrower. Also, it is a non traditional app just like solo funds where lenders will not earn interest on the loan. Hence you can easily use this app for free by downloading the app from google play.
Overall Zirtue is the best option for the one who wants to lend and borrow money from their friends, relatives, and close ones. Also, it is a safe and convenient way of lending and borrowing. However, if you are using this make sure to be aware of its limitations before its usage.
- Convenient and easy to use
- secures the data
- No payment for late fees
- Does not consist cash advance feature
- Borrowing is limited
- Not available in all the regions
Lenme App
Moving towards our third best alternative of solo funds which is the Lenme, a platform that connects the borrowers and the lenders and also allows borrowers up to $5000.Here the user borrowing does not need any credit check or paperwork to carry out the loan process. Whereas investors here can also earn a passive income through the process of funding loans and collecting interest. Such an app is available for Android as well as for iOS phones and to use it you just need to open google play and download the app. After downloading you just need to provide some basic information which is required and then you will be given access to use it.
If you need a loan after creating your account, you can apply for it. For having a loan you have to specify the amount of rupees you need and also you have to mention the period of repayment along with the interest rate. The app works quickly as when your request is placed within 24 hours it is been accepted. Letting it know that the app charges 1% of fees on all the loans which can be said that it's a traditional app.
Overall, linen is best for the borrower who needs a fast and quick way to get a loan. Moreover, it is important to keep in mind that the rates of interest in this app are quite high so you can only use it if you are capable to pay the loan as per the conditions.
- A credit check is not required
- Returns are high for the investors
- Does not consist cash advance
- Interest rates are high
Chime App
Chime is one of the best mobile banking apps and an alternative to solo funds which offers a variety of features. Firstly to have access to chime one needs must be a citizen of the U.S. and along with it they must also have permanent citizenship of the U.S. along with a valid security number. If a user has such then only he or she can make an account on chime. The app is compatible only with iOS and Android smartphones. The account on Chime can be activated only through online procedures or by calling the customer care service of the company. The app does not charge any fees for the maintenance or transactions done by the users.
The amazing thing to know is that it provides overdraft protection up to $200 free of cost when a user purchases a debit card and also for withdrawals done through an ATM. The member gets their paychecks within two days of direct deposit in the Chimes checking account. Also, there is an instant alert feature that gives the users an alert for their transactions. By making a one-time payment for their debit card the member can build their credit history for the transaction carried out. The app offers an inbuild assistant which gives you the information about your account. Also, the app makes money from various sources such as fees from merchants, income from interest as well as bonuses.
Overall, Chime is a popular appl and you can download it from the app store and also you can download it from google play. It is also the best alternative to solo funds. Though it does not carry features the same as solo funds. If you are looking for a free mobile banking app then Chime is the best option.
- Free of cost
- Overdraft protection
- Consiting chime checking account
- Provides a direct deposit
- The service provided might be slow
- ATM networking is limited here
Brigit App
Talking on Brigit is an app just like solo funds that help out people to get their finances on a proper track by tracking them. This is a subscription service where there are two plans. The basic plan costs $9.9 per month which includes cash advances, credit checks, and budgeting tools. Whereas the Plus plan costs $14,99 and includes basic plans, protection from overdraft, and job opportunities.
To use this app you must be 18 years and above. It offers cash advance service up to $250 with no credit check which is then further transferred to your debit cards. Also, it does not charge any fees. It has a credit-building program where the amount deposited will be reported to the users through the credit bureaus. Also, it helps you to improve your credit score.
The Brigit also provides a budgeting tool that helps the users to track how much amount has been spent. Hence it is the best alternative to solo funds and such an app is available for download on the app store and also google Play can download such an app.
Overall Birgit is one of the app lications you can opt for to track your finances and funds. Though it doesn't consist of features like solo funds but can be taken into consideration for tracking your finances.
- Offers credit bureaus
- Gives job opportunities
- Offer a service only through a subscription
- The cash advance is limited only upto $250
Possible Finance App
Possible Finance another app like solo funds is an app that allows people to borrow money with some terms and conditions though they have bad and no credit history. It is mainly for the person with zero credit history. It can be easily available on google play and you can download it easily. To apply for a loan in finance you need to provide basic information after that the Possible Finance will approve or reject your app within a few minutes.
If the finance approves your request the amount of loan which you require will be transferred by the investor to your account within 24 hours. Also here the finance provides interest rates low as compared to other apps. Here if you are late in paying the loans payment then there is no specific fee for it which the user has to pay.
To improve your credit score the app provides a credit-building program for its users. Here the Possible app provides loans up to $500 along with a period of 8 weeks to complete the repayment of the loan. Here as we see that the duration to pay the repayment is 8 weeks chances are there that there may be a high amount of rupees to be paid in a month. Hence one should go through the terms and conditions before installing it.
Overall, Possible Finance loans are a great option for the one who needs to have a small number of rupees quickly and easily along with no history.
- Consisting of fair terms and conditions
- No penalties on late payment of loans
- The loan provided is small
- Higher interest rates
How are solo funds different from Lenme?
Both apps Solo funds and lenme are peer-to-peer platforms that connect to investors who want to lend money and are willing to invest. But both are different in terms of service provided. Solo funds offer no credit checks, no fees as well as consist of small loans.Whereas lemme consist of credit checks, and interest as well as provides large loans to its users.
Conclusion
Hence above are some of the best-advance apps and solo funds alternatives that offer services like banks just at home. Now you do not need to go to the bank. To carry out the transactions, for borrowing, cash advance, and other work as such advance apps offer this all services. The thing you have to do is just download them from google play and use them. Also, such apps provide many amazing features which you will get to know when you will use them.
