Apps Like Solo Funds – Are you in a desperate financial situation that needs urgent attention and you are low on cash? perhaps your payday is still ahead and your pills are finished then you should be considering taking a loan from reliable apps like solo funds and other money lending apps like solo funds.
You don’t need to go to banks and queue or fill in different forms all because you need a little loan to settle some desperate issues from the bank anymore since there are money lending apps like solo funds that you can borrow money from and also lend other people money for some cool interest. Wanna know how it works? scroll down.
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What Is Solo Funds?
SoLo Funds is a financial service provider that offers a marketplace for members to request loans and fund other people’s emergency needs in exchange for a little fee.
SoLo was founded in 2018 with the intention of providing a fair, empowering, and community-driven lending alternative. Since then, they have processed millions of transactions and redefined financial services for their community members.
Is Solo Funds Legit?
Solo funds is a legit platform to loan money from although, from an investor’s point of view, it does way too little to protect lenders from losing their money to debtors. Some people pay back their loans late while some don’t pay back at all.
Does Solo Funds Have A Google App?
YES. Since its launch in 2018, they have made its loan app available on both the google play store and the app store respectively. If you’re having problems getting the app then click on the link below;
Download SoLo funds for iOS / Android
Can You Put Personal Funds Into A Solo 401k?
In general, you can transfer any pre-tax retirement account into the Solo 401k. You can transfer your previous employer’s 401k, 403b, 457, or Thrift Saving Plan. A Rollover IRA, Traditional IRA, SEP IRA, Simple IRA, Keogh, and Defined Benefit Plan can all be transferred.
How To Fund Solo 401k
Funding solo 401k can be done with these few steps below;
- Get an Employer Identification Number (EIN): You need an EIN to open a solo 401(k). You can apply for one of these on the IRS website.
- Choose your broker: Explore different brokerages and look into their investment offerings, their fees, and their customer service.
- Fill out the appropriate paperwork: Your broker will send you a plan adoption agreement and an application to fill out before you can put money into your account.
- Fund your account: You may put money into your solo 401(k) by sending a check or using direct deposit to fund the account.
Can Some Solo 401k Funds Be Used For Reg Ira?
Yes. The traditional individual retirement account (IRA) and 401(k) provide the benefit of tax-deferred savings for retirement. Depending on your tax situation, you may also be able to receive a tax deduction for the amount you contribute to a 401(k) and IRA each tax year.
Can You Add Vanguard Fund Solo 401k?
Yes, you can add Vanguard solo 401k. However, they don’t allow loans from their plan. Vanguard only allows participants in their solo 401k to invest in Vanguard mutual funds.
Can You Fund A Solo 401k On A Tax Extension?
Yes, you can fund a solo 401k on a tax extension because a timely extension of a business tax return was filed. If a tax return extension is filed on time, the solo 401k contribution rules allow for contributions from both the employee and the employer by September 15.
Does American Funds Offer Solo 401k?
Yes, the American funds offer solo 401k. American Funds is one of the largest mutual fund companies in the world. Their funds are offered through brokers and can be found in many 401(k) plans in the U.S. including solo 401k.
Top 8 Money Lending Apps Like Solo Funds
- Zirtue
- LenMe
- Prosper
- Kiva
- LendingClub
- Hundy
- Happy Money
- MoneyLion
1. Zirtue
Zirtue is a peer-to-peer lending app that allows friends and family to connect and lend money to those at the needing end with very little or no cost.
Several banks have already partnered with the platform to provide vetted lending and borrowing services via the app. They hope that their app will become the new way for friends and family members to lend money to one another.
It works by utilizing blockchain technology to create a decentralized application (DApp) that employs smart contracts and smart rewards to ensure timely loan repayment. The platform also provides insurance on all loans taken out.
Pros:
- Automatic recurring payments
- Peer-to-peer lend and borrow
- Doesn’t charge anything to the lenders
- You can cancel the loan request if not accepted
Cons:
- Charges monthly fees for Borrowers
Download Zirtue for iOS / Android
2. LenMe
Amongst other apps like SoLo Funds is Lenme. It is an app that allows borrowers to borrow money without incurring the high costs associated with maintaining staff, managing loans, teaming up, and verifying and qualifying borrowers. They provide a one-of-a-kind platform for lenders to lend money while using their capital as collateral.
Lenders can earn returns on their investments while offering to finance creditworthy individuals. They can also use their profits to pay back investors who put money into the platform’s lending fund.
Pros:
- No hidden charges
- Borrowers can request loans for a less interest rate
- Larger loan limit
- Low origination fee
- Borrow as little as $50
Cons:
- Limited information about security and cost
- An origination fee of 1% of the loan amount
Download Lenme for iOS / Android
3. Prosper
The next on our list of apps like SoLo funds for lending is Prosper. The app provides personal loans at competitive interest rates while removing the hassle of dealing with banks and the paperwork typically associated with this process.
Since its inception in 2006, the company has grown to over a million members and has issued billions of dollars in loans. Unlike the traditional banking system, where banks make the majority of the profits, Prosper earns its entire income from the interest charged on its loans.
All borrowers with an active checking account can apply for a loan through Prosper’s website or mobile app, as well as access free online financial tools such as an automated savings account and calculator.
It provides a platform for people with bad credit to borrow money from other people or businesses. The prices vary depending on the borrowers’ credit score and the loan amount, allowing borrowers to have lower fees and better loans.
Prosper offers loans up to $40,000, but their average loan amount is around $3,000. This allows people to borrow more money without having a higher interest rate attached to it.
Pros:
- No early repayment penalty
- You can get funds as soon as three days
- Users can invest for as low as $25
- Maximum potential returns
Cons:
- A charges origination fee of 2.5 to 5%
- APR rates are quite high (7%-35%)
Download Prosper for iOS / Android
4. Kiva
Kiva allows people to lend money to low-income entrepreneurs and students in over 77 countries via the internet. It typically includes personal stories about each person who applies for a loan so that lenders can easily connect with the borrowers.
Kiva collaborates with over 300 microfinance institutions, schools and non-profit organizations, and social impact businesses worldwide. Kiva aims to make lending as easy as possible by making it accessible to everyone globally through its website or mobile app.
Pros:
- No credit check and no origination fee
- 0% APR for United States borrowers
- Flexible payments
Cons:
- Long application process
- Offers loans only for small start-ups
Download Kiva for iOS / Android
5. LendingClub
Lending Club is another peer-to-peer financing platform and one of the best apps like SoLo funds that provide loans to consumers while also assisting businesses and non-profits in their growth. Renaud Laplanche, a French entrepreneur, founded the company, which has been in operation for several decades.
They offer loan options to borrowers who would not otherwise be able to obtain credit cards or personal loans from traditional lending institutions.
Lending Club offers a wide range of financial products and services, such as auto loans, credit cards, residential mortgages, student loans, and personal loans. These are typically offered at lower interest rates and fees than those offered by banks or credit unions.
Pros:
- Ability to stretch the repayment terms of 3 and five years
- No hard credit inquiry
- Co-borrowers are allowed
Cons:
- Requires a minimum credit score of 600
- Charges an origination fee
Download LendingClub for iOS / Android
6. Hundy
Hundy is another app like soLo Funds that offers peer-to-peer loaning services and connects borrowers to investors. If you need money for whatever reason, such as rent, groceries, or utilities, Hundy is there for you to lean on. It is a mobile app for money where users can get a deposit advance in just a few minutes from investors across you.
As an investor on the app, there are different levels you can attain that come with different benefits, points, awards, and achievements. But that comes when you lend money up to 10 times on the app.
Pros:
- Easy to use
- No early repayment penalty
- Easily convert the advance into a no-penalty or no-fee installment plan
Cons:
- Sometimes it may block you from making payments
- Sufficient deposits should come into your account on a monthly basis
Download Hundy for iOS / Android
7. Happy Money
Happy Money, formerly known as Payoff, offers borrowers fixed-rate personal loans solely for the purpose of paying off credit card debt. Its consolidation loans combine multiple high-interest credit card payments into a single monthly payment with a lower APR.
By reporting payments to the three major credit bureaus and providing free monthly FICO score updates, Happy Money assists borrowers in focusing on credit building through the loan.
Pros:
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Offers direct payment to creditors.
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Option to change payment date.
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Reports payments to all three major credit bureaus.
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No prepayment or late fees.
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Offers a free newsletter to help subscribers manage financial stress.
Cons:
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May charge origination fee.
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No rate discount for autopay.
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No co-signed joint or secured loans.
Download HappyMoney for iOS / Android
8. MoneyLion
MoneyLion is the last on the list of apps like solo funds for android. It offers credit-building loans to its members without first checking their credit. MoneyLion offers low-interest credit-builder loans, but there is an additional membership fee. MoneyLion allows you to borrow up to $1,000 with terms starting at one year.
MoneyLion credit-builder loans have interest rates ranging from 5.99 percent to 29.99 percent. To be eligible for the credit-building loan, a Credit Builder Plus membership does not require excellent credit.
MoneyLion has no intention of checking your credit. Rather than examining your credit score, MoneyLion examines your primary checking account to see if it meets certain requirements.
Pros:
- Sends reports to three major credit bureaus so it can boost credit
- There is no hard credit check
- No prepayment penalty
- A variety of useful services, including credit building loans and 0% APR cash advances
Cons:
- A membership fee per month
- Provides small loans only
- Funds from a loan may be placed in a reserve account until it is paid back
Download MoneyLion for iOS / Android
Conclusion
There are a lot of money lending apps similar to solo funds online today but knowing and selecting the right one might be a bit difficult that is why I have made this list to help you make the right choice and borrow money without stress from the comfort of your device.
There you have it. SoLo funds have been very efficient when it comes to lending funds but they can not satisfy all our needs and I believe that these SoLo funds alternatives will do just fine. Kindly react if this was helpful.