Solo Funds offers abundant convenience to lend and borrow money from other members. Being a community finance platform, this app isn’t the only player in the field. You can find many other apps like SoLo Funds that feature peer-to-peer lending, allowing you to earn money and help others.
Applying for a personal loan from banks or financial institutions can be a long and tedious process. You’ll have your credit score reviewed and there’s a huge pile of documents to prepare. On the other hand, peer-to-peer lending promises a quick process which explains why more people are attracted to it.
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7 Apps Like Solo Funds for Android and iOS
Despite the convenience, only few peer-to-peer lending apps are available on the market. If you are in search of SoLo Funds alternatives, browse some options below. The following reference allows you to find the best product that suits you.
1. Prosper: Invest
Prosper Invest is a decent peer-to-peer lending platform based in the United States. Established in 2005, it has facilitated over a million people with total loans of $20 billion. Thanks to this app, people can invest in each other so that it can make a great social impact on society.
On Prosper, members can apply for fixed-rate or fixed term loans online with the amount ranging from $2,000 to $50,000. On the other hand, both individuals and institutions can invest in the loans so they can earn solid returns as well as social rewards.
Designed with a beautiful and user-friendly interface, this app like SoLo Funds makes it easier to manage your portfolio. It has a series of tools that will help you get the portfolio done such as Auto Invest tool which allows you to set up, review, and adjust the allocations of your portfolio.
Individual loan listings help with manual investment. Use this tool to browse and select the right loan so you can easily decide where to invest. You can also add cash to your investment account in several options including one time, weekly, or monthly with increments.
Prosper comes packed with the Note option to view details on notes you have invested. You can also view your total gain or loss and see how the investments change the lives of the borrowers throughout the country.
Prosper P2P lending marketplace is free to access. But you must have an active investor account before starting your first investment.
Download on Google Play Download on the App Store
2. Lenme
Introducing Lenme, the decent peer-to-peer lending platform which has helped thousands of users across the US. It helps connect people looking to borrow money and parties looking to invest in the loan market either financial institutions or individual investors.
Designed with transparency in mind, the app has a feed tab that makes it possible for users to view which loans are funded and if there are associated fees. The tab also promotes a fair and competitive market for all users.
This app like Solo Funds gives you an option to become an investor or a borrower. As an investor, it helps diversify your portfolio in the market. You can also choose the investment that meets your risk level. See your earnings and withdraw it without charge.
If you need some money, become a borrower for around $1.99 per month. It gives you access to loans up to $10,000 from more than 7,000 lenders. Once you apply for one, funds will be transferred to your bank account the next working day.
Lenme is powered by AI technology that helps you get the tasks done. With it, you can experience easy investment and hassle-free borrowing from your smartphone. Please keep in mind that Lenme does not lend you money so it does not guarantee the interest rate applied by investors.
This P2P financial platform is free to use. It offers annual or monthly subscriptions that will be renewed automatically unless you cancel it 24 hours before it ends. You can also use in-app purchases to add extra items.
Download on Google Play Download on the App Store
3. Zirtue
Things might get weird and awkward when you borrow money from friends, family, or someone you know. Even worse, a small problem could break your relationship in the first place. If you need something to manage your relationship and money at the same time, Zirtue has got you covered.
Zirtue is an app similar to SoLo Funds that provides you with peer-to-peer lending convenience. It has a set of features you need to keep an IOU on track. Since transparency is the key, it makes sure all details of the loan and payment are clear.
There are several aspects highlighted on Zirtue. The first and foremost, it ensures transparency by breaking down loan details and payment plans. It also features bill pay with which monthly installment goes to a bill-pay service instead of the borrower’s wallet.
Other than that, Zirtue emphasizes flexibility by allowing you to set up auto repay with your desired plan. And the best part is that you can set up a plan that helps you focus on the relationship. This is what sets Zirtue apart from competitors.
How to use this app like SoLo Funds is completely simple. Create a Zirtue account for free and confirm your identity. Connect your bill using an account number of your provider and send the IOU request to the loved one. Choose either manual payment or auto payment.
Download on Google Play Download on the App Store
4. VestPal
Are you in search of P2P lending app that offers easy procedure to borrow and lend funds? VestPal comes with a brilliant solution to solve your financial issues. Use this app to lend and borrow money through your contacts so you don’t have to get stuck with complicated bank procedures.
On VestPal you can choose to become either an investor or a borrower. Investors on VestPal can limit their portfolio to trusted contacts only so users outside your contact list cannot borrow your funds. It also supports easy investment tracking so you can keep it on track.
One useful feature on this app like SoLo Funds is automatic reminders. VestPal will send reminders to borrowers automatically, encouraging timely installment. It also helps borrowers avoid late payment fees.
On the other hand, you can easily access loans from your contacts as a borrower. It is also possible to get an immediate offer from your peers or eligible businesses. What’s great, you can set the interest rate and payment period based on your financial condition.
Borrowers can offer an annual percentage rate from 5 percent to 30 percent when requesting a loan. Meanwhile repayment period varies depending on your request ranging from 3 months to 12 months. Auto payment reminder feature is similar to the investor version to make sure you don’t miss the due date.
Featuring a simple and beautiful interface, VestPal is a free app like SoLo Funds that is completely easy to use. Earn money from your contact and repay in your best capability.
5. Money Lending Wizard
Money Lending Wizard is a versatile financial platform that makes peer-to-peer loan a lot easier. It doesn’t connect you with banks or lenders, instead it keeps tracks of your loan quickly. Simply synchronize payment with your lender in a few simple taps and take control of your money.
This application is suitable for various financial activities like P2P loans, business loans, large-scale loans, IOU, or any situation where you need to control the flow of the money. Thanks to tons of features that make everything easier.
Money Lending Wizard highlights easy synchronization with a QR code—simply link your loans and debt using a QR code. It features charts and statistics that give you better visualization of the debt. It contains crucial information like the total amount of your loans and how much you’ve paid.
This app is packed with a smart reminder for you and the investor to ensure timely repayment. It will send notifications a few days before the due date so you can prepare for the installment. After making a repayment, you can check payment history.
Payment history is a feature with which you can see details of every payment such as date and amount of repayment. Plus, it is possible to check the status of each payment whether it is approved or declined for better control.
For safety and security, Money Lending Wizard is equipped with biometric protection. It helps protect all the information of your loans and payment with a biometric password. When security pairs with a simple interface, it provides you with the best experience.
6. Exprebucs
Exprebucs offers a fast and easy solution to borrow cash. Traditional bank loans require you to fill a pile of forms, not to mention meticulously check your credit score. This procedure takes a couple of weeks which is impractical if you need fast cash.
Here’s Exprebucs, a peer-to-peer lending marketplace that provides you with instant payday loans. It is ideal for financial emergencies when you need a small cash. The short-term loans help you get through difficult times until your financial condition is more stable.
Using this app like SoLo Funds you can apply payday loans digitally. It approves your loan requests instantly so you can cover small expenses before the next paycheck. Borrowing online made simple and easy with Exprebucs. Plus, how to use this app is completely simple.
Before getting started, you will have to enter your contact info. Continue to provide bank account details so this app can instantly send the funds. If your request is granted, repayment will be taken from the bank account automatically. Specify the scheduled date for auto repayment.
Exprebucs feature a user-friendly interface that makes sure it is easy to access. It also protects users’ information so you don’t have to worry about data breach. Best of all, there are no hidden fees with the loan. Overall, this is your short term solution to your financial problems.
7. P2Vest
Borrow money directly from lenders with p2Vest. Designed for iPhone, it is a peer-to-peer lending application that helps you earn funds and get rid of traditional bank loans. Whether you need quick financial support or you are tired of complex procedures in the bank, P2Vest comes to the rescue.
This app like SoLo Funds is completely easy to use. To get started, you will have to create an account with valid credentials. Once you signed up, request a loan without worrying about a long and tedious process. If your request is approved, the loads will be disbursed immediately.
P2Vest is also a good platform for lenders who want to invest and help others. Investors can place funds, give loans to borrowers, and earn interest for repayments. Create an account to get started and apply for a loan or place funds as desired.
While borrowers need to set up loan profiles, investors are required to set up lending preferences. Continue to applying for a loan or funding a loan. Borrowers whose request are accepted will receive their money in their bank. Complete KYC to increase loan limit.
What’s interesting about P2Vest is that it gives you the option to choose repayment terms based on your financial condition. The terms should not exceed 180 days so you can pick the most ideal loan terms according to your preferences.
Designed with a simple and intuitive interface, P2Vest is a practical peer-to-peer lending application for iOS users. Enjoy easy access to loans so you will never run out of funds. Keep in mind that the team considers your credit score and loan performance before it grants your request.
The Takeaways
SoLo Funds offers a great community to lend and borrow money but you can try some other apps like Prosper, Zirtue, and P2Vest. Every app comes with different features and characteristics though they offer similar functionality to help you solve financial problem temporarily.
The best alternative to SoLo Funds goes to Prosper: Invest. This peer-to-peer lending app has been trusted by millions of users across the United States with a huge amount of total loans. You can also consider P2Vest as a great app like SoLo Funds especially if you have a good credit score.
