Solofunds reviews and pros/cons

The Solofund is described as an online connection about money exchange between borrowers and lenders. Meanwhile, these funds reflect comforts for borrowers and lenders, giving affordable excess loans under $1000. As talking about borrowers, it is an excellent opportunity in replacement to high interest taking companies. It is a no-interest taking organization when you request money $100, providing a safety benefit for borrowers.

How does it work? 

There is no fee in Solo, and technically, you don't need to find a borrower and request $1000. 

In this, the Lender limit for a loan is already limited. Remember, you can't become a borrower or lender both at the same time. 

Tip:

There is an option for borrowers to include "tip" in the original loan amount, and for lenders, it can serve as an incentive. For instance, if borrowers apply for a loan range of $300, they need to include an additional $30 amount as a tip to the lender or be considered an incentive, so their loan will be approved. Remember, the tips vary from 0% to 10%, not more than that, or the majority of loans are not more than one month. However, there is an option to give some percentage to the borrower as a gift. 

Decide the Solo Score and Loan to Funds:

It's easy to evaluate the differences in borrowers' data. A list appears that has potential borrowers; only you need to provide Last initial, First name, and Solo Score. In case you forget to enter the Solo score, it can't work correctly, and you are not willing to repay a loan. 

Solofunds Reviews

For lenders in the solo funds, borrowers can give tips above the amount of loan they borrowed. In some cases, the loan may be up to 10% off, giving a 10% tip to the lender as it appreciates the lender to provide a chance to other borrowers. A lender may choose to give a tip back to the borrower as a gift. For example, a lender lends an amount of $107 to a borrower, in return, gets an amount of $112, that $5 will be his tip.

Pros

It is an easy investing site for lenders who are beginner lenders. But as borrowers cannot give a guarantee to lend back that borrowed money, so start with a small amount of investment. This app reflects transparency, as lenders can lend money directly. So, by direct chat:

• You can guess whether the borrower will be able to lend back that money or not.
• It also lets you trace the location of the borrower's place.
• You will be able to do good deeds by giving your money because your lending money will help someone needy.
• When it comes to a good platform for investors, there is no limit to lending money and getting a tip.
• Your small amount of money can also give you profit, so invest as much as you can.
• This app is free for all persons; if the lender comes across a genuine borrower, you will get passive income. Without any work, without any fee getting passive income is a good deal. Isn't it?

Cons 

• Not suitable for long term investment plans, only for short term.
• It gives you the chance to keep direct contact with the borrower; the app management reflects no interruption.
• You are giving money at your own risk; the borrower cannot show you a guarantee to lend back that money so that you may be scammed. Also, your source of investment is your tips given by the borrower.
• When you earn money, you will also be demanded tax at a specific amount of your earned money.

Conclusion

For lenders, it is a superb profit-making investment vehicle. A lender can lend money having no limit. Every service has pros and cons, so taking the risk is better than the fear of getting scammed. At other services, you have a specific limit of lending and borrowing, which is not limited in this Solofunds, but in the end, the choice is yours. Also, to generate recurring earnings, you have to make multiple lending because it lasts only 30 days. Many users of this app also complain about poor customer service, which is a significant drawback.