About lender
Hundy, Inc. is a wage provider app allowing its users to lend and borrow money from each other. The company is privately held, angel and equity crowdfund-backed. It is based in Miami, Florida.
You can get up to $250 with the app once you pay it back successfully. The initial amount you can borrow is up to $100. There is an income requirement of over $2,000 per month to receive a loan.
Pros and cons
Pros
You get quick access to the advance.
There is an option to convert your advance into an installment loan if you struggle to pay it back.
You don’t have to pay any fees or interest rates.
Cons
There is little information available on the company’s services.
The approval may take longer if you create a duplicate account by accident.
The amounts are quite small, and you can only get $100, while you should have an income of over $2,000.
Terms and conditions
Hundy allows you to get a deposit in amounts ranging from $25 to $250.
There are no credit checks. You also determine at what cost you borrow the money.
You have an option of investing and finding advances. You will earn an annual percentage yield (APY) while you are a participant in the Hundy community. It will increase your ROI. Investors earn points by sponsoring the members.
If you are a first-time borrower, you can request an advance of $25 to $100. The required bank transaction history is over $2,000 in a month.
There are no fees or interest rates. You can pay an optional donation via an in-app purchase.
Funding a loan
There are no fees. You set up an account and request an advance. The application takes around five minutes, and you may get the funds within one business day.
The funding comes from crowd investors. Both members and investors participate in the community.
The repayment will be withdrawn 61 days after you apply. If you cannot pay back, there is an option to convert your advance to a 60-day installment loan.
