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Puddle Offers a Unique Way to Snag a Loan When the Bank Says No
The next time you find yourself short on cash, instead of going to the bank or a place that gives you an advance on your paycheck, you might want to think about using App Puddle instead. It’s an app that’s designed to help you get the most out of your social media connections. The program was created by Skylar Woodward. It takes a little getting used to, but as many people are learning, it’s actually quite effective.
How Puddle Loans Work
When you first read a short description of App Puddle, it’s easy to assume that it sets things up so that you’ll be asking your friends and virtual acquaintances for money, which isn't really the case. The way that it really works is that a pool of money is created. Each time you add to the pool, you extend your credit line. Your contribution doesn't have to be much… adding $20 gives you a line of credit of $100. You can leave this money alone until you need it. If you do decide you need to borrow money, you’ll have up to 6 months to repay the loan. Unlike the money you borrow from the bank, you don’t have to worry about interest, but App Puddle does charge a fee for each month that it takes you to repay the money. The amount of the fee depends on how much money you’ve borrowed. The sooner you repay the money you've borrowed from the pool, the less the overall experience will cost you. (Need a home business idea, check out several here.)
Use Puddle With Caution Though
So far, I haven’t heard anything negative about App Puddle, and I've added some money to the pool with the idea that it’s a great way to quickly access money for things like emergency car repairs without having to worry about the amount of interest my credit card company charges. However, I am a little hesitant to add a large sum of money to the pool since the program is still new enough that I worry about the app going out of business, leaving me with no way to recoup my money.
The other hesitation I have is I have not found out what happens to someone if they borrow money using the app and then fail to repay it before the 6 month period has passed. The company does report that they've had a 98% success rate with loans, so they must be doing something right.
Bottom Line on Puddle Loans
If you need some quick cash and the thought of borrowing money from your friends and family makes you feel a little queasy, then App Puddle might just be a great solution. While it’s not a job, it is a quick way to access cash when you need it and could help you bridge the gap while you are looking for a new work at home job.