We provide a service that addresses the trust issues in peer-to-peer lending through interlinked social networks and personal reputation, while making the lending and expense sharing easy on mobile. The service provides several options for reminding the borrower of the open debts, freeing the lender from this awkward task.

An example:

Howard is attending the Three Choirs Festival at Worcester, while a rare opportunity presents itself to purchase a conducting baton used by the late Sir David Willcocks in the 1981 royal wedding. Unfortunately he is low on cash and the trustworthy gentleman in a trench coat is in an awful hurry; it’s now or never.

Distressed, Howard spots a familiar face in the crowd. Abigail, a young woman from Howard’s town, not so much a friend, but an acquaintance. Would she happen to carry a hundred quid? Yes she would. Would she consider parting with it for a brief period of time? Well now.

Abigail is a trusting person, but she has been burned in the past....
We provide a service that addresses the trust issues in peer-to-peer lending through interlinked social networks and personal reputation, while making the lending and expense sharing easy on mobile. The service provides several options for reminding the borrower of the open debts, freeing the lender from this awkward task.

An example:

Howard is attending the Three Choirs Festival at Worcester, while a rare opportunity presents itself to purchase a conducting baton used by the late Sir David Willcocks in the 1981 royal wedding. Unfortunately he is low on cash and the trustworthy gentleman in a trench coat is in an awful hurry; it’s now or never.

Distressed, Howard spots a familiar face in the crowd. Abigail, a young woman from Howard’s town, not so much a friend, but an acquaintance. Would she happen to carry a hundred quid? Yes she would. Would she consider parting with it for a brief period of time? Well now.

Abigail is a trusting person, but she has been burned in the past. She’s not one to nag people, especially people she doesn’t know too well, so there’s a higher risk of losing her money.

With the Creal app she can quickly establish that:

a) Howard has a fine financial reputation, his credit worthiness is top-notch.
b) They have many friends in common, further decreasing the likelihood of a bad loan.

In addition she knows that Creal will take care of reminding Howard for her, if necessary. That service costs a bit, but she can cover that by adding a few quids on the loan.

Howard gets his baton and the local second-hand baton business is stirred ever so little.

If he pays his loan in time, his reputation will inch up further. If he pays it late, his reputation will suffer a hit. If he fails to pay entirely, the future abigails will see a dire warning when they check Howard on the service.

The reminding can be done via SMS, phone calls, even social media.

Meanwhile Abigail gets fame as a good person who helps others get by. If she’s the type of person who enjoys being promoted in social media, and the most of us are, Creal can let others know what she has done.

General statistics such as “Abigail has helped 21 people this year”, more detailed information such as “Abigail just helped Howard in Worcester”, or proper gamification through scores, levels and badges are available to motivate the lenders.
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