Our app provides a unique financial ecosystem that leverages users’ social networks to help them access and invest capital. Our platform encourages clear, well-defined lending agreements between friends and family. We aim to provide a two sided solution to the lending problem. Generally, consumers and small businesses lack reliable, convenient, and cost-effective financing. Additionally, credit card balances and payday loans have excessive interest rates (>20% APR). From the lender's perspective, many have excess cash deposited in checking, savings, retirement accounts earning lackluster returns < 2%. Moreover, higher yielding assets like stocks and junk bonds can be too volatile for many. Our app addresses the above stated issues while providing benefits to both borrowers and lending. Benefits to our borrowers include easy access to cost-effective financing, clear terms eliminate the awkwardness of borrowing from friends and family. Benefits to our lenders include minimal risk of l...
Our app provides a unique financial ecosystem that leverages users’ social networks to help them access and invest capital. Our platform encourages clear, well-defined lending agreements between friends and family. We aim to provide a two sided solution to the lending problem. Generally, consumers and small businesses lack reliable, convenient, and cost-effective financing. Additionally, credit card balances and payday loans have excessive interest rates (>20% APR). From the lender's perspective, many have excess cash deposited in checking, savings, retirement accounts earning lackluster returns < 2%. Moreover, higher yielding assets like stocks and junk bonds can be too volatile for many. Our app addresses the above stated issues while providing benefits to both borrowers and lending. Benefits to our borrowers include easy access to cost-effective financing, clear terms eliminate the awkwardness of borrowing from friends and family. Benefits to our lenders include minimal risk of losing the principal since they know the borrower, and a safe platform that enforces payment timing so friends do not keep pushing things down the road.
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