A peer to peer (friend to friend) lending platform. A quick and awkward free way to get small loans from friends.
You needed money for an emergency but rates in banks are too high, too many requirements, approval takes days to process and there is no guarantee that your loan will be approved.
You then tried to borrow from friends and relatives. You promised them to pay quickly and even offered an interest on top of what you borowed. After talking to a number of friends and relatives you finally raised the funds you needed.
After a few months you now have enough money to pay some of your lenders. Who will you pay first? How much interest will you pay? You then talked to all of them again and asked who needed it most so you can pay them first. You did this until you paid them all up.
How about a platform that automates all this?
How It Works
Signup to the lending platform using facebook, twitter, or instagram and it will pull your list of friends. At this point you can either be a lender or borrower.
You have an exta cash and wanted to help friends in need. Since most of the transactions will be emergency you will be advised to deposit some money to the platform. When a friend is in need of funds you will be notified or you can automate borrowing by listing friends you are willing to lend without your manual approval and the maximum amount you can lend.
Post the amount you needed, interest rate, and the duration of the loan. You can also declare why you needed the money. You can create list to offer the loan first (like relatives) and just open it to other friends if you didn't meet your goal.
The platform will charge the lender for any paid amount. The service charge should not be too high to not discourage users from using the platform. Withdrawal from the platform will also deduct a transfer charge. The platform will also earn from money sitting on the platform by investing a portion of it.
I choose circle of friends to reduce the verification part since you know them personally. For the case where you are not really acquainted to a friend in Facebook you can mark them off your list.
Do you have suggestions? You can have this idea for free and don't even have to thank me. I'm also open for collaboration.