#Ideasharing: Consumer Lending Reimagined

Ding!  There was a notification came up in my phone. The guy that lived down the street had just agree to owe me $100 dollars.

It was still a week until payday, but my bank account was zero. So I opened an app called OweU, made a loan request and wait until someone agreed to owe me some money.

I had used the app for financing my business before. I made a loan proposal, gather all of the document needed and uploaded it. I also filled some details about my business in the app. Hours later, someone from OweU did a phone verification to my house. By analizing the documents and phone verification, the app gave me a credit grade. The higher credit grade I get, the less possibility I go default or bankrupt.

As simple as searching thru a catalogue, the creditors could pick a debtor that offer the best rate. They can also haggle the rate if they feel the rate’s too high. The creditors also can crowdlending a debtor if they think the debtor has potential.

Back to my $100 payday loan, the notification brought the loan details. The interest rate was lower than the counter rate. I agreed to auto-debit the installment from my bank account every 26th of the month and pay the loan for 3 months. I signed the credit agreement and added “thank you” message for him.

I shared before about idea sharing, but never really share my idea. lel. Inspired by a post in Quora (sorry, I forget the link), this is my first #ideasharing post. Maybe I’ll share more in format like this because it’s easier to write and understand. I also invite you to post about your idea! Don’t forget to tag it as #ideasharing. Let the idea flows!


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