about Lendr.
Loaning money can be difficult, especially when interests rates are so high, and many loan sharks seem to have alterior motives when you can't find other means. Some groups have an increased difficulty due to their situation; they may be immigrants with a language barrier, refugees without a credit history, or people with a lower income striving for an education. What if there was an app that provided a trustworthy platform for more open minded loaners and put the focus back on benefitting borrowers as much as possible?
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This is where Lendr fits in. Lendr is a reverse-auction loan community where borrowers can post an amount of money they need to loan, and lenders bid on lower and lower interest rates; the lowest rate takes the deal. Lenders are matched to borrowers in a tinder-style queue. A lender can swipe right on a loan and make a bid for a lower interest rate if they find the profile of the loaner to be promising and trustworthy, or they can swipe left on the profile if they are not interested. This way, every borrower gets an ideal match with minimal interest charged and a personal connection to a lender. The process just becomes a lot more fun and welcoming.
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How can the world of finance benefit from this idea? These loans and money transfers can take place on the platforms of financial institutions, and can help future customers build up a sense of responsibility. Banks can take action on the bidding too and earn some extra income. Keeping track of all actions occuring on the community can provide some interesting insights and analytics about the industry and the current state of the economy.