About

In the US, families and friends lend $89 Billion to each other every year. These "personal" loans are used to start small businesses, buy homes, and refinance high-interest debt. However, the lack of structure to these loans (no interest rates, indefinite timetables for repayment, wrong tax accounting) can lead to awkwardness between the lender and borrower when asking for repayment. For these reasons, financial experts recommend avoiding these loans altogether. Finfin solves for this. Finfin intuitively services the loan between borrower and lender, calculating interest that accrues daily and compounds monthly, giving full transparency to balances, histories, and interest, and processing all forms of payment online via the Modo platform. Unlike existing tools, Finfin doesn't doesn't touch anyone's money, and doesn't recommend with whom to transact. Finfin solves the logistical issue between two real people without getting in the way or dictating who does and does not deserve access to capital. Increasing accessibility to small loans will help borrowers start new businesses, invest in homes, and pay off the nation's $1.39 Trillion in student loans more quickly. In the beginning, Finfin serves people already involved in these personal loans. Refinancing student debt after university graduation is an obvious use case. Going to market, we'll access trust networks such as alumni groups for universities, codeschools like HackReactor, and coworkers in sponsoring corporations. We can also whitelabel our platform for lending marketplaces like Kiva and Microplace and other organizations. Our app is built as a hybrid native-web app for mobile devices using Python on Heroku and Redis. The MVP shows how easy it is to manage a loan in the free market when you have 24/7 access to payment history, a simple interface to evaluate options, and a seamless payment method. <3 Modo

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