A mobile payday lending application
Guru the friendly loan provider is a mobile payday financing application, assisting individuals get free from these monetary problems by giving all of them with little affordable loans and academic resources to simply help boost their financial predicament.
Issue
Individuals require use of credit so that you can assist spend their bills and look after their own families, however the normal cash advance is inconvenient and has a tendency to keep borrowers in a period of financial obligation. With a report showing over 80% of pay day loans rolled over or re-borrowed, and just 14% of borrowers really in a position to manage to spend them right straight straight straight back, mostly because of excessive prices.
Solution
Guru may be the very first motivation driven payday financing solution on the market providing an amiable option to those in need of assistance. The borrower is rewarded with an incrementally lowered interest rate with every loan payed on time with an incentivized repayment program. Along with which makes it less expensive and available for individuals to qualify and payback their loans, Guru is focused on educating users as to how they are able to boost their financial status with free content and use of academic resources. Exactly just How did Guru Financial ag ag e become?
Around couple of years ago, we started throwing some company a few ideas around, mostly within the economic technology sector (FinTech). Like most team that is aspiring of, we attempted to determine a challenge or “gap” and propose an answer or substitute for the status quo. As expected and also by meaning, we pointed out that probably the most neglected room in the economic services sector ended up being the “underbanked”. We arrived to understand rapidly that for customers with small to no credit, there have been options that are limited fairly and effectively borrow cash. We looked over the thing that was on the market and decided that individuals could produce a much better item. Our places had been set on disrupting the payday financing sector and all sorts of its stigmas by providing a genuine option.
Milestones
Next actions
Next actions are to effectively introduce the working platform. Although we have actually carried out a beta tests with 29 users and possess circulated roughly $2,500 through the application we have been perhaps not yet go on the application shop. We have been also along the way of negotiating software that is several possibilities with major players in this room. We come across the possibility of our software as a solution that is white-label plementary income stream.
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