Problem Or Pain Point That Your Startup Idea Aims To Address.

The need for this platform arises from the desire to provide a convenient and efficient way for individuals to borrow and lend money among their peers. It also addresses the lack of traditional financial services catering specifically to college students and the need for a more collaborative lending approach.

This “Startup Idea” Audience

This idea is best suited for college students and individuals looking for an alternative lending platform that promotes group collaboration and offers opportunities to earn interest on loans. It also targets those interested in exploring innovative financial solutions modeled after successful peer-to-peer payment apps like Venmo and CashApp.

Startup Idea:

The startup idea is to create a peer-to-peer personal loan platform similar to Venmo or CashApp, where users can lend money and earn interest based on the amount and duration of repayment. Additionally, the concept includes creating a ‘loan pool’ where groups of people contribute money and take turns withdrawing funds, a practice common in many foreign countries.