Aloanzo
Building a tool to enable P2P credit transactions (Currently in alpha testing).
in progress 🛠
Contribution
Co Founder, Visual Design, UX research and Product Management
Bootstrapping this as a side project with help from a few friends.
Platform
iOS
Android (coming soon)
The best loans are from friends
I noticed that many people have difficulty accessing credit from banks and other traditional sources, often because of high interest rates and strict terms. I also noticed that borrowing from friends and family can be a more affordable and flexible option.
This is why we created Aloanzo, a platform that allows individuals to lend and borrow from each other directly, with the lenders setting the terms and borrowers having multiple options to choose from.
Research
We created Aloanzo because we realized that borrowing money from friends can be awkward and sometimes leads to strained relationships. To better understand the needs of potential users, we conducted a survey and found that people prefer to borrow discreetly and appreciate having multiple options when borrowing.
These findings motivated us to build a platform that allows individuals to lend and borrow from each other directly, with the lenders setting the terms and borrowers having multiple options to choose from.
So what can Aloanzo do?
Measures the Credit Worthiness of Borrowers
Determining the creditworthiness of a borrower is important and easy to do.
This metric takes into account the borrower’s financial history and ability to repay the loan, and allows the lender to make informed decisions about the level of trust and the amount of money to lend.
By carefully evaluating a borrower’s creditworthiness, lenders can minimize the risk of default and ensure a higher likelihood of repayment.
Creating Savings/investment plans for lenders
Lenders can create investment plans that include money set aside for loans to customers. These plans can have different terms, such as the length of the loan and the interest rate, that are set by the lender.
Borrowers can see the terms offered by various lenders and choose the one that best meets their needs.
Lenders can view how each plan is performing
Lenders can check on the progress of their investment plans and end them early if needed. These plans can be divided into smaller loans for borrowers or lent out as a whole.
The lender can see the details of these transactions, but the identity of the borrower is kept private.
Full Prototype
There are more task flows available and in development.
We started Aloanzo because it’s a product we would use. Based on user research, we’ve found a lot of people with the same needs. This is why we’re committed to building something our users would be proud of when we launch.