CrowdBorrow

crowd-based P2P loan application

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Inspiration

A non-negligible number of people out there don't have access to bank service that fits them due to the fact that either their incomes is not sufficient to satisfy traditional financing system or their financial status is regard as risky. Therefore, we set ourselves the challenge to build a service that will also allow this type of person to participate in the economic field. For instance, It will likely be impossible for a bank to borrow $5000 to a person whose monthly income is around $700. Using our System, such person will be able to request that amount from the crowd.

What it does

We developed a crowd-based loan application based on a banking API provided by NCR to facilitate person-to-person loans. Unlike the conventional loan system between banks and applicants, users can request loans from others and decide loan requirements upon agreement.

  • A user can instantiate a borrow request: he is free to period over which he will make the reimbursement, the interest rate and the amount he wants if some users in the system are satisfied with his request proposal, they can decide to contribute.

How I built it

Basically we utilized: • Python 3.6 • Android studio • NCR banking API • Google cloud Firebase

Challenges I ran into

We had some issues in utilizing APIs provided for our own purposes and spent several hours for initial setup. Issues we experienced are: • Immutable API data • Error in the API provided • No correlation between certain data. For instance, accounts without recipients, recipients without accounts

Accomplishments that I'm proud of

Learn how to use Cloud Firebase in conjunction with python

What's next for CrowdBorrow

Implement a auto-reimbursement system:

  • user can set a time frame after which the system will automatically deduct a certain amount from its account to reimburses the loan
    • Use a machine-learning base reimbursement that will predict the right amount and the right period a which the user should reimburse a part or totality of its loan
    • implement a rating system to allow lenders to evaluate the credibility of a borrower

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