We were inspired by our lack of money and our frequent need for emergency cash to get things done like pay a bill, buy a cheap car, go to a family reunion.
What it does
IOUme allows CapitalOne customers to transfer money from their accounts to other accounts of friends that they know. When someone needs a loan, they now have the option of sending a request for a specific amount to friends and contacts of theirs that are part of the platform. The lender can lend securely and safe to their friend and track the repayment of the loan on the IOUme platform. The borrower defines the amount and the length of the loan. The lender defines the interest rate and if the borrower accepts, money is automatically transferred. CapitalOne has the opportunity to earn 1% from each loan.
How I built it
We used iOS and the CapitalOne API. We used software such as XCode and Photoshop.
Challenges I ran into
We are not particularly strong in coding since we are newbies but we were able to consult with the CapitalOne mentors to apply the API.
Accomplishments that I'm proud of
We are proud of the user interface that we constructed since we kept in mind the ease of use and perspective of the user.
What I learned
We need to map out deliverables and keep track of progress throughout the process
What's next for IOUme: A peer-to-peer small loan lending platform.
We would like to talk with CapitalOne about the potential for this product especially since no big banks have yet jumped into this market.