At the both sides of a loan individuals are interested in fast and frictionless process to invest or get money with the highest possible profit. Peer-to-peer or group-to-peer systems allows to distribute and, in such a way, accelerate the funding along with avoiding extra costs, collected by the intermediary in common way of loaning.
And we aim to provide a solution which takes away the middleware by automated cashflow management and risk sharing. We design a system which allows people connected in groups and collect shared deposit of money from which they can take loans. The interest value has to be automatically managed to keep it interesting as for both investors and loaners. Amount of money available for loan is defined by user’s creditably and history of operations. This kind of approach targets to increase the interest for investors and reduce it for loan takers.
For the best scalability and cost efficiency of Loanhub, we decided to use AWS Lambda with AWS DynamoDB. In this way, we only need to pay if users are active. If there are peaks because of marketing actions this can be easily absorbed and server costs are calculatable.
For Lambda functions we used node.js express with Typescript to have the most flexibility and a good base to extend our system. For the frontend Angular was used to have a good framework as a base here.
The most challenges we had during the development process was to get used to the frameworks. It is a hackathon project and our main goal was to learn, so we used frameworks and techniques which we didn't used before.
The biggest challenge for Loanhub will be to work with different bank regulations in each country. Therefore we already added the functionality for users to only be able to join groups from their country.