Inspiration
When we found out the hackathon theme was social good we were thrilled. We are used to thinking about web development as a for-profit business. The idea of finance and social good going hand-in-hand seemed parodoxical. We loved the idea of giving money to good causes, but we wanted to make sure it was a loan not simply donations.
What it does
Microlend connects borrowers with a network of mentors and lenders. Typically, when creating a new business, a borrower would go to a bank and apply for a loan. However, if you come from a rural community it might be difficult to obtain a bank loan because your credit might not pass the traditional credit check.
Traditional credit checks rely on the borrower having credit cards and previous loans. Our loan process is different in that it accepts non-traditional credit checks. We accept loans from the community, utility bills and cellphone bills as proof of credit. However, we cannot lend to borrowers who have filed for bankruptcy or have a previous criminal record.
How we built it
we used react js, html, css, deployed on heroku
Challenges we ran into
making use of most compnents for the first time gave little tough time
Accomplishments that we're proud of
we are able to bring the app to live
What we learned
picking up a new task within a short frame
What's next for microlend
In the future, we will add more features to our app as well as well as continue to develop our existing features including ability to lend using cryptocurrency , a mentors portal and working with banks as lenders.
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