Problem
“Four-in-ten adults can’t cover an unexpected $400 expense without selling something or borrowing money’” - Greg McBride, Chief Financial Analyst at Bankrate.com
“...many borrowers don’t use the loans to start or expand businesses but rather to cover basic expenses or make home repairs...Other types of aid — perhaps “microsavings” programs that help poor people build wealth, or direct grants that don’t have to be repaid — might be better suited to helping these people meet their needs.” - Ben Casselman, FiveThirtyEight, “Microloans Don’t Solve Poverty” “60 percent of Americans admit to not having a personal financial budget” - Mike Randall, badcredit.org With financial risks that arise later in life increasing and safety net programs slowly eroding, many people face problems in covering emergency expenses, maintaining savings, and establishing financial independence.
What It Does
Optimizes Saving - Users do not experience much of a financial hit since it is only rounding up your day-to-day expenses to the nearest dollar each time you use PayPal Increases Financial Independence- Eliminates the need to take loans from banks and eliminates the risk of debt by not being able to pay off the loans and the interest that builds on the loans Aids Small Businesses- Can serve as seed-funding for developing businesses/start-ups
How We Built It
Designed the web application and linked it to We utilized Python’s Flask framework,Sass, MongoDB, and Paypal API
Challenges
Paypal takes 3 hours to process fake payments
Mula’s Future
Use Cases: Applicable to lower/middle class individuals, college students, etc. to achieve their financial goals, learn money management, and serve as emergency funds Can be used by businesses to link their accounts and serve as their charity quotas
Predictive Analysis: Being able to use the app to aid users in making effective financial decisions in managing their money Ex: Linking it with the Albert app which alerts you when you’re spending too much
Vetting Verified Users: OFAC - ensures users are making legal transactions Know Your Customer - ensures the customer is a verified PayPal user
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