RePay

RePay is an idea for an app which allows for on-the-fly debt repayment agreements to be made between two individuals, based on the borrowing individual's known credit history and/or good standing within the RePay community.

This is great for boosting an individual's credit and buying power, without him or her needing to turn to a traditional financial institution for the loan. This will assist buyers and sellers alike, especially within the small business community.

Example: a landlord uses the mobile app to set up a reasonable debt repayment agreement with a tenant, with scheduled weekly or monthly ACH account debits. This is more efficient than a tenant's empty promise to "pay you back when he can."

Another example: a friend wants to buy your couch for $200, but he doesn't have the money now. Using the app, the two of you enter into a debt repayment agreement where your friend's checking account is debited $50 monthly for the next four months.

This boosts your friend's buying power, without either of you needing to resort to traditional lending or financing. It saves both of you money as a result, and instills confidence since the app will automatically withdraw funds from his account, and send alerts ahead of time to remind both of you.

Repeat users of the RePay system gain positive reviews and credibility within the community as long as they pay back on time and do not default, making it easier to convince buyers to accept your loan request.

RePay will be a "lightning flash" within the financial community, turning heads and bringing about a new era of person-to-person agreements which are a) sustainable in nature b) low in fees and interest charges and c) do not require a traditional lender, nor a sterling credit history, in order to purchase what you need.

Over time, RePay will improve the U.S. economy by fostering greater trust between individuals, and reducing the reliance on large lenders when making everyday purchases, entering into property rental agreements, and so forth.