This app allows people to round up purchases to the nearest dollar. Then place that change into a shared account that can then be loaned out in larger amounts to people as a micro loan. The person will then earn interest and fees directly on their portion of the loaned out money. The app can be used to track the loans they have extended (through the service). Check on external loans they have taken. Also it is an interface for them to take out a micro loan themselves if needed.
Through gamification of the loan management process, the app encourages behavior that can help pull the user through a tough money period. It will also provide a MYLO credit score, that will give the user a visual insight in how they are paying back loans and lines of credit. All the while giving more transparency into how all of the monetary transactions are interacting via a Dashboard.
The app will encourage social interactions, by having a timeline that users can comment on, or send virtual gifts to people, via points that are earned when good financial behavior is exhibited.
The users can also earn badges for undesirable financial behavior. (this is not good.) However there is the option that the user can "Lose" the "bad badge" with extended good behavior. This is to acknowledge the fact that mistakes can be made, but the app with it's extended "friends" will help you through, until you are on your way to financial success through changed behaviors, and sharing the change.
The app will try to clearly in layman's terms explain financial concepts.
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