About 10 years ago I migrated from Europe to the United States. I had not established credit and no way of taking out a loan. No bank wanted to take a chance on me and lend me money to put a down payment on a car. I had no way to get to my work and had to beg my friends and family to drive me everywhere. It was painful and cumbersome to say the least. It was a little over 6 months before a Credit Union would approve me for a pre-paid credit card with a whopping limit of $350. After about a year of making my credit card payments religiously on time, I was able to build just enough credit history to get my load application approved to buy a car. This process was very slow. There has to be an easier way!

What it does

TheLoan.IO is a service that allows people, with or without credit history, to apply for a personal loan. It is designed to facilitate the lending from family or friends, while taking away the bureaucracy and burden of the process. TheLoan.IO is reporting the major credit bureaus, as a means to establish and improve the person's credit history and score.

How I built it

TheLoan.IO is build using Ruby on Rails, and is deployed on Amazon EC2 with Ansible scripts. We chose BlockCypher as the Blockchain implementation.

Challenges I ran into

Blockchain :)

Accomplishments that I'm proud of

Blockchain :)

What I learned

Blockchain :)

What's next for TheLoan.IO

If this proves to be as successful business model, as we believe it to be, we plan to expand the application's functionality and to...

-- Complete the blockchain signing process

-- Implement means of 3rd party servicers/investors to see the loan details on the blockchain

-- Possibly add pre-paid credit card options to strength the impact on the borrowers credit score.

Try it out:

Share this project: