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@harryraymond it is definitely not particularly well understood or widely adopted. DM me or Luke if you are interested in learning more about our implementation or have any questions related to the API.
@haciendaneff wow, definitely no more awkward borrowing moments haha. great product!
Adam, what's the typical use case you're aiming for? Is it big projects like moving? Or small loans like pizza?
@andrewwarner while you could definitely use Ledge to finance a sizeable pizza order 🍕🍕🍕, we are more focused on campaigns ranging from several hundred to several thousand dollars. We see Ledge as a great alternative to credit cards for millennials who may not have an established credit history. There are actually not a lot of good options for borrowing small amounts of money over short periods of time, and we see Ledge as a simple, honest way for people to help each other out with friendly $$$ ;)
Congrats on the launch! This looks extremely slick and the integration with Venmo is a killer feature (especially for those darned "millennials"). What are some example use cases that you guys are seeing on the platform or had in mind when you were building the product?
@charleyma thanks for the excellent question. We think that there are myriad use cases for Ledge including financing educational expenses, moving/relocation, passion projects, or getting the helping hand you need as a maker to turn your idea into a business. We are focused on micro loans that are repaid in monthly installments, so you could use Ledge to crowdsource financing for pretty much anything up to $5,000.
Love it! I'm getting some coworkers to fund a campaign to try it out. A few of them hit errors on Venmo while trying to fund my campaign.
@curtishowell sorry you were having problems with this, Venmo had a temporary outage on their API yesterday morning but everything should be running smoothly now. Please DM me with any feedback you have and let me know if your co-workers are still having problems. Thanks!
@haciendaneff my friend at Marketwatch wrote an article about our experience http://www.marketwatch.com/story...
@curtishowell thanks for the heads up. Great article, and I'm sorry I didn't get in touch with Sally in time to comment. Please don't hesitate to send through any feedback you have on the app. Hope you enjoyed your lunch ;)
This seems like a pretty good idea, downloading the app now. The logo reminds me of Stripe a bit too much, but otherwise nice layout overall. Thumbs up @haciendaneff.
@eddiedaroza, thanks for the question. We automate repayment and send out notifications to the borrower and lenders if there is an issue (for example, if your linked debit card expired or you don't have funds in your bank account). We'll then retry again in 24 hours. In beta testing, we found that most people just need a friendly reminder to stay on track with repayment, and it avoids a lot of awkwardness for lenders.
Hi, maker here. Really excited to be on Product Hunt today to get feedback on Ledge and answer any questions you might have. Almost everyone needs a helping hand at some point in their lives, and in many of those cases the best option is borrowing from friends and family. This process is currently weirdly painful to manage, so we created Ledge to make it easy for your network to lend a hand.
Borrowing through Ledge is as simple as creating a campaign, setting your terms, and sharing it with friends through the apps you use everyday. Friends can pledge money to your campaign without downloading the app, and they are only charged when you reach your campaign goal. Pledges are automatically transferred to your Venmo account once you reach your goal and fund your loan. Ledge keeps track of your loan balance and repayment is automatic, so you can focus on what's important -- being friends.
Hey @haciendaneff, using Venmo means that in most of the cases (when using credit cards and non-major debit cards), the 3% fee per payment will be applied -- that is in all the cases, both for the transactions initiated by the friends of the lender, as well for the reimbursements. As a loan would come with a 6% cost (although no percentage is taken by you), does the other features really count that much for the normal user?
thanks for your comment @arturkiulian, I think pretty much everyone can relate to that awkwardness. Anything we can do to make helping friends less weird is a win for us.
@mrjasongrad you don't need a Venmo account to register for Ledge, but we do require that you link one to create or contribute to a campaign. We do this to make it as simple, frictionless, and affordable as possible for people to crowdsource personal loans and benefit from automated, hassle-free repayment.
@hutchins thanks so much for your question. At the moment we are not monetizing the service, and we do not assess a fee for P2P loans facilitated through our platform. All principal and interest is paid directly between borrowers and lenders through Venmo, and Ledge does not take a cut of these transactions.
In the future, we intend to make money by providing complementary financial services to individuals who are already using Ledge to borrow money from friends and may be excluded from traditional financing options due to a limited formal credit history. This could take the form of a credit building service that enables borrowers to build a FICO score based on their Ledge repayment history, instant offers from Ledge to finance the remainder of a campaign in a case where a borrower is having trouble reaching their goal, and/or a direct credit line based on our assessment of an borrower’s creditworthiness based on their P2P repayment history and other factors.
Drinkeasy