The future of lending

[Coyne123]

My patented invention is a groundbreaking automated peer-to-peer lending system. It's a digital platform, hosted on the cloud, where users deposit funds into individual accounts. These accounts are interconnected, creating a community fund pool, from which any user can borrow instantly when making a purchase.

Here's how it works: When a user decides to buy something, funds are automatically deducted from all the other users' accounts to cover the purchase. The amount taken from each user's account is proportionate to their contribution to the community fund. After the purchase, the borrowing user reimburses everyone by depositing back the borrowed amount into the fund. If they take a while to pay back, interest is charged, incentivizing prompt repayment.

The beauty of this system is that it democratizes lending, making it possible for any transaction to be funded by peers instantly, without disclosing the purchaser's identity. Users who contribute more to the community fund are given the opportunity to loan more and potentially earn more interest.

My system offers an innovative and sustainable alternative to traditional credit systems, providing a decentralized, egalitarian and efficient approach to lending.

 

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[Strategery]

My patented invention is a groundbreaking automated peer-to-peer lending system. It's a digital platform, hosted on the cloud, where users deposit funds into individual accounts. These accounts are interconnected, creating a community fund pool, from which any user can borrow instantly when making a purchase.

Here's how it works: When a user decides to buy something, funds are automatically deducted from all the other users' accounts to cover the purchase. The amount taken from each user's account is proportionate to their contribution to the community fund. After the purchase, the borrowing user reimburses everyone by depositing back the borrowed amount into the fund. If they take a while to pay back, interest is charged, incentivizing prompt repayment.

The beauty of this system is that it democratizes lending, making it possible for any transaction to be funded by peers instantly, without disclosing the purchaser's identity. Users who contribute more to the community fund are given the opportunity to loan more and potentially earn more interest.

My system offers an innovative and sustainable alternative to traditional credit systems, providing a decentralized, egalitarian and efficient approach to lending.

Well, alright then.

Have you done anything to get it started?

 

[WJK]

My patented invention is a groundbreaking automated peer-to-peer lending system. It's a digital platform, hosted on the cloud, where users deposit funds into individual accounts. These accounts are interconnected, creating a community fund pool, from which any user can borrow instantly when making a purchase.

Here's how it works: When a user decides to buy something, funds are automatically deducted from all the other users' accounts to cover the purchase. The amount taken from each user's account is proportionate to their contribution to the community fund. After the purchase, the borrowing user reimburses everyone by depositing back the borrowed amount into the fund. If they take a while to pay back, interest is charged, incentivizing prompt repayment.

The beauty of this system is that it democratizes lending, making it possible for any transaction to be funded by peers instantly, without disclosing the purchaser's identity. Users who contribute more to the community fund are given the opportunity to loan more and potentially earn more interest.

My system offers an innovative and sustainable alternative to traditional credit systems, providing a decentralized, egalitarian and efficient approach to lending.

Where are planning to do this? If you are in the US, many lending laws are on a State by State basis. There are licenses and laws that strictly supervise lending activities. There are also Federal laws for some types of lending. Also, you are talking about taking deposits which is a banking activity -- which is both Federal and State controlled depending on your charter. I can't tell if there are any security issues and/or FTC stuff.

 

[Tks]

You should check this out

Hui (informal loan club) - Wikipedia

en.wikipedia.org

 

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[brosky]

I mean P2P lending has existed for years now. The difference is that you have to identify yourself. Otherwise what's to stop people from taking a loan and not paying it back?
Also you should check the DeFi world. Lending platforms like this have also been around for a couple of years now, although you need to supply collateral for borrowing.