In this app we are trying to create groups of people and connect them economically so that people do not have to go to banks and face a high interest rate.As such communities already exist our main focus through this app is to help scale such communities to bigger groups and thus more benefits for everyone and also presently such communities store their database on paper which is not safe and thus our app provides digital database through firebase database.
- Within 1 year people pay every month and loans are given with an interest rate and a boundation that the loan is repayed in an year.
- This interest is distributed propotionally among users according to who has given what amount of money.
This group can be created by anyone and the person creating the group will be the head of the group. Head will be responsible for money transictions within in the group and will get benefits for its work.These benefits include getting a double interest rate on any loan like if interest was to be divided in a community of n people it would be interset/n but we divide interest by n+1 and give this n+1 th amount to head.This system creates a double benefit enviroment as the person who was having extra cash get a higher interest than the bank (normally) and the person taking the loan gets a lower interest rate than bank.
Any person in the group gets to take the loan once and app automatically make emi's for it within a year span and this app will work on a cycle of a year,means after a year there will be no money of any person in the group and every person will get their base amount and the amount of interest they had earned.
At present we deal within a single community. So we plan at interconnecting two communities which can be like miles apart. If resolved upon issues like
- trust issues
- money tranfer
- currency value dips and hikes.
If successfully taken care of these issues this app could really grow further
