microLend

A web application that connects disadvantaged borrowers to crowdfunded microloans

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microLend

MicroLend is a crowdfunded microloans platform that connects lenders and borrowers. We have three users: lenders, borrowers and mentors.

Things used in this project

Software apps and services

Kendo React UI Components
Heroku Postgres

Inspiration

When we found out the hackathon theme was social good we were thrilled. We are used to thinking about web development as a for-profit business. The idea of finance and social good going hand-in-hand seemed parodoxical. We loved the idea of giving money to good causes, but we wanted to make sure it was a loan not simply donations.

What it does

Microlend connects borrowers with a network of mentors and lenders. Typically, when creating a new business, a borrower would go to a bank and apply for a loan. However, if you come from a rural community it might be difficult to obtain a bank loan because your credit might not pass the traditional credit check.

Traditional credit checks rely on the borrower having credit cards and previous loans. Our loan process is different in that it accepts non-traditional credit checks. We accept loans from the community, utility bills and cellphone bills as proof of credit. However, we cannot lend to borrowers who have filed for bankruptcy or have a previous criminal record.

How we built it

herokupostgres2 ⮕ js

Dashboard
If you would like to make a loan, head to microLend and browse causes by categories such as loans for women, covid19 or education. You can loan as little as $25.

Our target borrowers are those that cannot obtain a traditional loan. Microloans are loans for $50,000 or less. Since many banks are unwilling to provide small loans, crowdfunded loans are a great way to provide capital for small businesses.

Challenges we ran into

Since we are from 4 different countries, it was difficult to find a time that worked for all of us. We planned daily meetings at 9 in the morning PST but for two many of our team members this was usually night time.

Accomplishments that we're proud of

Working in a team with people from 4 different countries was a great accomplishment. We were able to communicate effectively and deliver a working product even though we all came from different cultures and timezones.

What's next for microLend

In the future, we will add more features to our app as well as well as continue to develop our existing features including ability to lend using cryptocurrency , a mentors portal and working with banks as lenders.

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