Borrowing money from friends, family or colleagues can be a difficult business to handle, so the 'Borrowist' platform aims to make the process easier and free from stress. The service enables users to create and log IOU transactions in order to keep all information clear and concise between all parties involved. This includes how much is being borrowed, what the repayment scheme is, due dates and more.
The 'Borrowist' platform will also provide automated emails to borrowers when a payment is due to eliminate the need for the lender to send out a personal message to request moneys. This could help to make the process of borrowing money on a personal basis less awkward and unpleasant by having details clearly laid out from the start.
What's Driving This Trend
- Peer-to-peer Borrowing
- Borrowist's peer-to-peer borrowing platform simplifies and automates IOU transaction tracking between friends and family.
- Automated Payment Reminders
- Borrowist's automated payment reminders eliminate the need for awkward personal messages between borrowers and lenders.
- Personal Finance Management
- Platforms like Borrowist offer new opportunities for consumers to manage their personal finances on a peer-to-peer level.
Who This Affects Most
- Financial Technology (fintech)
- The rise of peer-to-peer borrowing and automated payment reminders presents new innovative opportunities for financial technology companies such as Borrowist.
- Social Networking
- Personal loan-tracking platforms like Borrowist could integrate with social networking sites, offering new and unique collaboration opportunities.
- Personal Finance Management
- Platforms like Borrowist offer a disruptive innovation opportunity for traditional personal finance management industries looking to embrace technology and peer-to-peer transactions.
