The Ledge app is designed to allow a variety of individuals to lend money to one another through a peer-to-peer platform. This is ideal for situations when borrowing money from a bank, friend or family member is unfeasible and causes too many issues.
Ledge is essentially a crowdsourced platform that allows users to post the reasons they need money as a campaign profile. Whether the money is to finance a move, a large purchase or even pay off debt the Ledge app can help users source the money from fellow peers. The user sets an interest rate on the payments as well as a payback period, for example a 4.5% interest rate on 12 monthly instalments. If the campaign reaches its desired goal, the money is transferred to the organizer through the app. The app also controls the monthly payments back to the lenders through Venmo to simplify the process.