HelpPays, a peer-to-peer micro-lending platform, makes family and friend loans easier by allowing individuals to send requests directly to one another. It handles contracts, payments, and late payment reminders to prevent awkward conversations about money.
HelpPays has a crowdfunding platform where borrowers can post small 50-dollar loan requests in order to build their credit score. Borrowers are granted larger loans after every successful loan repayment. Micro-lenders receive high returns for the risk involved. However, every loan has donation protection, allowing lenders to receive donation tax deductions if the loan goes bad. Multiple loans may diversify risk. If payments are not made, default borrowers are blocked, pursued with internal collections, and ultimately reported to credit bureaus. Although defaults happen, mutually beneficial connections are more likely to form with open chats between borrowers and lenders.
“Separate borrower and lender dashboards track peer-to-peer transactions. An innovative user experience design ditches complicated settings and makes transactions simple,” says Gabriel Saunders, Head of Front-end Development at HelpPays.
Why is HelpPays different from Payday loans?
Payday loans are extended or “rolled over” at a compounded interest rate with accumulating financing fees if a consumer cannot repay their loan. According to the CFPB, 80% of payday loans are extended, putting borrowers in cruel debt cycles. But with HelpPays, borrowers only pay back the interest they requested, and loan extensions have no penalty.
“We are building a HelpPays community. For every advantage we give to a lender, we look for a way to extend it to a borrower,” said CTO and co-founder Emmanuel Aubrey.
HelpPays method is similar to how regular Americans negotiate loans with family and friends every day. The borrower and lender agree upon the loan amount, repayment amount, and repayment date. Unlike Payday loans, HelpPays limits payback amounts to 30%. HelpPays provides the average interest rates, loan amounts, due dates, and credit grades to ensure a transparent and open Marketplace.
Our goal is to make financial services accessible to everyone. By providing an alternative funding solution, we hope to assist Americans in these challenging times, restore borrowers’ credit, and help increase financial inclusion for all.
“HelpPays is codifying what’s already happening in American communities today. There is an estimated 90 billion dollars in family and friend loans. HelpPays provides structure, protection, and less friction by enabling digital promissory notes and payments over verbal agreements.” said Shamari Benton, CEO and Co-founder.
HelpPays officially launched on August 8th, 2022. HelpPays is a new innovative fintech offering financial inclusion through peer-to-peer lending as an alternative approach to the trust economy.
Consider being a micro-lending at www.HelpPays.com.
(Shamari Benton, CEO & CoFounder of HelpPays, left side, and Emmanuel Aubrey, CTO & CoFounder, right side.)
