Puddle to borrow from your. Friends and not from banks

Puddle: To borrow money from friends and / or relatives can undoubtedly lead to complicated rather than very pleasant situations - but many feel that this may be preferable to having to do with banks or money-makers.Ammunition Work Puddle Interface

They are addressed to them Puddle: a new application / service, which enables the user to borrow money from his / her social environment - his / her social network instead of through 'traditional' (banks, credit cards, etc.).

As indicated in a related article by Wired, the basic principle is easy: the user puts money in a digital "cup" and gets the opportunity to draw on it five times (for example, if he puts 10 dollars, he has a "credit line" up to 50 dollars that he can pull whenever wants). Loan repayments are made in monthly installments of three or six months, with no interest over a standard amount for each month (depending on the size of the loan).

This kind of creation of a "fund" / "reserve" from a community is not new: in essence these systems have been in place since the money was created, and act as "interpersonal" banks, where credit is based on trust between members of the community. As one of its creators, Scylear Woodward (the other two are Matt Flaner and Jean-Claude Rodriguez Ferrera Mason), Wired explains that the challenge was to adapt this "offline" system to modern online data. Using the Internet for this purpose involves much faster speeds, and there is always a hesitation as to whether one can trust someone he knows only through a digital profile. This is why social networking features, Facebook and Reddit standards have been integrated into the application with rewarding systems of "good behavior".

Puddle is self-regulating - and based on its designers, the principle on which it is based seems to work, as the service (which has been undergoing testing for two years) has a repayment ratio of 98%.


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