Frello Puts the ‘Peer’ Back in Peer-to-Peer Lending

Screenshot 2024 03 20 at 1.56.32 PM

Photo Courtesy: Monica Linda

Imagine a world where you can borrow from your peers in your own community, and your payments don’t go to a faceless bank but to a fellow individual who genuinely cares about helping you. That’s what Frello is all about – connecting peers and building a supportive financial community. Frello is built on trust and transparency, ensuring that your lending and borrowing experiences are as straightforward as possible.

Frello, the innovative peer-to-peer lending app, is set to revolutionize the way people access loans and invest their money. With Frello, the power is back in the hands of everyday individuals, making borrowing and lending more accessible and user-friendly than ever before.

Frello is all about people helping people. As CEO and co-founder Chris Harder explains who the app came to be, “I brought this idea to my business partner, Matt Marek, because he had the FinTech team to be able to bring it to life.” It’s a partnership that’s bringing a breath of fresh air to the lending industry.

But what is Frello, and why is it generating so much buzz? We’ll break it down for you in the simplest terms possible.

Frello, at its core, is an app that connects individuals in need of quick, hassle-free loans with people willing to lend a helping hand. No more dealing with big banks, complicated paperwork, or hidden fees. Frello is all about making borrowing easier and more transparent.

The base of the app, the MVP that they launched with, is a two-sided marketplace where borrowers request loans and lenders make offers. It’s like an exciting game where the borrower gets to choose from a variety of offers. As Harder elaborates, “It’s this blind bidding system that goes back and forth and empowers the borrower to choose from a whole number of offers.”

But the excitement doesn’t stop there. Frello is constantly evolving to provide even more options for its users. In phase two, Frello will introduce an instant loan marketplace. Lenders will set their own parameters, specifying the risk score and the causes they care about, among other things. Borrowers will then have the option to choose from these instant loans, making the process faster and more convenient.

In response to questions about security, Harder states, “So every single loan is guaranteed backstopped by an insurance pool. That reimburses any lost loans. But right now, when a loan is 45 days past due, it becomes our problem, not the lender’s problem. We reimburse that loan in the form of a Frello credit in their Frello wallet so they can take that money and go make another loan again.” With Frello, both borrowers and lenders can have peace of mind, knowing that their financial transactions are protected.

Harder is enthusiastic about the project, stating, “The reason I’m doing this is because the very idea itself came from a real-life act of generosity that changed the recipients business in a big, big way! I wanted to figure out how to do that for everyone!  I feel like making both borrowing and investing fun and trustworthy again is something that Frello really stands for.”

Frello is about more than just borrowing money; it’s about building a community of trust and support. With this app, you decide how you want to pay back your loan, and the lenders bid to give you the best terms. There are no hidden fees, no complicated algorithms – just straightforward peer-to-peer lending.

As a lender, you have the opportunity to extend a helping hand to others in need, all while making a return on your investment. When you lend on Frello, you’re not just helping someone access funds; you’re helping them achieve their goals and overcome financial obstacles. And the best part is your loan payback is guaranteed, so there’s no risk involved.

Frello has launched its Beta testing in the first quarter of 2024, with a wide app store release scheduled for late summer. This means that soon, you’ll have access to a whole new way of borrowing and investing. Say goodbye to the old, complex, and impersonal banking systems; Frello is here to make financial transactions simpler and more human.

The future of peer-to-peer lending is here. Frello is the app that connects peers, empowers borrowers, and offers a simple, fun, and trustworthy way to invest and access the funds you need.

Keep an eye out for Frello in the coming months as it prepares to launch and change the way we think about financial assistance. Stay tuned for updates, and get ready to experience the future of lending with Frello.

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