“Cash Sharing”
Digital IOUs – mates helping mates
Borrowing from a mate has become more popular post-Covid.
Now there is a new way to borrow without jeopardizing your relationships. We call it #cashsharing
Borrowing from a mate has become more popular post-Covid.
Now there is a new way to borrow without jeopardizing your relationships.
This is the type of financial move worth a try.
At least 62% of Australians are unable to manage debt due to the effects of COVID-19. Not only that but at least 40% of the Gen X population in Australia are using personal loans to address debt. What if there was a better way?
With the opportunity to get the cash you need quickly, working out details with one of your mates to borrow money on a short-term basis seems like the most reasonable option.
But what about the risk of losing the relationship? With a few tips (below), your relationship will remain intact long after you are done borrowing.
We think of it as #cashsharing and we’ve built a game-changing app to help you manage the process.
— Personalise your IOU —
— Personalise your IOU —
— Schedule your repayments —
— Schedule your repayments —
Speed
The process of borrowing from a friend is typically much faster than if you were to borrow from a bank. With less paperwork and fewer hoops to jump through you can come up with terms for an IOU and a repayment plan within minutes when you use a digital platform for peer-to-peer lending.
Personal connection
Your relationship doesn’t necessarily have to be a bad thing. If you have a good relationship with your mate, borrowing from them can actually strengthen that relationship as long as you do it the right way.
Due to your connection, you’ll be able to skip the long credit application process for offers that aren’t guaranteed. Instead, use a platform like IOU to digitize your offer for borrowing from your mate.
Low to potentially no interest rates
Friends typically charge lower interest rates than banks, if they charge you for interest at all. If you need money quickly and do not want to pay a lot of interest, borrowing from a friend may be your best option. And even if your friend does charge interest, wouldn’t you rather your money went to them than a company you don’t know.
Easier to repay than a regular loan
It is typically much easier to repay a loan from a friend than from a bank. This is because you can propose any type of repayment plan that suits your actual capabilities. Borrowing from a friend can be easier to navigate than loan terms as well.
We have built the solution for you.
IOUcash offers no misunderstandings, no lengthy paperwork, and no loss of relationships with streamlined peer-to-peer lending, because it, should be just that…mates helping mates.
Be one of the first to use us to get a digital IOU. Pre-register now!
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