Lendwill app for iPhone and iPad

Lendwill is a social network for peer-to-peer lending with educational features. We built this app to educate young adults on the questions of personal economy, money management, and credit while letting them build their first internationally verifiable credit history on the blockchain. Earn Trust Points to unlock new levels.

Here’s what you can do on Lendwill:

MATCHING WITH PEERS FOR P2P INVESTMENTS - we will match you with a person who wishes to invest in your daily expenses or with the person who needs an investment. Earn money or get a helping hand.


ACCEPT THE LOAN IN A CLICK - upon matching, you can accept or decline the loan in a click. CHAT - chat with your prospective borrower or investor before making it official. MINIMUM AND MAXIMUM PERIOD FOR REPAYMENT -Users on the Lendwill application can repay the loan to the other party anytime after they have received the loan amount.User is given with privilege of 14 days from maturity to repay the loani.e: Users selecting a loan for 2 months duration will have 60 + 14 days to repay the loan.ANNUAL PERCENTAGE RATE -Lendwill allows users to select repayment duration with interest rate as below:2 months - 5%3 months - 7.5%6 months - 15%12 months - 30%LENDWILL FEE:Lendwill collects 10 NOK for loans up to 1500 NOK - max 4%For loans above 1500 NOK, Lendwill collects 2% of the loan amount.MAXIMUM APR COLLECTED BY LENDWILL -Loans less than 1500 NOK - 30% (annual Interest) + 4%( max matching fees) = 34% APRLoans greater than 1500 NOK - 30% (annual Interest) + 2%( matching fees) = 32% APRExample 1:Borrowers loan amount = 1000 NOK ( Principal )Duration = 6 monthsMonthly interest rate = 2.5% ( @30% per year )Interest for the above loan = 15% ( for 6 months ) Formula used:Interest = Principal * Monthly interest rate * no of monthsTotal Repayment amount = Principal + Interest Calculations:Interest = 1000 * 2.5% * 6 = 150 NOKTotal repayment ( principal + interest ) = 1000 + 150 = 1150 NOKMatching fee for the transaction (to Lendwill) = 10 NOK ( principal amount less than or equal to 1500 NOK )Total amount paid by borrower (to lender + to Lendwill ) = 1160 NOK ( 1150 NOK + 10 NOK )Total APR = ( ( ( Interest + Fees ) / Principal ) / Number of days in loan duration ) x 365 x 100= ( ( ( 150 + 10 ) / 1000 ) / 183 ) x 365 x 100 = 32% Example 2:Borrowers loan amount = 10000 NOK ( Principal )Duration = 12 monthsMonthly interest rate = 2.5% ( @30% per year )Interest for the above loan = 30% ( for 12 months ) Formula used:Interest = Principal * Monthly interest rate * no of monthsTotal Repayment amount = Principal + Interest Calculations:Interest = 10000 * 2.5% * 12 = 3000 NOKTotal repayment ( principal + interest ) = 10000 + 3000 = 13000 NOKMatching fee for the transaction (to Lendwill) = 200 NOK ( principal amount greater than 1500 NOK )Total amount paid by borrower ( to lender + to Lendwill) = 13200 NOK ( 13000 NOK + 200 NOK )Total APR = ( ( ( Interest + Fees ) / Principal ) / Number of days in loan duration ) x 365 x 100= ( ( ( 300 + 10 )/ 1000 ) / 365 ) x 365 x 100 = 31%SIGN A CONTRACT - you can electronically sign a legal loan agreement with another user without leaving the app. The contract is stored on the blockchain.EDUCATION - read educational articles and watch videos to get points, win rewards and increase your Trust Score. The higher the score, the more investment and loan opportunities you have.TRUST TREE - grow a virtual tree while getting educated on the topics of personal finance, credit and investment. Return the money early or invest in others to get points and grow your Trust Tree.WIN REWARDS - complete educational quests to win cool rewardsOPEN BANKING NOTE - we use direct account-to-account payments. Because of the nature of the banking rails, the money transfer can take up to 24 hours to complete during weekdays and up to 48 hours if the transfer happened on a weekend.