Filene Fill-in Episode #30
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Ep. 30: Making Families Less Awkward... As Much as We Can
Families can be awkward... but our i3 concept attempts to take the awkwardness out of lending money between friends and family.
- Bank on Family Prototype: Lending money within family and friend circles can be awkward. The winning i3 project from big.bright.minds., Bank on Family, aims to address the discomfort in peer-to-peer lending among friends and family outside traditional financial channels due to low repayment rates and relationship strains.
- Credit Union Facilitation: The concept involves credit unions facilitating streamlined peer-to-peer lending processes, fostering higher repayment rates, maintaining relationships, and building credit scores for participants.
- Testing and Interest Gathering: The team plans to test Bank on Family and invites credit unions interested in participating to sign up on the filene.org website. They aim to refine the concept and invite testers within the next four months.
- Personal Experiences & Project Inspiration: Team members share personal experiences of borrowing and lending within their networks, highlighting the awkwardness and lack of formal agreements. These experiences drive their commitment to formalizing lending processes and fostering credit-building opportunities.
