(Android/iOS): You’ve heard the rule: never lend money to friends or family. But if you’re planning to do it anyway, or if you’re the borrower, it’s crucial to set clear terms and deadlines. Ledge helps you do just that.
It’s an app that works sort of like Lending Club, or any other peer-to-peer lending service, for that matter. Users crowdsource loans from regular people, not a bank or any other financial institution. But a couple of added features set Ledge apart:
Borrowers and lenders deal directly with each other and can set their own specific terms, from interest rates to repayment schedules.
There’s a cap on the lending amount: $5,000.
Borrowers can repay lenders via Venmo.
Borrowers share their “campaign” with people directly, so they can crowdsource the loan from people they actually know. We’ve told you before that if you’re going to borrow or lend money to friends or family, you should definitely establish some concrete terms. What I like about this app is that it’s a medium for making sure those terms are implemented.
Of course, you need to submit personal info, including details about your Venmo account, in order to use this app. Ledge uses SSL encryption to protect this data, but you can read their full privacy and security policy here. Check the app out for yourself at the links below.
Ledge (Free) | Apple Store Ledge (Free) | Google Play Store