Business Spotlight: Hundy
There’s no shortage of peer-to-peer apps out there today. Chances are you use or have used one before. But the concept behind this week’s business spotlight really intrigued me. Their peer-to-peer app does something a little different and I feel paves the way for other companies and institutions to make lending easier.
What is Hundy and What Does It Do?
Back in the day if you needed some quick cash, you’d typically have to go to someone you know, like a friend or family member. But with technology simplifying everything and connecting everyone across the world, that is no longer the case. Introducing Hundy – a peer-to-peer micro lender that helps borrowers get loans from lenders who then receive a return on investment. Hundy was started by Pete Budlong and Ram Hegde to help credit worthy, non-prime borrowers take out small loans.
The Hundy app allows a community of borrowers and lenders to connect with ease. All you have to do is set up an account and you can request a loan in minutes. Borrowers who can make all their payments on time will also receive a credit limit increase. Keep in mind, though, that Hive is a micro lender. Initial loans are capped at $100 and the maximum credit limit is $250.
That said, if you have the funds and will be able to pay back the loan plus interest, Hundy is a great option. Hundy is very user friendly and the interest rates are lower than those you would receive from a traditional payday loan! And when you pay back your loans on time, you’ll increase your credit limit and earn points that you can use to receive discounts on future loans.
Why Choose Hundy?
Hundy is an innovative solution that allows people to lend and borrow money. Like I said before, I feel this paves the way for the way loans are handled in the future. And Hundy is great whether you’re a borrower or a lender.
Borrowers are offered small loans at a lower interest rates than they would get at traditional pay day loans. As the loans are paid off, borrowers can even receive higher credit limits and points that can be used for discounts on future loans. And borrowers who can’t pay back their loans on time will get a two-month extension as long as they let Hundy know. Talk about generous!
If you’re looking into becoming a lender, Hundy will help you with that too! They will make sure you get your return on investment and as you continue to lend money, you’ll earn points that can be used to increase your return on investment. That’s a pretty good deal!
Hundy is a great way to support your community and learn how to earn returns on investments you make. If you’d like to learn more about Hundy click here.