Micro-loans? Meh. Micro-investments? You’ve caught my attention. Tell me more…
Sometimes emergency strikes and people need money immediately. Today, your options are family/friends or check cashing operations, which charge insane interest rates. Lendove is looking to disrupt the peer-to-peer lending market.
On the borrower side, Lendove is an emergency funding source for those that are good for it.
On the investor side, Lendove allows micro-investments that return profit and goodwill.
Another dual-sided concept that will have to attract borrowers and lenders. But by re-framing the service and highlighting investing over lending, Lendove is appealing to “investors” who can make a little money by helping out those in need. Win-win!
Joseph Yaksich recently completed the LEVEL 3 // Messaging module where he crafted Lendove’s elevator pitch:
Lendove is the first investment and borrowing marketplace that gives people the ability to secure between $20-$500. Investors can make their money available as a secured loan with a small fee attached, enabling them to see growth in their investments while doing good for another person in need. When emergency funds are needed -- car breaks down, pipe bursts, etc. -- borrowers can easily access funds from investors saving them time and adding structure to what had been a casual lender-borrower relationship.
Joseph is now getting another round of feedback on his messaging from his targeted customer segments: college students and people who live paycheck-to-paycheck.
Are you part of any of these segments? If so, tell Joseph what you think about how he’s describing his concept.
Now, the second round of customer discovery interviews. Next, LEVEL 4 // MVP.
Author // Nathan Prehiem