RICHMOND, VA / ACCESSWIRE / July 9, 2024 / In a groundbreaking move that combines the power of generosity with financial advice, Chris Harder, CEO and co-founder of Frello, announces the launch of a peer-to-peer lending app designed to redefine the lending landscape. Frello, short for "friendlier loan," aims to create a community-driven platform where individuals in need connect with those willing to extend a helping hand, making lending a personal and empowering experience.
Chris Harder shares the inspiration behind Frello, his legacy project, emphasizing the significant impact of merging prosperity and generosity. The genesis of Frello lies in a personal experience where Harder's small act of generosity, a $680 loan, transformed a landscaper's life, saving his business and creating additional jobs.
"This became the seed that was planted in me that became the mission that I knew I had to solve," he shared.
Despite Chris Harder's initial lack of tech expertise, the Frello team has rapidly built a working demo thanks to a strategic partnership with tech mogul and co-founder Matt Marek. Matt's previous success in building a nine-figure tech company, combined with the support of a talented team, positions Frello as a transformative force in the fintech space.
Frello is set to disrupt the traditional lending model by creating a two-sided marketplace where individuals seeking financial assistance can connect with those willing to lend, turning the app into what Harder playfully dubs "the Tinder for personal loans." The platform's unique approach allows borrowers to set their terms and choose from multiple blind bids, ensuring a transparent and empowering borrowing experience.
On the lender side, Frello promises an unmatched investment opportunity. With the ability to bid on loan requests and make multiple loans, investors can achieve impressive returns while actively contributing to helping others out of financial jams. Frello's algorithm ensures the replacement of unpaid principal, mitigating the risk for lenders.
Frello's borrower-friendly approach allows individuals to borrow from peers within their community, eliminating the need for dealings with large banks. The app empowers borrowers to set their repayment terms and select the best bid from lenders. For investors, Frello offers a hassle-free experience, guaranteeing loan payback and providing an opportunity for continuous reinvestment.
Ensuring the security of every transaction, Harder emphasizes, "Every single loan is guaranteed backstopped by an insurance pool. That reimburses any lost loans." He further elaborates on the safety net in place, stating, "Right now, when a loan is too far past due, it becomes our problem, not the lender's problem." Frello takes proactive measures to address potential issues, ensuring a smooth and secure lending experience for all users.
In a refreshing twist, Frello goes the extra mile in supporting its community, turning challenges into opportunities. Harder adds, "We reimburse that loan in the form of a Frello credit in their Frello wallet so they can take that money and go make another loan again." This innovative approach not only protects lenders but encourages responsible borrowing. Frello users not only receive reimbursement but are empowered to reinvest in the community, fostering a cycle of generosity and financial support. Harder underscores the importance of responsible lending, noting, "What they can't do is just take it out like cash; make sure they have to take that reimbursement and make a good loan this time." By tying the reimbursement to responsible lending practices, Frello ensures the sustainability of its ecosystem and the long-term success of its users.
"Very seldom do I actually come across a project that I obsess about," Chris opened up. "I'm truly excited for this to help just revolutionize the industry of investing and kind of making it. I feel like making investing fun and trustworthy again is something that Frello really stands for."
Frello is poised to change the way individuals behave in financial jams, taking the power away from institutions and placing it back into the hands of the people.
Chris Harder concludes with an invitation to potential investors and enthusiasts, urging them to join the Frello community and be part of a movement that aims to revolutionize lending. As Frello sets out to make investing fun and trustworthy again, it stands as a testament to the power of combining generosity and prosperity.
About Frello
Frello is a peer-to-peer lending app for personal loans founded by Chris Harder and Matt Marek. With a mission to transform generosity into prosperity, Frello connects individuals facing short-term financial challenges with lenders willing to make a positive impact. The app utilizes advanced technology, including AI and proprietary risk scoring, to create a seamless and friendlier loan marketplace.
Country: USA
Media Contact: [email protected]
Company: Frello
Email: [email protected]
Phone number: 323-553-7776
Website: Frelloapp.com
SOURCE: Frello