WalletBoss describes itself as a “social financial platform” offering micro-loans for families in need. Find out how WalletBoss works in our review.
What is WalletBoss?
WalletBoss is a project that recently appeared on Indiegogo. The project has a flexible goal of $240,000 USD. Unlike other Indiegogo projects, you’re not really spending money to contribute to WalletBoss’s crowdfunding campaign. Instead, you’re pledging money, and then you can choose where to spend that money when WalletBoss eventually launches.
Overall, WalletBoss wants to offer financial loans to underserved families with no costs, no fees, and no interest.
Obviously, that sounds ambitious. So how does WalletBoss actually work? The platform is a peer to peer micro-loan platform operating around the world. Using the platform, users can lend and borrow money worldwide without paying interest or commissions. Like other P2P transactions, WalletBoss transactions avoid the use of intermediaries like banks or other middlemen.
WalletBoss knows that a $24 loan is something that could change the lives of a family in a developing part of the world – but it’s a relatively small amount for families living in the developed parts of the world. WalletBoss wants to facilitate micro-loans to lift the world up together.
How Does WalletBoss Work?
There’s a fundamental problem with the way our world works. A small amount of money in some countries (say, $5) can purchase a lot of goods and services in another country. However, you can’t just mail a $5 USD bill to Burkina Faso. Banks are involved. NGOs are involved. Mediators, overhead costs, fees, and transaction costs all make it difficult to get your small amount of money where it needs to go.
WalletBoss plans to solve that problem.
Specifically, they plan to solve the problem of “shark loans”. Shark loans are a problem in all parts of the world, but they’re particularly problematic for those who are underserved by traditional banks. Shark loans involve individuals lending money to those in need at a high interest rate. The people in need can’t go to a traditional financial institution for whatever reason, so they’re forced to accept the loan along with its high interest rate.
Sometimes, people require shark loans to keep food on the table, or to keep a small business afloat. Unfortunately, the loans can come with interest rates as high as 15% per week. When families can’t pay, things can turn violent.
WalletBoss aims to give people in developing countries access to a safer, more reasonable source of financing – even if they lie outside of the reach of traditional banks. If the individual has an app, they can access financing through WalletBoss.
The WalletBoss Indiegogo Project
The WalletBoss Indiegogo project is unique because the company isn’t seeking funding for itself. instead, it’s seeking pledges that will be directed to people in developing parts of the world. After contributing funds through Indiegogo, contributors will be able to choose how and where their funds are spent.
Specifically, WalletBoss is seeking 10,000 small loans of $24 USD each through its Indiegogo campaign. Those loans will be given to families in Kenya, Uganda, Tanzania, Ghana, South Africa, Peru, and Malaysia. WalletBoss plans to cover more countries in the future.
In order to finance these loans, WalletBoss needs a total of 100,000 crowd lenders worldwide who provide a minimum investment of $2 USD each.
In exchange for your contribution, WalletBoss will guarantee that your money goes to loans – not into developing a platform or maintaining overhead costs. As the campaign’s page explains, those costs are “100% our responsibility”.
Basically, you visit Indiegogo, choose the amount you would like to donate, then download the WalletBoss app. When the Indiegogo campaign is complete, you’ll see your money in your digital wallet through the WalletBoss app.
Obviously, WalletBoss can’t just go to third world countries and immediately distribute cash loans to whoever asks for it. So how does the platform protect itself? Here are some of the solutions created by the platform so far:
Credit Scoring Algorithm:
WalletBoss created this algorithm to handle the subject of uncertainty regarding a borrower’s ability to repay a loan. The algorithm is based on “psycholinguistics” to create a psychological profile of the borrowers, then rates borrowers according to their evaluated ability to repay debt. It’s a type of credit score system. Lenders can see the perceived ability of each individual applicant. Applicants with the best perceived credit scores will be more likely to receive funding.
Offer Wall Interface:
How can someone repay a loan if they live in a third world country with limited moneymaking opportunities? This is where WalletBoss got creative. The company has created a platform where users can fill out surveys, play games, or engage in other activities to earn a small amount of money online. These activities can help repay some of the loan, if not all of it.
Biometric identification decreases or eliminates the phenomenon of fake identities, which someone might use to request multiple loans. Biometric identification is required when the loan is first requested, and then required once again when the loan is released and realized. Biometric recognition is provided through face and voice recognition technologies.
The WalletBoss app includes a chat interface that allows for direct communication between lenders and borrowers. This can help lenders measure the direct impact of their loan on an ongoing basis.
Who Created WalletBoss?
WalletBoss was created by Mario, Nurit, and Yatir.
You can contact the developers by email at [email protected]
WalletBoss is an ambitious project that aims to make micro-loans a more viable concept in developing parts of the world. Today, many people in developing countries cannot access traditional banking institutions. That means they turn to dangerous sources of financing – like loan sharks. Many of these people end up physically harmed – or even dead – when they cannot repay their loans.
These are problems that WalletBoss seeks to solve. WalletBoss, which just launched on Indiegogo, is accepting donations in exchange for digital assets in your WalletBoss app and wallet. Funds are contributed directly to loans in developing countries – WalletBoss is not seeking money for the development of its own platform (instead, they plan to cover those costs on their own).
Ultimately, finding qualified borrowers in developing countries can be a difficult task. However, WalletBoss has a number of unique features – like biometric identification and its “Offer Wall” – to ensure lenders have the best possible chance of receiving their money back. Stay tuned for more information about WalletBoss as the Indiegogo campaign proceeds over the coming weeks.