Micro-funding app lets you borrow money from your friends

Developers of a new app, called Puddle, want you to throw out the old idea of keeping money and friends separate. The way Puddle works is that you can borrow from it up to 5X what you put in. So lets say you put in $10 then you can take out $50, put in $500 and you can take out $2500, and so on. It’s a great option for people not able to get a loan from a bank, but that don’t want a paycheck advance. You have to pay a monthly fee for every month you have an outstanding balance—this incentivizes users to pay back loans quickly. And if you think people are going to take your money and run be surprised, Puddle has been operating in trial mode for the last 2 years and has a 98 percent payback rate.

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Micro-funding app lets you borrow money from your friends

Developers of a new app, called Puddle, want you to throw out the old idea of keeping money and friends separate. The way Puddle works is that you can borrow from it up to 5X what you put in. So lets say you put in $10 then you can take out $50, put in $500 and you can take out $2500, and so on. It’s a great option for people not able to get a loan from a bank, but that don’t want a paycheck advance. You have to pay a monthly fee for every month you have an outstanding balance—this incentivizes users to pay back loans quickly. And if you think people are going to take your money and run be surprised, Puddle has been operating in trial mode for the last 2 years and has a 98 percent payback rate.

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