Lend friends money using Venmo - legally and easily

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This is pretty cool. What happens if u don't have the money to repay?
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Hi, maker here. Really excited to be on Product Hunt today to get feedback on Ledge and answer any questions you might have. Almost everyone needs a helping hand at some point in their lives, and in many of those cases the best option is borrowing from friends and family. This process is currently weirdly painful to manage, so we created Ledge to make it easy for your network to lend a hand. Borrowing through Ledge is as simple as creating a campaign, setting your terms, and sharing it with friends through the apps you use everyday. Friends can pledge money to your campaign without downloading the app, and they are only charged when you reach your campaign goal. Pledges are automatically transferred to your Venmo account once you reach your goal and fund your loan. Ledge keeps track of your loan balance and repayment is automatic, so you can focus on what's important -- being friends.
Hey @haciendaneff, using Venmo means that in most of the cases (when using credit cards and non-major debit cards), the 3% fee per payment will be applied -- that is in all the cases, both for the transactions initiated by the friends of the lender, as well for the reimbursements. As a loan would come with a 6% cost (although no percentage is taken by you), does the other features really count that much for the normal user?
@haciendaneff wow, definitely no more awkward borrowing moments haha. great product!
Congrats on the launch! This looks extremely slick and the integration with Venmo is a killer feature (especially for those darned "millennials"). What are some example use cases that you guys are seeing on the platform or had in mind when you were building the product?
@charleyma thanks for the excellent question. We think that there are myriad use cases for Ledge including financing educational expenses, moving/relocation, passion projects, or getting the helping hand you need as a maker to turn your idea into a business. We are focused on micro loans that are repaid in monthly installments, so you could use Ledge to crowdsource financing for pretty much anything up to $5,000.
Is it just me or is the Venmo API extremely under-utilized? Seems like a ton of exciting possibilities.
@harryraymond it is definitely not particularly well understood or widely adopted. DM me or Luke if you are interested in learning more about our implementation or have any questions related to the API.