I want to create an online organization ("organization x") to assist vulnerable victims of extreme financial hardship by providing low interest loans. This organization / website would help these people consolidate and refinance debt by providing a loan at low interest if the requester is approved. Essentially, these people would apply for a loan through this website, be evaluated on a number of different levels, and if approved, allocated a loan by "organization x" for a designated period of time.
Borrowers will need to click on "Apply for Loan" and go through an online application process, which will eventually submit the application to "organization x" to evaluate and make a decision of whether they will provide the loan. This will require questions to be asked and answered, and being able to financially and securely link bank accounts.
Lenders will be categorized by individuals, churches, and other organizations. They will all have the option to either DONATE money to "organization x" or LEND money to "organization x", for a designated period of time.
"organization x" is the middle man that connects borrowers to lenders / donors. "organization x" will receive money from lenders, and provide loans to the borrowers. "organization x" will need to receive loan payments back from the borrowers, and will ultimately be the one responsible for paying the lender back.
Other elements to the website:
- Will need "About", "Mission", "Loans", "Contact", "News/Stories", "Browse Hardship Survivors" tabs on the website.
- under "Loans" tab will be where borrowers and lenders can start the process of transacting funds.
- under "Browse Hardship Survivors", there will be a database of the borrowers who are requesting a loan with a similar interface as [url removed, login to view] or gofundme.com. Here, borrowers are able to tell their story, written and/or through a youtube video, but the loan amount they are requesting will not be shown.
- Online financial transaction capability that securely links bank accounts, and allows lenders and borrowers to give and receive funds with "organization x".
- "organization x" needs financial transaction capability, able to set dates of payments, and to manually or automatically set transactions. DONATION funds should be sent to one of "organization x's" bank accounts, while LENDING funds should be sent to a different bank account.
- "organization x" needs a database management system, whereby it can record financial data, collect and record lender and borrower information, and this should be organized and able to access through a query.
- both borrowers and lenders will need to provide a check in a check box, and perhaps even an online signature to the contract and legal documents (links to click on).