Half a croissant, on a plate, with a sign in front of it saying '50c'
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CreditFaith app

Give and get credit without paying interest or commissions
  [vote for,

This is meant for two people who see each other in person. A buyer in a store with some sort of ID, or when the seller has an ID.

After a period of two months, via a verification process through credit cards and codes sent to the phone, it can also be used for online sales.

You want to sell your car but the buyer doesn't have the money right now? Your willing to give them "credit" to pay in 3 installments? Here's how to do so without credit cards, without banks and even without checks. It's legally binding proof that the second party agreed to pay on time, and agreed to pay even more if they don't pay on time. (We give them three steps, so it's fair and not "draconian". )

Both seller and buyer must be members of CreditFaith and after signing up via the website they have CreditFaith in their contacts, and opens a Whatsapp Group with CreditFaith.

The initiator of the sale (buyer or seller) writes to CreditFaith on Whatsapp which starts a bot-assisted discussion. S/he is asked (or perhaps already said) if they are buying or selling, and give the other parties phone number.

A new group is opened in Whatsapp by CreditFaith with the three: Seller, Buyer, and CreditFaith. It writes the details of the buyer and seller and if needed, asks the two to confirm each other's details, and to confirm that they wish to have a deal with each other.

The buyer is asked to agree to give the seller her/his details, and then the seller will see the buyer's status: How much s/he owes in total (the buyer's "obligato"), how much they typically pay per month, and any warnings or complaints about them.

If it's an online sale, the seller will similarly give out their status to the buyer, like how many sales they make per year, and if there were complaints.

The app asks the seller what they are selling and at what terms.

The buyer then agrees.

CreditFaith will advise the seller to add a clause that if the payer does not pay on time, an extra fee (at the cost of taking them to court) will entail. (The price of this will be a fixed number + a percentage, and will be given in the advice message).

CreditFaith can supply lawyers in your country at a low price (a percentage of the deal) to assist you in getting your money if the other party has not paid or is denying the deal.

Warnings can only be given by members of the deal. For an extra fee CreditFaith can look up the person in the deal, requested by the other party, in advance.

The question now is: How do we (the HalfBakery team of CreditFaith) make money from it? Perhaps we take a first time commission from each member, or a small yearly fee?

For an extra fee we let you retrieve the conversations on our servers. For extra security we can ask you to turn on your location, and somehow have that relayed to us. HBers, your thoughts? Also we can ask each one to take a picture of the other.

pashute, Aug 10 2017


       So, it's an app which acts as a witness to a contract, and acts as a demand aggregator for legal services in the event that things go wrong.   

       Possible problem with conflict of interest if both parties are getting their lawyers through the app?
pertinax, Aug 10 2017

       But in most cases the truth can easily be shown. There are too many traces for theft to succeed here.   

       And even if somehow theft is what we are facing, we'll supply two separate investigators/lawyers. As opposed to regular lawyers who are out to help their clients in any case, these lawyers are there to protect the innocent. So someone not innocent will hire a lawyer to help them "get out of the pinch". And we're back to one player.
pashute, Aug 10 2017


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