Do you want to buy now and pay in 12 months with 0%APR?

Hi guys, I talked to users and have realized, that people in general (and me too):

don't want to wait; don't have money; don't have a credit score

So, we build a gift app where you can buy a gift now and pay within 12 months at 0% APR. Or put your personalized gift link on your social platforms and let people fund it for you. No credit score is needed.

As you see, we have become an e-commerce app where you can buy a product and pay later with your friends and family.

I need this product right now for my self, but what do you think? What weaknesses do you see?

I will be grateful for your feedback!

P.S. An example, you can check my gift link on Instagram: https://www.instagram.com/timurbeejee/

Thanks!

Timur,

2 comments

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celticninja 5y ago ↗

Someone has to pay for the goods though, so you take on the credit risk ie if the person doesn't pay, you need to pay on their behalf. As you are doing it at 0% you will not be making money therefore you every failed repayment costs you money so you lose money hand over fist. Especially when the scammers find out about it. You need a better business plan or you need a silicon valley VC who has no objections to losing money to gain ephemeral market share.

TimurBidzhiev 5y ago ↗

I do like the part about a VC)) The first problem is how to manage the scammers?