LoanBack: Web 2.0 app with a real business model
I read about LoanBack on Tim O'Reilly's blog; these guys found a business need first, and then used Web 2.0 technology (Ruby on Rails, I believe) to "instantiate" it.
Their service creates custom, legal, promissory notes designed for loans between people that know each other. Great idea--hopefully they'll be able to turn it into a business success.
Speaking of mashups--how about LoanBack mashedup with PayPal? After the agreement has been made, LoanBack could integrate with PayPal to make the payment. You could also mash LoanBack with Blinksale (a Web 2.0 invoicing app) to make sure that the person who is borrowing the money doesn't forget to make regular payments!
Monday, February 06, 2006
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2 comments:
Hey Mark. It's good to know people are starting to talk about us! We think we're providing a valuable service in helping folks "formalize" what are sometimes very informal agreements. It's an interesting point about the mashup ideas. Doing the whole loan servicing platorm was in our original product plan but we opted to get something out there as quickly as possible to prove out the concept. So far so good...
Hey Mark,
Thanks for the mention here. We have discussed a paypal "mashup" for payments and are going to roll out payment reminders here in a bit. We're also going to add the ability to "invite the other party" to the loan you've created so that you can both make changes and then either one is able to make the purchase when you're finished.
-Michael
Co-Founder LoanBack.com
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