Is our financing app idea viable?

Hi,

So ou are building a loan marketplace and instead of being the middle man, be a platform provider.
2 Issues
1) It is a 2 sided market place which are extremenly tought to build
2) This is a Red Ocean with tons of competition and dozens of playes already in.

You should be doing this if you have one of these
1) You have tons of money that gives you a long runway
2) There is an innovative angle to it.. E.g Peer 2 Peer or Micro crowd financing were a novel idea some time back.

I did a random search and there are tons of services that are walking zombies that are in loan for students, house, boats (niches like that) and also based on crowd and p2p.

Having said that, I do not your big idea and vision in detail, So there could be something really unique AND VALUABLE that you are planning to offer..
Happy to talk and idea storm.,.

if you are not in a position to pay, I am more than happy to do a 30 min free call.. Let me know...

Or message me if you have specific question.

First off, you need to validate:
1. this is indeed a problem for users
2. how do most users currently discover financing options? Is there a point in that user flow where the user would search for financing options beyond those readily available to them?
(ex. buying a car at a dealership, I would receive an option from the dealership, I'd check with my existing bank(s) if they could beat that rate and go with the lower of those two).
3. you can provide better rates/better convenience.

If all of the above check out, you have a valid opportunity.

Viability would now depend on the ability of your solution to:
1. Make users aware of your offering
2. Plug into their existing workflows
3. Provide better rates, faster than the status quo

All the best and feel free to reach out if I can help any further.

I am working with a Community Gaming Portal and app that has 20,000 subscribers. In your space, it is occurring to me that the marketplace formulation may suit you better, that is being a place for providers and customers to congregate. You may wish to avoid actually executing the financing.

Beyond that, the sell on such an app would be empowering the consumer first and having providers compete and bid on consumers.

Am happy to speak with you on ways to build a user base, transaction model and brand development.

Talk with you soon!

Best,
Arjun

Getting something out into the market is a crucial first step for any app start-up. Validating the idea first by building a user base and making some initial sales is proof of potential and that proof is what VC firms are looking for. Getting these four things right is extremely important, whether you are targeting family and friends or happen to find an angel investor willing to hear your pitch. If you do not have the right people involved you will not attract investment, no matter how good your idea is. Never approach a potential investor without first doing your homework. Know your target market inside out. If you do not have a compelling reason for people to use your app over your competitor’s, getting buy-in from an investor will be extremely difficult and you probably need to rethink the viability of your idea.
You can read more here: https://dreamwalk.com.au/blog/the-investors-will-fund-your-app-idea-myth
Besides if you do have any questions give me a call: https://clarity.fm/joy-brotonath

Your financing app idea sounds very promising! Simplifying the process of obtaining financing for vehicles or boats by providing users with access to the best available rates through an application is a smart approach. By eliminating the need for multiple appointments and streamlining the process, your app could save users valuable time and potentially help them secure more favorable financing terms.

To further enhance your understanding of developing a user-friendly and efficient app, I recommend reading this article: https://www.cleveroad.com/blog/p2p-payment-app-development/. This comprehensive guide offers insights into building user-centric applications, which could be beneficial as you develop your financing app. It covers various aspects, including user experience, security considerations, and the technical aspects of app development.

Best of luck with your financing app venture, and I hope the suggested article provides valuable insights to help you bring your idea to life successfully!