The app allows users to set up a campaign to raise money for specific goals, such as moving to a new city. The borrower sets the amount they need to raise and the interest rate and payback period.
They then share it with friends and family who can pledge a contribution. When the full amount is pledged, the campaign is closed and the money sent to the borrower automatically via Venmo.
The app then manages repayments, automatically calculating how much each lender is owed and transferring money to them each month via Venmo.
Ledge is available on the the iOS App Store and Google Play Store.
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