I like this idea a lot but it actually took a bit of browsing around the actual app to "get" it. I also, feel like the puddles need more personality. All they have is a title and faces. Who are these people? Why would I want to join? What makes them like minded?
Also, I think showing me one puddle at a time would have been better, after scrolling through 10 of them, I kinda stopped reading the names.
I do like the idea of pooling money and say helping other designers or developers or people in school with a place to go for a little extra money but it looks like they really need to flesh out the relationships between groups and Im sure there is whole mess of fun with abuse, defaults etc.
Since we opened up the product last May, we've learned a ton and simplified the experience around you, your money, and people you trust. This takes into account a lot of the feedback that folks like @shawnborsky have brought up. There was a lot going on in those early iterations.
We'd love to hear what folks think of the new launch today!
https://medium.com/@puddle/makin...
@puddle@skylar, I really love the concept. But I also feel like there needs to be a easier reason to be part of a "puddle".
(You probably see this differently. But I love this because I think this could be something that can end payday loan industry. And I hate the payday loan industry)
For a credit system to work, it needs to connect savers and borrowers, and the ability to assess risk.
Puddle in its current form seems to connect all the borrowers together. What is a way to get savers onto here.
I have a crazy idea. (The idea is probably naive and won't work and you have probably thought about it).
Here it is:
P2P credit union
1. Issue a Puddle prepaid debit card for the underbanked
2. Have a "spending" account and a "puddle" account. The "spending" account has no interest but also carries no risk. The "puddle" account earns return from the interests when people take money out.
3. You allow friends and people you trust to join your "puddle"
Everything else works the same.
I think this might be a good distribution channel to reach the underbanked.
The FAQ describes Puddle in more detail.
Browsing through the available "puddles" (ie, groups of people pledging and borrowing money), there's a mix of categories, mostly centered around existing communities. I can't think of a use case for myself personally but I like the direction.
This really reminds me of an app we tried to make at makeshift called savemates. It didn't work for various reasons. Here's my long write up about why: http://writing.makeshift.io/piec...
@choosenick that's a great story! Thanks for sharing. We'd love to hear your thoughts on the Puddle model (which is much more liquid than a traditional ROSCA).
@GeoffreyWeg There are no easy answers to abuse and non-repayment. We've learned this lesson through @kiva. Trust at Puddle starts with 3 basic elements:
1) identity verification
2) social pressure connected to that identity
3) you have to deposit funds before you can borrow
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