Europe Fintech

Gosavex Customers can now Loan Friends and Family up to £2000

Start-up financial mobile application Gosavex has announced the immediate launch of its Family and Friends Loan functionality, enabling owners of version 2.0.66 to access an innovative form of cheaper loans whilst having the ability to help the ones they love.

“We are a start-up who saw an opportunity to create a mobile app that truly covered all of the
bases when it came to digital personal finance. Although Gosavex only began operating during the
recent pandemic, we’re very excited about our future,” said Seweryn Bidolach, CEO at Gosavex.

Gosavex provides a modern and very inexpensive solution, that lets students manage their
finances and monitor or regulate informal loans between their parents and themselves. 73% of
UK students believe that informal loans can support others but are also worried that the process
could create awkwardness and damage friendships. This solution formalises and automates the
loan process while allowing users to start building their credit score which will enable them in
the future to access low-cost commercial loans.

Positive Customer Impact

Though only being in the alpha phase of their app, it hasn’t stopped Gosavex from being an
appealing financial app available to millennials. Through relevant research and development,
the company has identified an opportunity for its mobile application to positively impact their
customers.

A successful informal loans market has potential financial benefits for both lenders and
borrowers. Deployment of the Family and Friends Loan feature formalises a process that would
usually be carried out through a casual conversation, subsequently protecting the lender from
not being repaid and helping the borrower with a flexible repayment plan. Whilst still a relatively
new area of finance, research suggests that this phenomenon is bound to be attractive to the
millennial generation. According to research, lending money for social occasions is most
prevalent among younger people, almost two-thirds (62%) of 18-24-year-olds have lent money
to close friends for a drink in a pub or bar.

More students than ever are struggling to make ends meet, causing 79% to worry about their financial situation whilst at university. In turn, the average student receives £134.25 a month from parents in order to support them. Furthermore, the European Credit Research Institute (ECRI) has suggested that UK consumer borrowing on credit cards, personal loans and overdrafts are rising at their highest pace since the onset of the financial crisis in 2007. Gosavex have taken on board this research and developed its functionality around the idea that the app will help those looking to borrow money, avoiding higher interest rates that banks would offer.

The Launch of Gosavex Family and Friends loans

The Family and Friends feature is an update driven by extensive research and is part of
Gosavex’s commitment to deliver a financial platform which helps people get better investment
returns and access cheaper loans.

Family and Friends Loan Feature is available for immediate download from the Gosavex
website, Google and Apple App Stores. Founded in 2020, mobile application Gosavex is a startup company with great potential to become a huge success in the mobile application industry. The company provides a wide range of unique features such as showing users exactly where they spent their money through a heat
map function, while also offering an easily available, printable summary report that includes 2- years of accurate, individual financial details.

The Family and Friends Loan feature is their most recent offering that allows a safe and convenient way of loaning up to £2000 to family and friends. This application comes with messaging templates to help users communicate with family and friends requesting financial support for everything from rent payments to cinema tickets. It even offers the option of selecting an interest rate to formalise the deal even more. Plus, you don’t have to worry about forgetting to repay because the app will even send you reminders.

Author

  • Gina is a FinTech journalist (BA, MA) who works across broadcast and print. She has written for most national newspapers and started her career in BBC local radio.

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