So the thing is that one my uncle keeps mobile phones and other electronic items on mortgage and charges 10% monthly interest on them, the interest is high as the object is an electronics product and their value decreases exponentially, and many times people are not able to pay up for their phones, so the point is that there is no similar scalable startup yet been made, can such a startup be made online and scaled atleast over a city?
Will this startup Idea work in India?
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Re: Will this startup Idea work in India?
#2Let's say I bought an iPhone SE for 500.00$ with tax, and the current value is 300.00 and you can only lend up to 300.00$.
Suppose I failed to pay from the 1st-month statement, disappeared or something, you can hold the value of 300.00$ or less, if you find a buyer, you are still spending time and energy in the entire process which does not make sense to me.
Re: Will this startup Idea work in India?
#3Let's say I bought an iPhone SE for 500.00$ with tax, and the current value is 300.00 and you can only lend up to 300.00$. Suppose I failed to pay from the 1st-month statement, disappeared or something, you can hold the value of 300.00$ or less, if you find a buyer, you are still spending time and energy in the entire process which does not make sense to me.
who said we were giving complete current value of the phone, we will give only 10-20-30% of the current value of the product so for ex. your iphone SE is 300 bucks valued now, then we can lend you max 90 bucks!
Re: Will this startup Idea work in India?
#4Let's say I bought an iPhone SE for 500.00$ with tax, and the current value is 300.00 and you can only lend up to 300.00$. Suppose I failed to pay from the 1st-month statement, disappeared or something, you can hold the value of 300.00$ or less, if you find a buyer, you are still spending time and energy in the entire process which does not make sense to me.
who said we were giving complete current value of the phone, we will give only 10-20-30% of the current value of the product so for ex. your iphone SE is 300 bucks valued now, then we can lend you max 90 bucks!
and you pay interest for that 90 bucks if you fail to pay the interest for a certain amount of time, we will take away your phone!