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Speaker 1: Bryan Bridge. If you've ever lent some money to a

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Speaker 1: friend or a family member and never seen your cash again,

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Speaker 1: this next story might be of interest to you. Ammaco

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Speaker 1: is a new app that will draw up a proper

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Speaker 1: formal loan agreement that you can use whenever you leand

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Speaker 1: a small amount of money to anyone. That was created

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Speaker 1: by former banker and hawks by farmer Tom Aitken. He'sa

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Speaker 1: me tonight, Hey, Tom good a Ryan? So, who ripped

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Speaker 1: you off?

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Speaker 2: No one? No one got the I got the idea

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Speaker 2: when I was waking for a Big four at a

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Speaker 2: university and just saw such a such a good idea,

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Speaker 2: And it took me a few years to get there

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Speaker 2: and draw it out and bring it to life.

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Speaker 1: So how does it actually work? If I, you know,

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Speaker 1: my brother wants to borrow money for example, or something

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Speaker 1: like that, how do we do it?

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Speaker 2: Yeah? Great question. So you can download it on the

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Speaker 2: Apple App Store or the Google Play Store. Download from there,

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Speaker 2: you just create an account and then you go in. Now,

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Speaker 2: whether or not you're the lender or the borrow either

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Speaker 2: one of you can actually set up the loan terms

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Speaker 2: and so that kind of punches in the likes of

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Speaker 2: an interest rate, whether it be zerubcent interest rate, weekly repayments, fortnightly, monthly,

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Speaker 2: even near the repayments. And then you can send it

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Speaker 2: to your so your brother in this case, or your

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Speaker 2: peer or family member. They can have a look at

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Speaker 2: it and a set the terms, negotiate. If they're happy

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Speaker 2: with it, they can sign on the app and then

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Speaker 2: it gives you, guys, a loan documentation which formalizes everything.

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Speaker 1: You know.

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Speaker 2: It kind of turns those I guess good intentions into

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Speaker 2: good agreements.

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Speaker 1: And is this legally enforcible?

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Speaker 2: Yes? It is, yep, And so I think ninety nine

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Speaker 2: percent of people are good, good beggars, but you know,

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Speaker 2: some things, some things just go wrong. But lest this

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Speaker 2: way here, everything's kind of documented. It's black and white.

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Speaker 2: There's nothing left to argue about.

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Speaker 1: Really, is there an amount? Would you say, use this

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Speaker 1: app if you're lending fifty dollars or if you're leanding

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Speaker 1: five hundred thousand? I mean, is it legally enforceable? So

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Speaker 1: presumably doesn't matter how much you're lending, correct, But we

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Speaker 1: have we.

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Speaker 2: Have kept it at a million dollars. We just think

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Speaker 2: anything more than that you should be getting a lawyer.

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Speaker 2: A lawyer involved there. But you know this is designed

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Speaker 2: for you know, to help a mate out start a business,

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Speaker 2: for example, whether it not be five grand, help out

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Speaker 2: to the next payday, or to even help your kids

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Speaker 2: into their first home.

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Speaker 1: Is this going to start a whole lot of arguments

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Speaker 1: like how am I going to look really stingy if

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Speaker 1: I'm trying to force someone to sign it, you know,

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Speaker 1: signing here on the dotted line before I'll give you

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Speaker 1: this twenty dollars.

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Speaker 2: I don't think you're I think you just came across stingy.

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Speaker 2: I think the thing is a miko can kind of

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Speaker 2: take out any of the awkness of you know, figuring out, well,

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Speaker 2: are you going to charge me interest or not on

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Speaker 2: that money when you actually want to be paid back.

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Speaker 2: You know, everything's documented out and laid out, and it's

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Speaker 2: just I guess it just makes it easy for everyone.

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Speaker 2: You know, There of a sudden, everyone's on the same page,

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Speaker 2: and it's not so much about signing it as actually

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Speaker 2: just working out terms of the best suit you as

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Speaker 2: the lender or the brower.

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Speaker 1: What happens if you find yourself in the situation where

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Speaker 1: they don't pay you back, do you take the presumably

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Speaker 1: you engage a lawyer at that point, do you how

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Speaker 1: do you how do you resolve it?

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Speaker 2: Yep? So at least you know there's so much undocumented

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Speaker 2: peer to peer loans. At least by I guess using

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Speaker 2: a miko, you do have I guess level grounds to

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Speaker 2: take further further legal action and go on to deck collection.

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Speaker 2: But you are hoping, I mean it is your family

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Speaker 2: and friend member that you are hoping that you will

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Speaker 2: get repaid regardless.

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Speaker 1: Yeah, of course, all things going well, what are you

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Speaker 1: how are you pronouncing that? So it's a m I CEO?

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Speaker 1: How are you pronouncing it a miko?

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Speaker 2: Amiko?

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Speaker 1: Where did that come from? And why didn't you just

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Speaker 1: go with iou?

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Speaker 2: Oh? Trademark. Trademark is the issues there. But amiko is

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Speaker 2: actually Italian for friend I guess, which leans into what

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Speaker 2: we're trying to achieve here. It is all about helping

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Speaker 2: out your family and friends, whether it not be get ahead,

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Speaker 2: make it a next payday, or buy their first house for.

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Speaker 1: Insting or car. I can see a lot of parents

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Speaker 1: liking this because it really ties them down. How does

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Speaker 1: what's the revenue model here? How do you actually make money?

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Speaker 2: So right now, we don't take any any fees on

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Speaker 2: interest rates or anything like that that is solely between

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Speaker 2: the linder of and boro. So the banker, Mum and

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Speaker 2: dad or two mates staying for business venture, we just

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Speaker 2: charge a fifteen dollar documentation fees and that's parish to

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Speaker 2: do all the calculations for you as well as give you,

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Speaker 2: guys illegally agreement legally buying agreement that clearly states out

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Speaker 2: your obligations as the lindar and borrower.

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Speaker 1: So it's fifteen dollars for every no matter what the

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Speaker 1: amount is, it's fifteen dollars for anyone who wants to

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Speaker 1: give a crarect correct.

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Speaker 2: And that's just trying to make legal like I guess,

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Speaker 2: make it make it so so cheap that you know,

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Speaker 2: whether it's a two grand loan, you're not going to

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Speaker 2: go to a lawyer and they're going to charge you

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Speaker 2: up a few hundred dollars to write up an agreement

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Speaker 2: that's kind of true Bible at least by using a

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Speaker 2: miko you can.

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Speaker 1: It also makes my fifteen It also makes my twenty

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Speaker 1: dollars loan non viable.

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Speaker 2: That yes, correct, correct, But hey, look if you need

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Speaker 2: a twein dollar alone, mate, just singing I can spot

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Speaker 2: you well.

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Speaker 1: I guess it depends on how well this goes for you,

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Speaker 1: Tom exactly hopefully very well. Yeah, good luck, Thanks Ron,

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Speaker 1: appreciate it, Tom making Amico founder. For more from Hither

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Speaker 1: Duplessy Allen Drive, listen live to news talks. It'd be

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