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Bring Your Own Bank
A step-by-step guide to transparent P2P loan tracking
Let's follow Sarah and Mike as they use OpenLedger to track a car loan
Both Sarah and Mike sign up with their email addresses. The platform is free and takes just seconds to get started.
Sarah searches for Mike in the Directory and sends him a friend request. Once Mike accepts, they're connected and ready to create loans together.
Sarah creates a new loan with all the details: she's lending Mike $5,000 for a used car at 6% APR, to be paid back over 24 months with $221.60 monthly payments.
Mike receives the loan proposal and reviews all terms. Once he agrees, he accepts the loan. The status changes from "Proposed" to "Active" and both parties can track it.
Both Sarah and Mike can upload supporting documents to the loan. Sarah uploads the signed loan agreement and the invoice from the car dealership. Mike adds photos of the car and the title transfer.
Each month, Mike pays Sarah directly (via Venmo, Zelle, check, or cash). Sarah then records the payment in OpenLedger with the date, amount, and optional payment proof. The platform automatically calculates interest and tracks the remaining balance.
Mike sends $221.60 via Venmo
Sarah records payment + screenshot
Interest calculated, balance updated
OpenLedger uses daily accrued interest, meaning if Mike pays early or pays extra, he saves on interest. The platform shows exactly how much interest has been paid vs. principal.
Both Sarah and Mike can see the complete history of the loan at any time: every payment, every document, all interest calculations. Everything is timestamped and immutable for complete transparency.
Transparent P2P loan tracking with proof of payment. Track how you lend and borrow with friends and family.
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Transparent P2P loan tracking with proof of payment. Track how you lend and borrow with friends and family.
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