Technology makes the world move ever faster, and a British startup aims to bring that velocity to the world of financing: Wonga offers tiny, instant loans through online-only applications. The service makes loans of GBP 50 to GBP 200, all to be repaid within a month. Consumers can choose exactly how much to borrow for how long, using a simple slider tool to gain an instant understanding of how much the loan will cost them in total. Successful applicants see the money in their account less than 60 minutes after applying.

To encourage quick repayment, Wonga wields an eBay-style carrot rather than the bailiff-shaped stick: good borrowers get good ratings and are rewarded with increased flexibility on subsequent applications, while Wonga presumably reduces its costs for debt reclamation.

Though there's no need to point out that taking and providing easy credit is a slippery slope, small loans do offer consumers an alternative to credit card debt and bank overdrafts. And Wonga's focus on convenience and speed is something most banks could learn from. (Related: Quick loans by text message — An online pawnbroker for consumers in a pinch.)

Website: www.wonga.com

Spotted by: Ozgur Alaz

Finding an ATM in an unfamiliar city or neighbourhood can be a real hassle. So it's no surprise that various applications have been developed for the iPhone and other mobile devices, that use built-in GPS to map the nearest cash machines. ING Wegwijzer, a new application built for the T-Mobile G1 (Google) phone, takes the concept a step further. The G1 phone has a built-in compass, which means that it can not only determine where users are, but also which direction they're facing. Which gets interesting when combined with the phone's camera, which is what the Dutch bank's new tool does.

How that works? A cash-seeking user opens Wegwijzer, selects the camera mode, and holds the phone as though to take a picture. Layered over the live image of what's in front of him, is a label showing where the nearest ATM is, literally pointing to the building that houses the machine. Which, for most people, is a far more intuitive way to find an object than by looking at a map; it's the phone equivalent of asking a human and having them point to what you're looking for.

Another application that uses augmented reality in a similar way is the Wikitude AR Travel Guide, which taps into location-based Wikipedia content to give travellers details on landmarks they view through their Google phone.

ING Wegwijzer was launched today and is available for free through Android Market, the Google equivalent of Apple's iPhone App Store. As mobile devices become increasingly well-equipped, opportunities abound for brands and entrepreneurs that can help consumers find whatever it is they're looking for. Time to start brainstorming and hiring developers! :-) (Related: Entertainment mapping tool uses compass and GPS — Using pictures to give directions — Mapmania.)

Website: wegwijzer.ing.nl

P.S. ING developed Wegwijzer with Mobilizy (of Wikitude) and SPRXmobile. More/better images of the app in action can be found in Maarten Lens-Fitzgerald's Flickr set.

Given the current state of the economy, it’s timely to see a makeover of an age-old form of personal loans. Borro claims to be the world’s first online pawnbroker. The company, which was launched in August 2008, offers short term loans to customers who cannot borrow from banks or have maxed out their other options, giving them cash for jewellery, gold and memorabilia. After filling out an application form describing the valuables they wish to pawn, a borrower is offered a loan of up to 40% of an item’s value.

Should they take the plunge, the borrower couriers their item to Borro, receiving their loan via bank transfer or postal order. Interest on loans accrues at 6% per month (lowered to 4% for loans over GBP 1,000), and loans must be repaid within 6 months for the pawned item to be returned, unless an extension is agreed in writing. Loans of GBP 100–GBP 100,000 are available, with Borro stating that over 85% of borrowers repay their loans on time and in full.

The site brings an ancient system into the 21st century, providing a convenient form of short-term credit that could be cheaper than unauthorised bank overdrafts or payday loans. It also creates a certain degree of transparency for customers, since everyone is offered the same rate. And sending items in by courier eliminates the potential awkwardness of dealing with an offline pawnshop. Based in Oxford, Borro currently only serves the UK, though European and US expansion plans are in the cards.

Website: www.borro.com
Contact: www.borro.com/contact-us

Spotted by: Cecilia Biemann

Grandmothers are known for many virtues, not the least of which is their ability to knit spectacular socks. Perhaps even more admirable, however, is the older generation's ability to make the most of limited resources.

With just that talent in mind, Oxfam recently recruited a team of what it calls Green Grannies to offer advice to the UK public about everything from how to darn socks to how to make delicious food from leftovers. Part of Good Ideas Unltd, Oxfam’s new lifestyles campaign, the service aims not only to help UK consumers save cash, but also to encourage recycling and help tackle climate change, which it notes has a particularly hard impact on the world's poorest populations. To disseminate the grannies' advice, Oxfam has launched a YouTube channel—a recent clip describes how to stay warm at night without running the heat, for example—and will soon debut its ‘Ask a Granny’ service on the Oxfam website.

Green Granny Barbara Walmsley explains: “I have always made the most of what I have—it just comes naturally to me. Every granny has her own tricks for saving money, and I’m really glad to have the chance to share them with younger people. Its great to be involved with a campaign which is helping people living in poverty now, and which will also help take care of the world for my grandchildren’s generation.”

"Waste not, want not" is a maxim that works well both from an economic and an environmental perspective, and it's also one that comes naturally to older generations. Where else could consumers benefit from some elderly advice....?

Website: www.oxfam.org.uk/applications/blogs/goodideasvideo
Contact: rmarsh@oxfam.org.uk

Spotted by: Judy McRae

Now that the holiday gift-giving season has come to an end, it's fairly certain there are many consumers around the world left holding gift cards they don't really want. Enter GiftCardRescue, a service that provides a way out by allowing users to exchange their unwanted cards either for different ones or for cash.

Consumers begin by creating an account and providing the details of the card they have; its value must be between USD 25 and USD 200. GiftCardRescue will then indicate the redemption value it's willing to pay—typically between 60 percent and 80 percent of the card's value. The consumer can then elect either to receive cash via PayPal, or they can select a new gift card from the site, up to the redemption value of their original card. Either way, they ship their card to GiftCardRescue, and the transaction concludes; if they've chosen to get a new card, that one is shipped out to them free. Maryland-based GiftCardRescue also sells gift cards at discounted prices.

As beleaguered consumers around the world try to recover from their holiday spending, you can bet more than a few will be weighing the value of the gifts they received more carefully than ever. Help them make those gifts more useful, and you could receive some nice rewards yourself! ;-) (Related: Parties help guests sell their gold — Marketplace for jewelry from ex-boyfriends.)

Website: www.giftcardrescue.com
Contact: customerservice@giftcardrescue.com

Spotted by: Juliana Loh