This project is definitely on my radar. However, there are a couple of critical questions their community has raised. In the initial stages, the team plans to create a marketplace, in which you can lend money to people you already know. But why should I want to do this? I can easily do this in real life and don't need an intermediary. I only need an intermediary when I lend to someone who I don't know and therefore cannot assess whether I can trust the person or not.
Secondly, people who take a loan will have to convert elix to USD and once they have to pay back their loan convert USD to elix. This not at all convenient, especially not to people who are crypto-illiterate. I hope the team can find some good arguments to overcome this perceived obstacle...
to your second question.as i understand everything can be done on the app, so it would be very easy to use...
to your first question... many people, family and friend borrow money all the time... this app just makes its easy and REWARDING!!!!!.. instead of driving across town to drop off cash you can just open an app and send it in secs and once the loan is complete both parties get rewarded.... also that is for earlier stages and once a system is in place you should be able to see who is trusted and who isnt.