The idea is good to start with. I know of an app here that give emergency loan without collateral in few minutes. The 'catch' is for you to return the loan with interest at the right time and increase your good credit ratings for higher loan.
However, this PayJoy's homepage does not have enough information for people to know what they getting into. I read they have a device locking Technology which i am assumptions it is mainly for locking the defaulter's phone.
I hope their business and process is viable, it will be a great help to people in need of phone quickly or Emergency fund.
It is a Very useful hunt. Well-done @idcabasa.
Thank you.