By David Ponce
What better time than after the Holidays’ debauchery to talk about a cool new application that just might help get you back into a gym? Gym-Pact works like this: 1) You commit to go to the gym a certain number of times per week. 2) You also agree to put a certain amount of money at stake for each day you miss. 3) You get paid if you keep your goals with the money from those who didn’t! The amount of money you get isn’t set and depends on how much was collected from people who defaulted on their commitments on any given week. Your share gets bigger with a higher number of days at the gym, but not with the amounts you put at stake (these are for your personal motivation). Gym-Pact skims 3% off the top. You shouldn’t expect to get rich off this as 90% of users in an initial trial kept their goals, but even small amounts from 10% of users can add up over time.
There is an iPhone app with a check-in feature and 40,000 gyms in the database. If yours isn’t there, you can add it, though it has to be an actual fitness center and not a home or office gym. You also can’t just drop by the gym, check in and walk away; the app checks your location at regular intervals to make sure you stick around. And it appears to be a US only service at the moment, though we’ve contacted them to see if they have plans for expansion. No word yet. The app is free and available now.