App Gives Cash For Losing Weight

DENVER (CBS4) - A new application for smartphones could help people lose weight while making money -- but there's a catch.

4 On Your Side Moneysaver Suzanne McCarroll says those who don't stick to their exercise routine will be the one paying.

Richard is lighter now, but the weight loss comes after many failed attempts. It was an app that helped him tone his abs. The app called "Gym Pact" turned richard into a gym rat.

"You go to the gym, you make money. You don't go, you lose money. It makes enforcing your fitness really simple math," Richard said.

Sign up, commit to going a certain number of times per week and agree that you'll pay a fee for each time you miss.

"I do $10 per session and made a pact to go three times per week, so I have a chance of losing $30 per week, which is enough for me," Richard said.

A group of Harvard college students designed the app. If you stay true to your treadmill commitment each week you can also earn money.

It doesn't matter what activity you choose at your gym, just don't try to cheat because the app has a GPS tracking system so it knows if you're home being a couch potato.

You only get credit if you spend a minimum of 30 minutes at the gym. And you won't get rich on your earnings, but you might get thin.