Loopt has an interesting new spin on the hot deals space. The company has announced a product called U-Deals, which essentially gets the consumer (You, or “U” – get it?) to create the deal, including the discount, and then use Loopt to try to get the business to turn the deal into a reality. Intriguing concept. It will be interesting to see if it’s successful.

“Loopt u-Deals are for great for people who have been craving a deal at their favorite local place or somewhere they’ve wanted to try,” a Loopt representative tells WebProNews. “It’s also a strong deal alternative for the construction worker getting manicure deals or the vegetarian receiving steakhouse deals.”

Loopt says there are three basic steps:

1. Request a deal.

3. Loopt will contact the business and try to make it happen. If the business approves, you all get the deal and some u-Deals will remain open for purchase.

Anyone can purchase an approved u-Deal, the company says.

“Loopt u-Deals are truly a team effort – deal creators, their friends and family, Loopt, and local merchants all come together to make them happen,” said Sam Altman, co-founder and CEO, Loopt. “If we can continue to make local business connections simple, fun and rewarding for mobile users, we’ll start to see much stronger social ties within local communities nationwide.”

Watch our recent interview with Altman here:

Loopt is working with group-buying platform ChompOn to process the u-Deals purchases.

The U-Deals are starting in the San Francisco Bay area, and at launch, Loopt’s Android app will have u-Deals and the ability to request a deal. The functionality will also soon come to the iPhone.