App makes Facebook a money-lending service

Getting a payday loan is probably one of the most foolish financial decisions anyone can make, and yet most of us have thought about doing it at least once.

A new Facebook app effectively turns the social network into a money lending service. Agree It‘s official tagline is, “The app that enables you to borrow, lend and fund entrepreneurs within your social network.”

Agree It allows users to participate in peer-to-peer lending without the paperwork and credit checks involved in acquiring other short term loans. Those in need of money can publish how much they need on Facebook, and their friends can then put in offers with how much they are willing to pay as well as the interest rate they would like in return.

Omar Fansa, founder of the app, told The Telegraph, “Poor credit ratings and a reluctance to ask for help closer to home means UK residents are increasingly taking on unsustainable debt that ruins lives. By seeking and offering funds within our social network, we can sidestep expensive credit and poor deposit rates and enable borrowing between friends and family at affordable rates.”

There are benefits to lending money as well, says Fansa, as “the app offers people the chance to support others within their social network and gain a financial return.”

Fansa plans to only make money from advertising. He also warns that the app is purely social, “so lenders should only give their money to friends they trust to pay it back.”

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