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Do you lend money to your friends?

Why is there not a social network for people to lend and borrow money from their friends and extended family?

  • Some thoughts on this: - people are generally more effective at judging the trustworthiness of their friends than banks are.  Also a person's credit score and track record so far on the social network could be made available to the potential lender - could help diversify and take the middle man out of the credit market, linking people with savings directly with people who could use cash, either to invest in something or to avoid unnecessary downsizing because of a one-time circumstance - wouldn't be very difficult for the social network to earn a profit because they could just take a small percentage of money changing hands

  • Answer:

    Because few things end friendships quite like borrowing money.

James Hinds at Quora Visit the source

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What is a social network to do here? I routinely lend money to my friends. Why would I pay a cut to Facebook? Usually you pay a cut to an intermediary who brings two strangers to a trading table.

Anonymous

People will tell friends or FB friends they are struggling , they won't tell general friends they are really struggling and need a loan. People won't want friends giving loans for business in case of interference or claims of 'you wouldn't have made it without me' . You would also be judged more- if you are telling FB friends you are out having a meal etc, they will not like this as they lent you money. Sounds irrational but I have gleaned this from my own business. I may be wrong though:)

Eunice E Graham

You may want to check out http://BorrowFlex.com

Borrow Flex

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