FYGO.COM – Borrow from Your Friends

Social networks are growing stronger and stronger with time. People solve various problems in social networks – both commercial ones (like sharing expertise among professionals) and personal - boiling down to looking for like-minded people and communicating with them.

Yesterday a new social network was launched. The name is FYGO. This network is focused on a single practical issue: where one could borrow money.

Of course, we have already covered several social networks intended to borrow and loan money online (Prosper, Zopa) but this service is quite different because it is based on borrowing real money from your real-world connections.

Fields required for registration

Since financial aspects are involved here, the registration procedure is slightly different from what we are accustomed to. Besides filling in the traditional fields, like username and password, you will need to indicate a valid address and phone number. Besides, the information needs to be verified, and the usual registration confirmation email only arrives after the verification procedure is completed.

After registration you can create one or several networks by inviting your friends, family members or any other users. For example, separate networks can be built for former classmates, colleagues and friends.

A list of a user’s networks

Quite obvious, if you are willing to fully benefit from FYGO services, you will need to pass an additional authorization procedure: fill in quite a detailed form of personal and bank account information. After the submitted information is verified, you will be able to fully use the network’s functionality: at FYGO you can post a loan request in your network or, vice versa, lend money to other users.

Posting a loan request

The idea really seems to be so simple that it’s quite strange I can not remember any examples of similar services. We all know that banks are sometimes difficult to approach because of all the paperwork involved. And when we have some extra cash, we tend to want this money to work. But who would want to lend money to people one doesn’t know at all? I am sure FYGO is a great place to help people solve their financial problems by communicating with other users they already know and trust.