A Malaysian Made This App To Help You Get Borrowed Money Back From Friends
Money ruins friendships, don't let that happen to you.
By John Lim — 18 Jan 2016, 04:58 PM
Long time ago, your parents would have told you not to borrow money from your friends. Most importantly, never let your friends borrow from you.
Keyword: NEVER.
You see, lending money to your friend can be pretty tricky.
If you keep pestering your friend to pay you back, you might come off as a cheapskate. On the other hand, asking too late might risk your friend forgetting about the loan.
This is even an idiom to describe this predicament, “Lend your money and lose your friend”.
This is where FrenLoan comes in, an app that helps you certify a loan between you and your borrowers. It also helps to keep track of your loan and send reminders to borrowers.
Frenloan is a mobile app created to certify a loan to both lender and borrower. The app generates a digital pdf that has all the details of the friendly loan for both parties. It also certifies, tracks and sends reminders between friends, serving as a black-and-white loan cert between the two parties.
Founder David Sin created the app from his personal experience of lending and borrowing money
“Growing up, I have asked and been asked to either lend or borrow small loans from buddies. Some helped, some didn’t. This social borrowing affects almost all of us,” David said.
“When the sum gets bigger we stop lending for the fear we won’t get our money back. Even today I keep hearing of stories of friends ending relationships because one party didn’t want to lend money. This sort of spark off an idea. If we can remove this barrier, people will be more willing to help out.”
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To start using the app, you would need to create an account first
For your convenience, you could opt to sign up with your Facebook and Twitter profile.
Once you've signed in, all you need to do next is to enter your phone number, your friend’s email and the amount you’d like to borrow. The pay-back-by date is also a must-enter.
Once your friend has approved your request, a Loan Certification in PDF format will be generated for both parties as proof
An e-mail will be sent to your friend whom you're lending from for approval.
When the date arrives, the tracking feature will alert the borrower so that they will cough up the cash to pay back.