How to stop being afraid to lend money? This app will help

Few people like to lend money mainly for one simple reason – even if a close friend or relative asks for a loan, there is no guarantee that the debt will be repaid in full. Unless, of course, you are Don Corleone, who is sure that he will get his own in the end. For most, monetary debt becomes a real problem, because in which case it is difficult to collect money without having any legally significant contract with you. Regular banking applications will not help much here: the maximum you can prove that the transfer really took place. What if it's a gift? To solve this problem and other monetary issues, a special application has appeared on Google Play.

How to stop being afraid to lend money?  This app will help

in the field of debt relations between people, inconveniences and difficulties are rife

With the help of Lendsbay, you can ask your friends to lend a certain amount of money or help you solve the money issues of your friends yourself. It is very simple to use it: register via SMS, then the application scans the list of contacts, and after that you can apply for a loan from any of them (or they can ask you for help). To lend, you just need to select the right person in your contacts, enter the amount, term, percentage (if any) and repayment format – exactly how you want your money back.

How to stop being afraid to lend money?  This app will help

Registration by phone, you can protect the application with a password

The advantage of this solution is that each party can offer its own terms. For example, you want to lend without interest, and a friend insists on a small, but interest. If everyone is satisfied with the final conditions, you can apply for a loan. And for safety, create a loan agreement, which will be signed by both parties by means of a simple electronic signature. This agreement is legally binding in accordance with the law, so if the borrower has any problems, you will have the necessary document on hand.

How to stop being afraid to lend money?  This app will help

All loan conditions are set by you

The application is convenient because if you apply for a loan with its help, there is no need to constantly write to another person and find out when he will be able to repay the debt. Even if you don’t even sign the contract (suddenly you trust another person very much), it itself sends all the necessary notifications and reminders and fixes all the conditions and repayment – which guarantees both parties the fulfillment of obligations in full.

How to stop being afraid to lend money?  This app will help

After the loan is approved, you can sign an agreement

In the same way, you can ask for a loan yourself – enter the amount, interest, repayment terms and the person you want to contact. When you come to an agreement, the money will appear on your bank card. Everything is quite simple and convenient.

How to stop being afraid to lend money?  This app will help

To lend is also very convenient

The app even has a built-in rating system that is based on user reviews for each borrower. An acquaintance turned to you with a request to lend money, and you opened his profile and saw that he was not a very conscientious borrower. Here it is better to think several times before lending even a small amount with a contract to such a person. The developers promise that in the next version it will generally be possible for an additional fee to see your rating based on data from the credit bureaus.

How to stop being afraid to lend money?  This app will help

The rating system will tell you whether it is worth giving money to this or that person

Another Lendsbay functionality is reminders of your other debts. For example, I have a mortgage and a credit card, and if I always make payments on a mortgage on time, then with a credit card delays occur from time to time. The grace period without interest is long, and in a couple of months it can fly out of my head that you need to return the money to the credit card. You can add information about your loans to the application, and when you select the date and amount, the application will remind you about the upcoming payment date 3 days in advance and on the payment date. So you will definitely not miss the day of repayment and save yourself from delays and unpleasant penalties in the form of penalties (and they are very large on credit cards).

By the way, this way you can track your financial situation. I know many people who take loans and then cannot repay them, because they are not able to adequately assess their financial capabilities. And if we added all the credits to the application, next time they would not take another one, but first repay the previous one.

How to stop being afraid to lend money?  This app will help

Reminder systems will help you not to miss important payments

The developers promise that in the next version it will generally be possible to receive loans from other users of the Lendsbay application, even if they are not in your contacts. It will unite investors and borrowers by creating a convenient financial instrument right in their pocket. You don't have to contact banks or dubious credit organizations – you have read information about each other, discussed the conditions, signed an agreement. This way it will be possible to quickly obtain funding if necessary, perhaps even at a lower percentage than in other organizations. And investors will be able to get profitable interest on the loan, different from the existing conditions for deposits.

Due to the fact that the application is available not only on Android, but also on iOS, it has a fairly large user base. Of course, you can tell your friends and family about it so that they too have the opportunity to exchange money if necessary. Still, there are plenty of inconveniences and complexities in the field of debt relationships between people, and it is worth helping to develop applications that try to stimulate the overall growth of financial culture and responsible financial behavior.

Download Lendsbay App

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