One day your closest friend comes over to hang out. You guys end up going shopping and your buddy finds a limited item that he ought to have right then and there and come to find out, he forgot his wallet. He asks you, “Hey can you pay this for me? I’ll pay you right back, I promise.”. You say sure because he’s your closest friend, you trust him, what could go wrong?

A couple of weeks go by, and your friend still hasn’t paid you back the money you so kindly lent him. You’ve sent multiple texts and every time he responds with “I’ll have the money to you soon,” never happens. It ends up being a never-ending stressful struggle that eventually you give in just to save your friendship. If this situation or a similar lending situation has happened to you, you’re not alone, happens to tons of people every day. It’s a terrible situation that nobody deserves to go through and their needs to be a solution.

Now let me introduce you to one of my creations. Friend Lend is an application that safely connects lenders with borrowers. This app will effortlessly allow an individual to create law-abiding digital lending contracts. These contracts will contain correct legal verbiage that both lender and borrower must agree to. Both parties will be able to select an interest rate that they both agree upon. There will also be a required loan payback date that allows both parties to agree on a payback period for which the lender must be paid back.

Another key feature in this app will be the ability for the lender to have a credit check done on the borrower, to show how likely that borrower is to pay the lender back and on time. The Friend Lend app will also give people a way of lending out objects. Whether it be lending out money or objects Friend Lend gives you a way to generate revenue from the credit while protecting you with a legal contract. This app will make getting a loan more convenient than ever before.

Any money left in the Friend Lend Account will be accumulating 3% APR, which will work by use lending out cash left in the accounts for a high-interest rate than we give our customers. We will only loan out money for statements that are rated AAA. (Open up as a bank to do this).

Reassurance Insurance. If the lender wants more reassurance that their loan will not default and cause them complications down the road, an optical Reassurance Insurance can be purchased at the expense of the borrower. The insurance would cost around 7%-10% of the loan price. This money will not be returned at the end of the loan, even if the full amount is paid back.

All the cash generated from this feature will be stored in an ultra-high interest savings account. The money will be saved until it is necessary to be used to pay off a claim. If the borrower neglects to pay off the loan, then the insured lender will receive the owed money after the one-week grace period.

Friend lend will then act on your behalf and try to recover the owed money. Important Note. The lender will only receive the original amount loaned; the lender will not be able to recover the lost interest on the loan.