Apps to track money you lend to Friends

[LoverofCar]

This may well become an ultimate apps for the loanshark ..

 

 

 

https://sg.finance.yahoo.com/news/app-app-lets-borrow-lend-063352031.html

 

When it comes to borrowing or lending money to friends, a common and loudly resounding advice is this: “Don’t do it!”

The fastest way to lose a friend is to lend him money. Asking your friend to pay you back too soon makes you a cheapskate (and loanshark) and asking too late risks your friend forgetting about the loan entirely. There is also the possibility that your so-called-friend never intended to pay you back.

Either way, it won’t end well. There is even an idiom to summarize this occurrence, “Lend your money and lose your friend”.

 

ulcan Post talked to David Sin, founder of DVG Web Sdn. Bhd. and the brains behind Frenloan, an app that will help you not lose your friend-in-need, even though the thing your friend needs is money. According to its FAQ section, Frenloan is a mobile app created to certify a loan to both lender and borrower.

Lend Your Money, Lose Your Friend?

“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 answered to the question of what prompted him to develop Frenloan.

“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.

 

David continued, “Right now, a handshake is all that is given by the borrower. In the event, he decides not to return the money, there is very little recourse to get the money back. Usually it’s the relationship that is the only guarantor to friendly loans.”

“So what if we could help generate a digital pdf that has all the details of the friendly loan for both parties to have? This would certainly help friends in real need of money get help from their friends. Friends would be less reluctant to lend since there will be some sort of written understanding between him and his friend.”

 

“For now, I’m working with VLT labs to experiment on this idea. On development, I’m outsourcing the development work to a close associate. Hopefully with traction, I can bring in more talents,” he shared. So far it seems that the Frenloan app has gotten a good start, being awarded a grant by MaGIC and built by the ALPS programme which is run by VLT labs.

There are only three people directly involved in Frenloan as of the time of this article. David has high expectations about the app, though he admitted that they are still trying to sort out any teething problems with it. “Right now, we’re starting with basic features like tracking, reminding and generating a digital PDF on the loan. Down the road, we’re hoping to have printable PDF copies.”

He hopes that the app can enable people with financial problems to get help from their close friends and family without getting themselves with serious debt issues and losing the loved ones in the process.

How You Get Your Money Back

The process of getting a loan is simple with the app. All you need to do is 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 in order to ensure that you don’t go back on your word and pay your friend the money (or vice versa).

The request comes with a Loan Certification, using Frenloan to certify the loan so both parties will have a digital version with the borrower and lender, total amount due and date to be paid in full by. When the date arrives, the tracking feature will alert the borrower so that they honor their word and cough up the cash.

 

 

Frenloan is currently a free app. We would like to remind our readers that there is no way for Frenloan to help with disputes between parties since it’s a computer generated service. As is with everything that has to do with money, thread carefully.

Personally, I think this is a great idea for small cash amounts. In Malaysia it is a common scene for large groups to split the bill while dining together. This app could play a large role in keeping track of who owes who how much. However, when it comes to numbers with a few more zeroes at the back, it’s best to not go down that route.

Edited January 6, 2015 by LoverofCar

[Hydrocarbon]

Lend money, lose friend AND money...

 

Then again, if you lost that "friend", maybe that "friend" was never a true friend in the first place....

 

I have a few friends whom I will help, the rest, I'm pretty sure they can find someone else..

[Old-driver]

Wonder if the app takes a commission for loans recovered

[Mustank]

somebody should come up with an app for:

 

Want to buy/sell house

want to buy/sell hp

want to buy/sell piak piak

want to buy/sell niche

want to buy/sell car

[Duckduck]

somebody should come up with an app for:

 

Want to buy/sell house

want to buy/sell hp

want to buy/sell piak piak

want to buy/sell niche

want to buy/sell car

 

shld make an app to track crazy ex-GFs who are nearby so u can siam fast fast

 

or some may wanna siam their wife... kidding

Edited January 6, 2015 by Duckduck

[Kangadrool]

555 booklet can liao. Nong Nong time can oreadi.

Edited January 6, 2015 by Kangadrool

[Watwheels]

Aiya, who needs an app for this?

 

Just announce on facebook that you have declared bankrupt and want to borrow money. Confirm+chop no friend will come & bother you. The housefly see you also siam fast & far.

 

 

[Volvobrick]

Anyone who needs this apps will need me as a friend so he can use the apps....

[Vhtfhwlego]

During a court hearing, we prepared several ATM cards, cheque book and also huge amount of cash while my friend's wife (now ex) did nothing.

 

My wife commented, water is thicker than blood.

Edited January 6, 2015 by Vhtfhwlego

[Icedbs]

I don't find this app useful.

 

In short, it basically generate a pdf that look like a loan agreement. Then it has a date that the borrower is suppose to pay back.

 

The app then give a warning to the borrower when the date arrives.

 

My question is : SO WHAT?

 

I mean the borrower can just ignore the app warning and throw away that pdf. Then move on as usual.

 

It is not like the app will lock up his phone and render his phone useless if he didn't pay up by a certain date. Or keep splashing his screen with paint art so as to annoy him no end

Edited January 6, 2015 by Icedbs