Facebook users in the U.K. have a new alternative payday cash advance option now that a new app has been launched. The app is called “Agree It”, it is free to both download and to use. The rates are supposed to be cheaper than average paycheck advance lenders and investors will see better returns. It’s a take-off model to the U.K.’s peer-to-peer where strangers lend money through companies that work off commission. A borrower must pass a credit check which disqualifies many potential applicants from getting the money they need.

Borrowers have always had the option to borrow from family and friends. Not everyone uses it though. For some people the option is no longer valid having created tensions from loans gone sour. A business relationship is better for some people who struggle with money management. This new Facebook app will connect borrowers to Facebook lenders. There is no credit check and therefore the lender will not have their financial decision based on credit history. The payoff becomes more of a social obligation rather than a legal one. It could get tricky.

Too many borrowers borrow because their income doesn’t support the demand. The trust factor is huge. Short on cash this week does not always equate to affordable returns next month. This is why so many relationships crumble as soon as money is involved.

What is the app owner going to get out of it? As of now, the app will make money off of advertising. Time will tell if this remains the case.

Why would this new money option thrive in the U.K. where payday lending is so commonly used? Like any money service, it gives borrowers the opportunity to get fast cash. The lenders will be able to make a little bit of money off of the transaction giving them an incentive to sign up. However you look at it, the borrower will still have to pay the money back in order for each party to be successful. There is more at stake with a trusting loan between friends and family, app or no app.

There are many people who are excited about this new venture. It will save borrowers lots of money to use this app over payday cash advance online lenders costs. How long can loans based on trust last? It had the many payday loan lenders smirking quizzically. Only time will tell.

In the meantime, the payday loan cash lenders of the U.K. won’t worry about loss of customers. Too many people want nothing to do with borrowing from friends and family. It airs their dirty laundry. Debt still provokes shame and no one likes to do that publicly or in the midst of those close to them. To put it out there on Facebook will only bring that much more concern as to who will find out or ask questions when apps are “liked” or seen in the page feeds. The app may stay informal and private, but as so many other businesses bloomed from a humble starting position, the longevity of the money option and privacy may end up going to the highest bidder.

Take care in finding the best option for yourself. The best service is and will always be self-sufficiency. Do what you can to make that type of service work for you. It’s free forever.

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Facebook users in the U.K. have a new alternative payday cash advance option now that a new app has been launched. The app is called 'Agree It', it is free to both download and to use. The rates are supposed to be cheaper than average paycheck advance lenders and...