Flendr, a social lending platform that launched a couple weeks ago, wants to make it easier to borrow money from friends and family. A bit of a hybrid peer to peer lending platform – where you know the “peers”, Flendr sees opportunity in the estimated £12.2 billion worth of loans given by friends and family. The London based company says this market is 6x payday loans. Now these are not donations. Flendr sees lots of mini-loans from acquaintances as a better approach than paying interest to a bank. Of course you can choose not to charge an interest rate.
Daniel Green, CEO of Flendr, says many people have a bad experience borrowing money. He wants to fix all of this.
Watch the video below.