This is an interesting concept for sure. FYGO is a site that facilitates lending and borrowing between family members, friends, and whoever else is in your network. You sign up for the site, get others to sign up and add you to their network, and then whenever a financial emergency comes up, you can request loans or lend money to others. To find out more details of what the process involves, go to FYGO right now.
I like this idea because it would definitely be easier to ask for a personal loan through a website than face-to-face. Plus, I could see a group of friends putting a network together and agreeing to help each other out whenever necessary. FYGO would be especially useful if your friends and family live far away because electronic transactions are much easier than waiting for a check or whatever.
However, I checked through the FYGO FAQs and didn’t see how the company can ensure repayment. They simply state that they “take care of the repayment process for you” if you’re a lender or that they “take care of the payment process for you” if you’re a borrower, but no details are given. I’d have to know particulars about what FYGO does before I’d use the site.
Nevertheless, I do think it’s an interesting concept overall. Give it a look!