We are constantly borrowing money from our friends or lending money to them. While some people might do this once every few years, others are doing it every month or even every week.

That said, while the essence of debt relations may be more or less clear, there are no commonly accepted social norms or rules of behaviour in informal credit markets between individuals, which can result in any number of problems and unpleasant situations. Nearly everyone knows someone who likes to say "I don't lend money to friends" or someone other people say you shouldn't lend money to; we sometimes help someone out with a loan only to find out later that they have already borrowed from most of their friends. And when it comes time for a loan to be paid back, we can also sometimes encounter problems that should never happen, e.g., when, on the day the money is due, the borrower simply disappears or ignores our calls. And, worst of all, no one has eliminated the risk of loss or fraud.

When we lack information about the borrower or have had unpleasant experiences in the past, this can increase the time needed to decide whether it is worth lending money at all, and it can also rid us of the desire to help even our friends.

At the same time, while there are already various applications in other spheres of our lives that simplify day-to-day activities and reduce the risks that might arise—from buying a used sofa to ordering a taxi— there is not a comprehensive solution to one very important aspect of our lives: financial relations between individuals.

That is why we came up with the idea of developing the Lendsbay application, which is a lending ecosystem where people can give each other loans, the history of which is stored in a blockchain, and the risk that they will not be repaid is assessed through social and bank scoring.

Our solution makes it possible to borrow money very quickly and easily—concluding an agreement in accordance with the laws of a particular country if necessary—to look for investors or borrowers from your own social circles or just to keep track of your debts, while also making it possible to have your accumulated positive credit history in Lendsbay taken into account when obtaining future loans: in case you move to another country or apply for a bank loan.