“Agree It” is a new Facebook app that enables borrowing and lending between friends and family on the social network.

A new app connected to Facebook, uses the social network to connect people in need of money, with those willing to loan out some of their own.

The Agree It app allows peer-to-peer lending for payday loans (short term loans) that sidesteps all the paperwork and complications of traditional short term loans. Friends can put out on the network how much money they need to borrow, and then receive offers from friends (each of whom determine their own interest rates).

Omar Fansa, founder of the app, said:

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