We all need a little help every now and then. If you need to borrow money from a friend, LendFriend.me can help you agree to the terms of the loan. Here you’ll enter the amount, set the interest rate and create a payment schedule. All of this information can then be sent to the other party in the agreement, who can then agree and disagree with the terms.

The site’s primary service – creating the terms of a loan – are free. Having the terms of the loan be legally enforceable, however, will cost you: $19.99 for legal documentation and $4.99 each for the digital signatures necessary for the legal documentation to be worth anything in court.

Additionally, if you use PayPal through LendFriend.me to make the money transfer, a 2.9% interest fee, plus a 30 cent charge, will be deducted from the amount of money the recipient receives. You could avoid this charge by using LendFriend.me to arrange the terms of the loan, than transferring the money from directly within PayPal instead of LendFriend.me’s tie-in interface.

For more info watch demo video below:

Features:

• Arrange the terms of a loan with a friend or family member.
• Set amount, interest rate and payment plan.
• Basic version free; legally enforceable version will cost around $30.
• Built-in PayPal button deducts 2.9% + 30 cents from the money the recipient receives.

Check out LendFriend.me @ www.lendfriend.me