FYGO Announces Public Launch of Beta Product

December 11, 2006 (PRLEAP.COM) Business News
New online financial collaboration network makes it easier to borrow, lend, gift or repay and brings humanity and fairness back to finance.

Phoenix, AZ – December 11, 2006 - FYGO, the leading provider of online financial collaboration networks, today announced the public release of its beta product. FYGO gives people the ability to leverage their own personal networks to borrow, lend, gift or repay.

At its core, FYGO enables groups to access and automate the lending process between friends and family. A secure website allows for an open exchange for people to easily lend or borrow initially $100-$2,000 and establish their own interest rate, duration and payback terms. At FYGO, users can create lending groups that can be accessed when the need arises.

"Everyone runs into short-term financial crunches at one time or another," said David Farias, founder and CEO of FYGO. "Until now, the options were limited to payday loans and credit cards that charge oppressive interest rates. FYGO provides a much fairer alternative by simply leveraging the relationships people already have and to develop new ones.”

The process is designed specifically to be user-friendly, while at the same time employing best-in-class security and privacy measures. Those wishing to borrow or lend must go through an authorization process, including bank account verification and credit verification. The key to FYGO’s process is the building of a personal network, which can be a group of friends, colleagues or family. Individuals build their network by inviting others to join. It is only within a network that one can make transactions.

“For borrowers, FYGO offers a new option to better manage your finances and a good way to increase financing options,” noted Farias. “And for lenders, it’s a great opportunity to help someone out in a more structured way than an I.O.U. This takes the emotion and awkwardness out of it, not to mention you can earn a fair return.” Oh, and if borrowers do not pay lenders can extend terms, forgive the loan or send to collections.
In addition to its person-to-person lending service, FYGO will offer the ability to manage funds through its “Virtual Treasurer” service. This can be used for dues management (i.e. alumni groups, football leagues, community events) or for personal purposes (i.e. event-planning, group travel).

FYGO's platform is patent pending.

About FYGO
FYGO is the leading provider of Trusted Financial Collaboration Networks, enabling consumers to conveniently lend, borrow, gift, repay and conduct financial transactions online with people they know and trust. The company provides online services that allow people to create or join networks with people in their personal and professional lives. FYGO is based in Phoenix, AZ.
FYGO Press Contact:
Robert Wallace – rw@fygo.com