WebMoney has launched a microloan service for friends on Facebook and VKontakte.

More than six months ago, the VKontakte social network launched the WebMoney app—a special version of WM Keeper that allows users to use their e-wallet without leaving the social network. And in the new year, a similar app was made generally available on Facebook. And just recently, the functionality of the VKontakte and Facebook apps was expanded with a new product: the "Vzaimopomoshchi" microloan service.

Now users of both networks can borrow and lend to their friends. A mandatory requirement for using the Mutual Aid Fund is friend status. Credit lines can be opened between friends within the social network. Furthermore, the Mutual Aid Fund features a rating system, which shows the financial standing of the user offering the loan. The more friends a user has who they allow to borrow, the larger the authorized amount, the loan repayment term, and the balance in their wallet, the higher the rating.

Identification in the app is initially accomplished through social media—the user enters their login and password. Then, if they wish to further secure their transactions, they can receive a personalized payment password sent via SMS to their mobile phone. This payment password is used to log in to various actions within the WebMoney app on social media, including microloan transactions.

Social media's security features impose their own financial limitations: the maximum amount stored in a wallet and the daily transaction limit are 5,000 WMR (rubles in the WebMoney system). This limit applies to all transfers, service payments, and transactions at the Mutual Aid Fund. There is also a lower limit. The minimum amount that can be borrowed is 5 WMR. Users who open a loan line independently set the maximum amount for each friend, as well as the interest rate or no interest rate.

If a user wants to borrow or lend larger amounts, they can register with WebMoney outside of the social network and use the System's debt service.

"Considering that there are dozens of millions of users registered on Russian social networks, and hundreds of millions registered on global ones, and all of these people, in one way or another, conduct financial transactions, we are confident that the microloan service has enormous potential," said WebMoney Transfer Development Director Petr Darakhvelidze.