App lets users borrow money from Facebook friends

A new Facebook app has been launched which lets people borrow money from their friends.

Agree It does not charge a fee for the service - but aims to make money through advertising.

The App creators claim the service does not need regulation because no money actually passes through it.

Omar Fansa, founder of Facebook app Agree It, told BBC Radio 5 live's Breakfast: "It's a way for borrowers to find lenders within their own social networks."