As we move toward the cashless society, more digital wallets will be used for shopping, paying bills, etc. Instead of borrowing cash, borrowing money with the digital wallets will be more frequent. BorrowFlex enables the consumers to borrow and lend money using their mobile computing devices and digital wallets. BorrowFlex enables the borrowers to borrow electronic funds from friends and family when borrowing from the banks is not preferable. There is no need for the borrowers to disclose financial, employment or credit rating information. By incorporating the borrowing and lending processes with the features of the digital wallets, the borrowers may receive the needed money at any time. BorrowFlex provides the borrowers and lenders online tools to manage the loans. BorrowFlex keeps track of the loan activities, notifications, and payment schedule for the borrowers and the lenders to review. This keeps everyone on the same page, avoids misunderstanding and protects friendship.