SoKay Releases SoKay Protocol for Friends and Family Loans

SoKay Releases SoKay Protocol for Friends and Family Loans

SoKay Releases World’s First Protocol for Guiding Money Lending and Borrowing Behavior Between Friends and Family. SoKay Protocol 1.0 is Going Public.

New York, NY, November 22, 2019 –(– SoKay, a start-up company based in New York that is dedicated to providing solutions to the social and financial challenges arising from loaning money between friends and family (“FnF loans”) as well as improving the whole ecosystem that supports such transactions, has introduced the world’s first protocol for conducting FnF loans.

SoKay Protocol is a proposed schema of socially acceptable rules and norms that provide behavioral guidance when one is lending and borrowing money with friends and family. The main purpose of suggesting and putting forward such a Protocol is to install a healthy organic environment where people can use standardized and formalized methods and instruments to protect their interest in risky lending activities without jeopardizing current relationships.

“Borrowing and lending between friends and family has played a huge role in our human society historically. No matter how many financing options are out there, friends and family will forever stay as one of the top options when you need money, especially in emergencies and special situations,” says Robyn Zhou, Founder of SoKay. “However, those loans have a very high probability of resulting in bad and costly situations. That’s why we think we need a protocol like that to make people feel okay to discuss those loans in a more serious way and use instruments to hedge risks just like the commercial ones.”

“We need to change the narrative. It’s a movement,” Robyn Zhou added. “It’s totally right to treat a FnF loan like a regular loan. One will need to pay back on time and face consequences if he doesn’t. People say when they lend money to friends, they either lose a friendship or money or both. It doesn’t have to be that way. With SoKay Protocol and the products we build on this protocol, we want you to have it all.”

The SoKay protocol 1.0 contains the following recommended best practice:
– Lending and borrowing money between friends and family is just like any other loan and should be treated with the same degree of seriousness.
– Lending and borrowing money between friends and family is a contractual obligation, which should be established and secured in a legally enforceable contract.
– Friends and family loans are not free money. It can be free at the lender’s courtesy, but charging a reasonable interest, especially when the amount involved is sizable, is common and recommended.
– Friends and family loans shall utilize the same protective instruments commercial loans employ to manage risks, such as taking collaterals, and setting late penalties and default clauses.
– Friends and family are not banks. Loans made by friends and family are for temporary relief or special situations, such as medical emergencies. For long-term financing, one should seek professional lenders.
– Late repayment is subject to penalties. Intentionally and delinquently avoiding repayment is subject to social and legal consequences. Laws apply to friends and family.

SoKay Protocol 1.0 is open to public participation and subject to modification and upgrade. SoKay also welcomes any feedback and any partner that wants to be part of the Protocol network.

For more information:
For explainer video:

About SoKay
SoKay is a new social innovation that provides solutions to the financial, social and psychological challenges arising from acquaintance and FnF loans, the lending and borrowing activities between friends and family. Through a combination of intuitive and technology-backed methods, SoKay offers human-centric services that aim at different aspects and stages of the lending process.

For more information about the company, please visit:

Published at Fri, 22 Nov 2019 08:00:00 +0000