If you find yourself loaning money to friends and then forgetting when, where and how much you have outstanding. A neat little application has been developed called PayMeBack which has been designed to take the pain out of remembering.

The iOS PayMeBack application also enables you store the location of when you lent cash making it easier to remember why the cash was needed, and also split large bills amongst a number of people such as housemates when those dread bills arrive. Watch the video demo after the jump to see if it can help you.

The application also includes a reminder system that allows you to gentle nudge your friends into payback by allowing you to send reminders directly from within the application. PayMeBack is now available to download from the iTunes App Store for $0.99

PayMeBack iPhone app from Rick Waalders on Vimeo.

Source: Lifehacker : PayMeBack