A new mobile peer-to-peer banking system proposed by Apple would let you borrow money from people nearby when you’re short on cash. Apple has submitted a patent application for an “Ad-Hoc Cash Dispensing Network” designed to bail you out when you’re stranded at a restaurant that doesn’t take debit or credit and there’s no ATM in sight. Users log on and request a cash amount and the other people on this app are notified of your location and your request. Someone who is nearby may accept and come meet you to give you the loan. Borrowers get charged the amount plus a service fee. The lender is credited with the loaned amount and Apple and the lender each get half of the service fee. It’s a simple peer-to-peer program and has potential to succeed in busy areas like downtown, although there are ATMs on every corner. But maybe some will prefer to pay the service fee to Apple and a friendly stranger than to a bank. No timeline has been announced for the app’s launch.

Would you join an ad-hoc cash dispensing network like the one proposed?

[via PSFK]