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(Pocket-lint) - Facebook isn't done copying competing, popular services, apparently.

Mere days after it completed its assault on Snapchat by launching Facebook Stories, the social network has launched another new feature that aims to make GoFundMe and other charitable-giving services obsolete. This new feature is called Personal Fundraisers, and it essentially gives Facebook users a way to fundraise for nonprofits or just raise money for themselves. Here's what you need to know.

What are Facebook Personal Fundraisers?

Facebook said its Personal Fundraisers tool allows people to "raise money for themselves, a friend, or someone or something not on Facebook". In other words, Facebook is letting users raise money on behalf of themselves and others, so that they can help cover the cost of medical bills, tuition, crises, or whatever. At launch, the tool covers six specific categories for "critical financial needs":

Education (such as tuition, books, or classroom supplies), Medical (such as medical procedures, treatments, or injuries), Pet Medical (such as veterinary procedures, treatments, or injuries), Crisis Relief (such as public crises ,or natural disasters), Personal Emergency (such as a house fire, theft, or car accident), and Funeral and Loss (such as burial expenses).

How do you use Personal Fundraisers?

Facebook's Personal Fundraisers feature is almost an exact copy of GoFundMe, which has become a go-to crowdfunding site when raising money for personal causes or charities. Only now, your profile is attached to the fundraiser, which helps with reach as well as legitimising your cause.

Start a fundraiser

  • To create a fundraiser for a nonprofit, click Fundraisers in the left menu of your news feed.
  • Click + Create Fundraiser, then select Nonprofit, and search for a nonprofit.
  • Choose a cover photo, then fill in the fundraiser details, and click Create.
  • To create a personal fundraiser for yourself or a friend, click Fundraisers in the left menu of your news feed.
  • Select a category, then add a cover photo, and fill in details about your fundraiser. Click Create when done.
  • Facebook has a 24-hour fundraiser review process for security purposes.

Set up payments

  • If you're the fundraiser creator, set up your bank account to receive payments.
  • Click Fundraisers in the left column of news feed, and then click Created in the left column
  • Click the fundraiser you'd like to set up payments for, and then click More below your fundraiser title.
  • Click Setup payments and fill in your payment details.
  • Facebook supports American Express, Discover, Mastercard, and Visa.

Invite people

  • To invite people to join your fundraiser, click Invite and select Choose Friends from your fundraiser.
  • Select the friends you'd like to invite, and then click Send Invites. You can only invite Facebook friends.

Are there any fees?

Yes, Personal Fundraisers will have a 6.9 per cent + $.30 fee. Facebook said this fee will go to payment processing, fundraiser vetting, security, and fraud protection - it's not trying to make a profit off the feature. GoFundMe takes 7.9 percent + $0.30 per donation in the US.

When are payments issued?

Payments are issued on Wednesdays. Facebook said donations will be held for "a minimum of 7 days or a maximum of 13 days, depending on when the donation is made", and that it may take your bank a few additional business days to deposit payments into your account.

When can you use Personal Fundraisers?

Personal Fundraisers will launch as a beta in late March or early April.

Where are Personal Fundraisers available?

Personal Fundraisers are available in the US for people 18 years or older. We expect the feature to get a wider rollout one day.

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Want to know more?

Check out Facebook's blog post and help hub for more tips and tricks.

Writing by Elyse Betters.