The present invention provides an interactive library system having a computer in telecommunication link with at least one user computer and computer of at least one content provider requiring payment for information access. The interactive library system performs the following: Receiving, by the library system computer, user identification and password from the user computer. Comparing, by the library system computer, the received user identification and password with authorized user identifications and corresponding passwords stored in the library system to determine whether to grant access to the interactive library system. If the comparison results in grant of access, then the interactive library system provides one or both of the following: (1) Receiving, by the library system computer, input from the user computer specifying type of information desired by the user. Establishing, by the library system computer, telecommunication link with the content provider computer. Transmitting, by the library system computer, the type of information desired by the user as search request to the content provider computer. Receiving, by the library system computer, result of the search request from the content provider computer. And providing, by the library system computer, the result to the user computer. (2) Setting, by the library system computer, the user's privileges. If the user's privileges correspond to a first preselected level of access, then providing, by the library system computer, access to information in a Deal Room. And if the user's privileges correspond to a second preselected level of access, then providing, by the library system computer, right to modify Deal Room information and/or upload electronic files to the Deal Room.