Online Payday Loans

Truth in Payday Lending

Virgin Money

Category: Links — Friday, November 2, 2007

Virgin Money (previously CircleLending) is a peer-to-peer (P2P) lending site that helps facilitate loans between friends and families.

Since banks are cut out of the loop, borrowers end up paying much less interest on the loan. Also, since an experienced lender is involved, everyone can avoid the many pitfalls of borrowing money from family and friends…

From their website:

With money from family and friends, you can pick your own interest rate and loan terms to fit your situation. Rather than giving interest to a bank, you can keep it in the family – often adding up to thousands of dollars of savings.

The good people at Virgin Money have managed more than $200 million in loans. So there are few better suited to help you do these loans properly. They know how to manage these loans in a smart manner so you can stay close to your loved ones. They also help you get tax savings that would be silly to pass up.

Reader Opinions (Updated 2008/01/18)

For personal loans, upfront fees range from $99 to $299 and administrative fees can be as high as $9 per payment. Some of our readers felt that this was a lot of money considering that friends/family must bear the financial risk (not to mention the risk to relationships when lending to loved ones).

Another reader felt that there was one way in which this service could be useful: as an expensive way to boost your credit rating:

Even if you have a low FICO score, friends and family may be willing to help you out with a loan. Virgin Money reports to the major credit bureaus so if you process your loan through them and pay it off on schedule, it should improve your credit rating (of course, you should check that with your financial consultant). Again, that’s if you can stomache the expensive fees and risks to family finances/relationships.

We thank you all for your kind input!

Virgin Money (External Link)
(http://www.virginmoneyus.com/)

If you can’t find what you are looking for on the Virgin Money site, you can also try another peer-to-peer (P2P) lending site: the Lending Club (we found the Lending Club website more informative and easier to navigate) or explore other payday loan alternatives.

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