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Virgin Money: Manage Your Loans
Between Friends and Family
by Lisa Phillips
March 2008
Between Friends and Family
by Lisa Phillips
March 2008
Virgin Money structures formal loans between friends and family. It is a
person to person lending service that manages the personal loans you
make with people you know. Virgin Money provides documents so that
the loans you make with friends and family will be supported with
professional, formal loan documents.
Getting a Virgin Money Loan
To get a loan, borrowers must find a lender on their own, generally
asking friends, family, investors, or other contacts to loan you money.
After you secure a lender, or lenders, Virgin Money will service your
loan by creating formal loan documents, acting as an intermediary.
Types of Loans Handled by Virgin Money
The types of loans handled by Virgin Money are numerous. They
could be personal or business loans, car loans, real estate loans,
tuition, debt consolidation, vacation or even wedding loans.
Why Use Virgin Money
With person to person lending, a borrower bypasses the banks and
borrows money from individuals, or a group of individuals and can get
more for their money. Often times you can get a better interest rate
when borrowing from friends or family and more flexibility in repayment
terms.
Interest Rates
person to person lending service that manages the personal loans you
make with people you know. Virgin Money provides documents so that
the loans you make with friends and family will be supported with
professional, formal loan documents.
Getting a Virgin Money Loan
To get a loan, borrowers must find a lender on their own, generally
asking friends, family, investors, or other contacts to loan you money.
After you secure a lender, or lenders, Virgin Money will service your
loan by creating formal loan documents, acting as an intermediary.
Types of Loans Handled by Virgin Money
The types of loans handled by Virgin Money are numerous. They
could be personal or business loans, car loans, real estate loans,
tuition, debt consolidation, vacation or even wedding loans.
Why Use Virgin Money
With person to person lending, a borrower bypasses the banks and
borrows money from individuals, or a group of individuals and can get
more for their money. Often times you can get a better interest rate
when borrowing from friends or family and more flexibility in repayment
terms.
Interest Rates
More Social Lending Resources
Prosper
Borrowers and lenders meet to make
consumer lending more financially and
socially rewarding.
Lending Club
Brings together lenders and borrowers to
lend money among themselves at
competitive interest rates.
Zopa Loans
A Social Lending Network
Prosper
Borrowers and lenders meet to make
consumer lending more financially and
socially rewarding.
Lending Club
Brings together lenders and borrowers to
lend money among themselves at
competitive interest rates.
Zopa Loans
A Social Lending Network
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The interest rate is determined by you and your lender. Virgin Money simply uses your agreed
upon interest rate to structure the loan documents.
Repayment Schedule and Terms
You and your lender must determine and agree upon repayment terms and the method of payment.
Virgin Money will handle the payment process and transfer money from your bank when the
payment is due. You have flexibility in repayment terms; however, Virgin Money recommends the
borrower pay back the loan in installments. The installments are primarily monthly, although
quarterly and annual payments may be selected. Repayment schedules can be amortized,
graduated or seasonal. You can also add a deferment period at any point, and make a period
interest-only you just need to let Virgin Money know and they will include it in the loan documents.
Loan Fees and Costs
Virgin Money offers a variety of services and the costs varies depending upon the service you
choose. The services offered as follows:
Credit Reporting
Virgin Money can report loan payments to the alternative credit reporting company, PRBC. Read
more about PRBC. For more information visit: Virginmoney.com
upon interest rate to structure the loan documents.
Repayment Schedule and Terms
You and your lender must determine and agree upon repayment terms and the method of payment.
Virgin Money will handle the payment process and transfer money from your bank when the
payment is due. You have flexibility in repayment terms; however, Virgin Money recommends the
borrower pay back the loan in installments. The installments are primarily monthly, although
quarterly and annual payments may be selected. Repayment schedules can be amortized,
graduated or seasonal. You can also add a deferment period at any point, and make a period
interest-only you just need to let Virgin Money know and they will include it in the loan documents.
Loan Fees and Costs
Virgin Money offers a variety of services and the costs varies depending upon the service you
choose. The services offered as follows:
- Create Loan Documents
- Provide Repayment Schedules
- Draft payments electronically
- Provide title and escrow services
- Advise borrowers and lenders
- Create Loan Proposals
- Handle Liens
Credit Reporting
Virgin Money can report loan payments to the alternative credit reporting company, PRBC. Read
more about PRBC. For more information visit: Virginmoney.com