Virgin Money USA Helps Americans Lend To Family & Friends

VirginMoneyUSA, which launches today, is a lending service designed to manage personal loans between friends and family, by taking care of documentation, repayment schedules, and reminders. At first glance, the service sounds like an intrusive middle-man; however, anyone who’s ever been on either side of a personal loan knows how delicate the situation can be, so we can understand the appeal of putting some distance between the personal relationship and the fiscal one.

The company is a rebranded, relaunched version of CircleLending, a Massachusetts-based company that has been offering a similar service for six years.

“CircleLending to become Virgin Money USA” [BusinessWeek]
“Virgin opens U.S. arm managing loans between friends” [Reuters]

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Virgin Money USA

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  1. speedwell (propagandist and secular snarkist) says:

    My dad is in the hospital and may pass away any day. We’re not the dissolving-in-despair type in my family, but Dad left everything he had (not much) to one of my brothers–the one who has a prescription drug abuse problem and isn’t mentally capable of making the funeral and burial plans. My other brother handled everything when Mom died and can deal with it with one hand tied behind his back, but the inheriting brother is paranoid that he will have control over the money taken away from him. I’m not willing to get between them. Maybe something like this is what we need to preserve accountability.

  2. Beerad says:

    Is this really any different than prosper.com, beyond being focused on friends and family?

  3. satoru says:

    This used to be called circlelending.com until Branson bought them out. He’s in Boston right now doing some promotion for the company. Virgin Money in other countries operates more like a bank so maybe this is the only way to get the foot in the door in America?

  4. IRSistherootofallevil says:

    Why the hell is the citizenship of the company that important? It seems like foreign companies are creating more jobs here than the domestic companies, let them operate here. It’s good for the economy, and competition never hurt anyone.

  5. anatak says:

    an entire website enabling what’s sure to be a terrible experience

  6. synergy says:

    Never lend money to relatives. Sooner or later it’s going to require small claims court or something with at least one relative. This only gives you paperwork. Don’t do it!

  7. mcjake says:

    Sounds a lot like prosper.com.