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]
Virgin Money USA