Family loans

I heard an ad for this on the radio http://www.virginmoneyus.com/.  It is a site/service that helps you make loans with family and friends.  They act as the middle man of the transaction.  The idea is to keep relations between the loaner and borrower on good terms by handing over the loan management to someone else.  I think this is a great idea.  The only thing I did not like in my quick review was the fee involved.  It looks like a personal loan has a $99 fee to setup the loan repayment plan.  I understand that they need to make some money somehow but I think it would be better if the fees were spread out over time and/or incorporated into the payment schedule.

2 Comments

Laura LeaDecember 22nd, 2008 at 3:36 pm

Did you put this up here because you want to borrow money from one of us? ;)

mliliusDecember 22nd, 2008 at 8:22 pm

No. I just know this could have been useful in the past. I just think the idea is cool.

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