Common (and Uncommon) Loan Uses

Private loans are used for a wide variety of purposes. The most common personal loan types between relatives, friends, and other private parties are for:

Debt consolidation to reduce high interest rates on credit cards or other debt.

Vehicle purchase to purchase or refinance an automobile, motorcycle, boat, or other vehicle.

Education loans to pay for tuition, living expenses, books, and other education related expenses.

Medical expenses for high co-payments, deductibles, or unforeseen expenses beyond insurance coverage.

Household items to buy furniture, appliances, computers, or related items.

Living costs to keep up with the cost of living during a difficult period such as divorce or unemployment

Our customers introduce us to new loan uses on a daily basis. Some of the more unique ones we've managed include:

• Refinancing of a funeral home debt
• Financing of a Harley Davidson for restoration and resale
• Repaying a relative for a Mississippi Riverboat Cruise
• Borrowing for a dream wedding
• Financing for several graduate students by a benefactor of the school.

Virgin Money also manages private loans for:

Small businesses to cover legal set-up costs, to buy equipment or inventory, or similar business related expenses and investments.

Real estate for new purchases, refinancing, renovations, or other home-related costs.

Visit the small business or real estate sections of our website for information specific to these types of loans.