Find here some of our favorite bits and pieces from the press in 2008.
US News
Tips for When Relatives Ask for Loans
"For a fee, peer-to-peer lending sites such as Virgin Money allow friends and family to formalize the loans they make to each other. By establishing a repayment schedule and enabling automatic payments, family members don't have to worry about nagging each other over late payments. Virgin Money has experienced a 35 percent increase in loan volume over the past six months."
Read more
November 20, 2008
Copyright ©2008, U.S. News & World Report, L.P.
BusinessWeek
How to protect your cash when making a family loan
"If the borrower wants the loan reported to a credit agency in order to build a credit history, consider using a service like Virgin Money. The company, a unit of the Virgin Group, facilitates loans between family and friends either online, via phone or through a financial planner."
Read more
November 19, 2008
Copyright ©2000-2008, by The McGraw-Hill Companies Inc.
Fortune
5 alternatives to borrowing from banks
"Virgin Money manages $350 million in personal loans between friends and family. The social lending site uses the web to manage loans and says interest rates are low - an average 6% - because lenders have a personal connection to borrowers."
Read more
November 18, 2008
Copyright ©2008, Cable News Network. A Time Warner Company
AARP
When Parents' Money is Your Problem
"Loans to relatives can exact an emotional price—unpaid debts strain relationships, to put it mildly. One way to remove the emotion: hire a service to manage the loan and set up automatic payments. This kind of peer-to-peer lending that circumvents banks is a growing phenomenon, spurred by the Web. Boston-based Virgin Money (800-805-2472) helps individuals make personal, business, and mortgage loans."
Read more
November and December 2008
Copyright ©1995-2008, AARP
Newsweek
Take a Loan From the Bank of Granddad
"For retirees living off their investments, the falling stock market isn't the only bad news. The already low payouts offered by bonds and CDs may also fall as the economy slows. Meanwhile, many of those retirees' kids are struggling to qualify for a mortgage due to the credit crunch. But to Virgin Money, those two trend lines are creating opportunity."
Read more
October 27, 2008
Copyright ©2008 Newsweek, Inc.
Dow Jones Newswire
GETTING PERSONAL: Small Cos Seek Credit Where They Can Find It
"Given the current environment, Sonneland doesn't want to waste time filling out loan applications and putting in all that a bank loan would require. Going to people who already know him works well. "In terms of the return on my time, it makes more sense to pursue private lending," said Sonneland."
October 17, 2008
Copyright ©2008 Dow Jones Newswire
Washington Post
From the Ground Up
"He said making the loan through Virgin Money took the awkwardness out of lending to a family member. Rather than paying him back directly, his sister writes a monthly check to Virgin Money, which then wires the money to Evan. 'It added an air of legitimacy to it,' said Evan, a 29-year-old software engineer. 'It's better if she's not writing the check directly to me, to pay back her brother, even though she is.'"
Read more
August 24, 2008
Copyright ©1996-2008 The Washington Post Company
Investment News
Advisors see opportunity in private loans, mortgages.
"The non-traditional lending trend has gained some momentum, thanks to firms like Virgin Money USA, a Waltham, Mass.-based unit of Virgin Group PLC., the London-based conglomerate headed by billionaire Richard Branson. "
Read more
August 4, 2008
Copyright ©2008 Crain Communications
American Banker
Why Virgin made a Move in Wholesale
"Virgin Money USA, the Waltham, Mass. unit that bought the assets of Lendia LLC last week, said it sees the purchase as a way to broaden distribution of the peer-to-peer loans it arranges, in addition to getting a foothold in actual lending."
June 25, 2008
Copyright ©2008 American Banker and SourceMedia, Inc.
Realty Times
Investor Report: Virgin Money USA and Takeback Financing
"Investors in challenging markets increasingly are turning to one of the "golden oldies" in the real estate problem-solving toolbox -- custom-crafted seller "takeback" financing. And in the last few months, they've gotten a whole new source of help from a globetrotting British entrepreneur"
Read more or Watch Video
February 29, 2008
Copyright ©2008 Realty Times
The Street
How to Finance College Without Banks
"Virgin Money (a unit of Richard Branson's Virgin Group) has long offered services to document and service private loan agreements and repayments, such as intrafamily mortgages. Now, they're applying the same technology to student loans."
Read More
June 1, 2008
Copyright ©1996-2008 TheStreet.com, Inc.
Fox Business
Peer to Peer Lending
Listen to Asheesh Advani, Virgin Money President and CEO, discuss how Virgin money manages loans between family and friends.
Audio clip
May 6, 2008
Copyright ©2008 FOX News Network, LLC.
Men's Health
Break the Friends Rule: Angel Investing
"If your friend is hatching a new business and hits you up for seed money, save your relationship and make it strictly business with Virgin Money. This service acts as a financial middleman that will write up a legal contract, create a loan schedule, and even collect the debt should things go sour."
Read more.
April 28, 2008
Copyright © 2008 Rodale Inc.
South Florida Sun-Sentinel
"To be sure, peer-to-peer lending isn't for everyone. For those who don't want to go to the Web, the more traditional borrowing from family and friends also seems to be on the rise. Virgin Money is a Waltham, Mass., company purchased last year by Sir Richard Branson that does the job of setting up formal loan documents and processing for loans between family members or friends."
Read more.
April 13, 2008
Copyright © 2008, South Florida Sun-Sentinel
Wall Street Journal
Hitting Up Your Parents
"Another possible option is to arrange your loan through VirginMoneyUS.com, a company that formalizes loans between friends and family. Virgin Money provides helpful tools like loan documentation, billing and payment processing (including direct deposit of your payments), credit reporting and loan restructuring services."
March 16, 2008
Copyright © 2008 Dow Jones & Company, Inc.
Wall Street Journal
Where Either a Borrower or a Lender Can Be
"Person-to person lending is a small but fast-growing corner of the Web economy new sites are jumping in, including Virgin Money USA, majority-owned by Sir Richard Branson’s Virgin Group PLC."
March 12, 2008
Copyright © 2008 Dow Jones & Company, Inc.
Forbes.com
Banking 2.0: New Capital Connections For Entrepreneurs
"Richard Branson's new venture, Virgin Money USA, which was formerly Circle Lending, facilitates the transfer of money between friends and family. Friends and family members negotiate rates, but Virgin Money sets up payment schedules and legal documents and charges fees accordingly."
Read More.
February 11, 2008
Copyright © 2008 Forbes.com LLC™
Registered Rep
"Enter Virgin Money USA (www.virginmoneyus.com), a company that offers an unusual service: It helps manage and draft intra-family loans... Virgin Money welcomes referrals from financial advisors with open arms, providing not only a slew of cheeky guides available for download at the company’s websites, but also a 15-percent discount on all setup fees for people who are sent there by people like you."
Read more.
February 1, 2008
Copyright © 2007 Penton Media, Inc.
Market Watch
"And look for a company which can do all the paperwork for you, collect the payments and pay the taxes and insurance. That's the right way to lend family members money. One such company with which I am familiar is Circle Lending, which was recently bought by Virgin USA, Richard Branson's North American Investment Group, and is now called Virgin Money."
January 18, 2008
Copyright © 2008 MarketWatch, Inc.
NPR
"Color of Money: The Risks of Online Lending" Audioclip
"Right. This is basically formalizing what lots of us have already done privately - lending to relatives, to friends or co-workers. The twist is that you do it on the Internet. And there is two type of models. There is people who lend to strangers - people they don't know. And then one model by Virgin Money USA where you only lend to people you know - relatives, friends, and perhaps co-workers."
Listen now.
January 15, 2008
Copyright © 2008 NPR
The Wall Street Journal
"In the U.S., meanwhile, Virgin Money is charting a new path in ‘micro-finance,’ acting as a middleman to formalize lending relationships between friends or family. Mr. Branson's aunt once helped him with a second mortgage on a recording studio. The rate was slightly cheaper than he could have gotten from a bank and slightly more than she could have gotten by leaving the money on deposit. He paid off the loan in three years and everyone was happy."
January 5, 2008
Copyright © 2008 Dow Jones & Company, Inc.
WBUR.org
"That’s one reason people are turning to person-to-person online lending sites, loans between family members, friends and complete strangers - no banks involved - and often no guarantee that a loan will be repaid. So why are they so popular?"
Listen to audioclip. Visit archive page.
January 2, 2008
Copyright © 2008 Trustees of Boston University and WBUR
