Virgin Money Review

Review Summary: Borrowers and Lenders already in agreement about lending money?  Virgin Money is the place to neatly dot the i‘s and cross the t‘s. They provide everything you need to draft promissory notes, calculate payment schedules and even service the loans.
Pro: Slick Web site with very polished tools for putting a well-documented loan in place at a fraction of the cost a lawyer or escrow service may charge.
Con: You won’t find people looking for someone to lend to or borrow from you here.
Rating: (4 out of 5 star)

Learn More About Virgin Money Now

UPDATE: 11/24/2010 – It appears that Virgin Money has shut down their US operations. Read this post for alternatives: The Demise of Virgin Money US

Quick Stats:

Best social lending community for : Borrowers and lenders that have already teamed up and want a third party to document and service their loan. Great for friends and family that are lending to each other.
Loan size : Any Amount – Determined by Borrowers and Lenders
Loan duration : Any Time – Determined by Borrowers and Lenders
Interest rates : Any Amount – Determined by Borrowers and Lenders, though site provides some guidance.
Fees : Start at $99 for a simple personal loan. Go as high as $2,299 for a full service mortgage closing with escrow.


Virgin Money is a fantastic product for borrowers and lenders that have already decided to execute a loan. “For a fixed fee that is far less than most lawyers or escrow services will charge, you get everything you need to document and process your loan.” Virgin Money offers a nice range of options along the do-it-yourself to full-service spectrum and can go beyond personal loans to handle business loans, mortgages and student loans.

Friends and family members lending to each other can save themselves a lot of future discomfort by formally setting up their loan arrangement via Virgin Money.  The site also provides an impressive array of free guides, calculators and proposal templates that are a great resource for any lending arrangement.


Unlike many other social lending sites, you won’t find borrowers or lenders here.  Virgin Money is mostly an execution tool for loans that have already been agreed to.

For larger and more complex lending agreements, Virgin could be a lower-cost option than retaining attorneys, but the Company does not provide customized legal or tax advice which some arrangements could substantially benefit from.

  • Peter Renton

    Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.