Zirtue launches new feature for pre-existing loans between loved ones

By Leandra Monteiro

Zirtue, a relationship-based lending app with a mission to drive financial inclusion, announced the expansion of its product to include Repayment Request for those with an existing loan with a friend or family member that may have put a strain on relationships.

With this new feature, lenders and borrowers can now move pre-existing non-digital loans to Zirtue, and its technology platform will manage the loan, helping to preserve relationships while prioritizing accountability.

Friends and family are among the largest “banks” in the world, loaning $184 billion annually. Zirtue is the modern-day solution for people to lend and borrow funds through relationship-based loans. Zirtue helps provide structure, efficiency, and accountability for existing loans while creating transparency between borrowers and lenders. Loved ones can work together to determine a manageable repayment plan with details such as the reason for the loan, total repayment amount, monthly payment schedule, and the repayment period. Zirtue also gives lenders peace of mind through loan tracking, an autopay feature, and automatic payment reminders for borrowers.

“Especially in today’s economy, more and more people are struggling to keep up and may simply need a financial lifeline to pay their rent, get food on the table, and keep their lights on and homes warm,” said Dennis Cail, CEO and Co-founder of Zirtue. “We know that money and relationships don’t always mix, and it can be uncomfortable asking for financial help or lending money to someone you care about. Right now, it’s more important than ever that they do mix because other borrowing options may be limited or worse, could put borrowers into crippling debt like high-interest credit cards or payday loans. At Zirtue, we’re ensuring that borrowers feel comfortable asking for help and lenders have the transparency and security they need to extend a hand-up instead of a hand-out, all while maintaining their relationships.”

Loaning money to friends and family can damage relationships, but Zirtue makes personal IOUs secure, accountable, and less awkward. More than $40 million in loans for bills and personalized IOUs have been processed on the platform.