Frequently Asked Questions
Here are the most common questions and we are always looking to add more as needed. Feel free to Contact Us if you don't see your question below.
Zirtue is a relationship-based lending mobile platform that allows you to securely lend and borrow money with friends and family.
Zirtue is a bank level security lending platform that which simplifies loans between friends and family.
We are obsessed with security and use best practices, tokens and 128 bit or higher encryption throughout the application to ensure we never store your personal information or bank details.
You can always add new bank accounts as alternative or default funding source to send or receive your funds. However, bank accounts that are linked to active loans can only be removed after the loan is paid off.
Once your loan is approved by your friend, family member or trusted relationship, the funds can post the same day or take up to 3 business days.
To protect the integrity of the platform and each of our users, Zirtue is 100% ACH bank transfers. Credit or debit cards are not accepted. Zirtue validates bank funds are available prior to completing the ACH transfer from the bank-to-bank between lenders and borrowers.
Zirtue is not a lender and does not offer or provide any loan guarantees or repayment guarantees. All loans made on the Zirtue mobile application platform are personal loans based on trusted relationships with your friends, family, contacts and trusted relationships.
Zirtue provides a system to automate the repayment process and encourages all borrowers to repay all loans per the agreed payment schedule. Automatic reminders and notifications are sent to all users throughout the loan period.
Zirtue allows users to lend and borrow as little as $20 and as much as $10,000 with payback periods from 1 month to 24 months.
Zirtue charges a one-time flat service fee of 5% of the borrowed amount. No other fees are incurred or charged by Zirtue. A 5% interest rate (APR) amortized over the life of the loan is paid directly to the lender monthly.
Personal loans are not considered income for the Borrower unless the loan is forgiven by the Lender. In other words, you cannot be taxed on loan proceeds unless the Lender grants the Borrower a reprieve on paying back the debt owed. Also known as loan forgiveness.
By charging the Borrower a small interest rate, the Lender can avoid filing a gift tax return on the amount loaned.
For additional information, please your tax professional.
Zirtue is not a crowdfunding platform. All loans on the Zirtue application are private, one-to-one between two known users that have been verified. Subject to change, users can currently have up to five outstanding loans and/or up to $10,000 USD outstanding.
Zirtue is a relationship-based mobile lending application that allows users to lend and borrow money with known or existing relationship and verified contacts in your mobile device. The lender or borrower must be an existing contact in your mobile device and Zirtue will verify their identity before providing access to the platform. This is a baked in security feature to protect the integrity and security of the Zirtue platform for all users.
Zirtue allows lenders to forgive loans and also allow borrowers to request loan forgiveness. These requests and decisions are determined by the lender and borrower.