5 alternatives to borrowing from banks

Mogul Richard Branson is in the music, airline and phone business, so it wasn't that much of a stretch for the billionaire multitasker to take on the lending industry as well. 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. The company charges a $99 set-up fee for basic loans and $699 for private mortgages.

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