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Zirtue Contact Information and FAQ

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Frequently Asked Questions

GENERAL

Does Zirtue Give Out Loans/Payday advances?

Zirtue itself does not lend out money. Zirtue is a platform that enables peer-to-peer borrowing and lending.

Why do I need Zirtue?

Zirtue allows anyone to pay their bills fast by automating the lending process between friends and family. No credit checks, just download the app, connect your contacts and simply manage everything from our secure mobile experience.

How does Zirtue make money?

Zirtue makes money with its enterprise partnerships and via interchange fees. Zirtue does not charge users a service fee. Zirtue does not pocket the 5% interest rate.

Does Zirtue guarantee the repayment of a loan I make?

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 both the lender and the borrower throughout the loan period.

Does using Zirtue affect my credit score?

No. Zirtue is not affiliated with credit bureaus at all. All loans made on the Zirtue mobile application platform are personal loans based on trusted relationships and are strictly between the lender and borrower.

I have a lender willing to help me out. What do they need to know about Zirtue?

Zirtue provides the lender with peace of mind by:

  1. Sending loan notifications to the borrower,
  2. Securly automating repayments from the borrower,
  3. A user-friendly design that makes loan management simple and easy,
  4. Direct bill-pay to the billing company making use of funds fast and transparent.

LOAN PAYMENTS

Is the Lender’s payment going directly to the billing company?

Yes! If the borrower enters their billing account information correctly, then the lender’s funds will be directly paid to the billing company instead of the borrower’s bank account.

Payback periods

Zirtue allows payback periods from 3 to 36 months. The loans can be paid monthly or all at once. For monthly loans, Zirtue will automatically begin withdrawals for repayment 30 days after the lender approves and funds the loan request.

Does Zirtue automate payments?

Yes. Payments are automatically deducted from the borrower's account according to the loan schedule.

In the event that there are insufficient funds in the borrower’s account, Zirtue will retry the payment three times. Each payment attempt will be complemented with notifications to borrowers. If three attempts are unsuccessful, Zirtue will begin copying the lender on notifications.

What are the minimum and maximum loan amounts?

Loans cannot exceed $1,000

How many loans can I have at one time?

There are no limits on the number of loans that a user can have.

Can loans be forgiven?

Zirtue does allow the Lender to forgive loans. This request and decision are to be determined and agreed upon by the Lender and Borrower.

Can I cancel my payment?

Loan payments cannot be canceled. We recommend contacting support and your bank for any payment disputes or problems.

Where can I find details about my transaction history?

Your transaction history will be reflected on your monthly account statements sent by Zirtue via email.

FUNDING SOURCES & FEES

What funding sources can I use?

At this time, Zirtue only allows Debit Card and ACH bank transfers

In the near future, we will be allowing transfers via the Zirtue bank account and Credit Card transfers.

What fees and interest am I responsible for while using Zirtue?

Why is there a 5% interest rate?

By charging a 5% interest rate, the Lender (your friend or family member) can avoid filing a gift tax return on the amount loaned.

The 5% interest rate (APR) is not adjustable at this time and Zirtue does not make money on the interest rate.

Do I need to report my loans as income to the IRS?

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 ask your tax professional.

CONTACTS

Can I lend and borrow money with anyone?

Yes! Zirtue is a relationship-based mobile lending application that allows users to lend and borrow money with known or existing relationships 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.

Can I use Zirtue to request a loan from multiple contacts?

No.

Zirtue is not a crowdfunding platform. All loans on the Zirtue application are private, one-to-one loans between two known users that have been verified. Subject to change, users can currently have multiple loans with none exceeding $1,000 individually.

To find out more about Zirtue, please visit  Zirtue’s Help Center.