Zirtue app seeks to make lending and banking more inclusive

Zirtue is the world’s first relationship-based lending app with a mission to drive financial inclusion and simplify lending between family and friends.

DALLAS — We’ve all read the headlines, and more often than not, you’re told not to lend money to your family members.

Financial experts say this could lead to financial problems for you or even damage the relationship.

But, let’s face it, everyone needs a financial lifeline from time to time.

For this reason, financial expert Dennis Cail wanted to find a solution to the problem. Thus, he co-founded Zirtue.

It is a free and safe option to lend funds between friends and family members with no interest.

He also wanted to increase the likelihood that lenders would receive their money.

“Zirtue is the world’s first relationship-based loan app that formalizes and simplifies loans between families, and we automate the repayment process,” Cail said. “We are also giving borrowers the option to pay their creditors directly, using these borrowed funds.”

It is also an application born out of necessity. For years, the Navy veteran said he watched how lenders with high interest rates and payday loan storefronts flooded his quarters, so he wanted to change that by making sure the app Zirtue promotes financial inclusion.

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“That’s when it hit me then – that all of these predatory lenders are targeting every demographic that I’ve been in, which is minorities, low income and military veterans. “Cail said. “Zirtue is about financial inclusion and financial responsibility, so we’ve put some guardrails around what people can and can’t do on the app.”

For example, if you are borrowing money for the first time, you can only borrow up to $1,000 and you can only have three loans outstanding at a time.

“You have to pay them back before you can get any money, so there are a lot of different safeguards that we put around the app to make sure people don’t send in 20, 30 loan applications and don’t not exceed.”

Even as the co-founder of the Zirtue app, Dennis always encouraged people not to lend money to family and friends.

He knows it sounds counter-intuitive with this app, but he said the truth is, we already do.

He shared some of his data with the WFAA and, according to figures from the Federal Reserve Bank, Americans lend and borrow more than $200 billion from each other each year.

Cail said the goal of his app isn’t to convince you to get a loan, but if you do, why not do it in a meaningful and responsible way?

You can read more about Zirtue here.