- Free Options
DCU Friends and Family Lending, Powered by ZimpleMoney
The DCU Friends and Family Lending, powered by ZimpleMoney platform, provides a loan workspace for borrowers and lenders to manage their private, interfamily or business financial agreements. This site is specially designed to help the lender and the borrower manage a larger, more complex loans.
We think it’s the best choice if one or more of these conditions are true:
- The loan amount is $5,000 or more (though you can do smaller ones)
- There is more than one lender on the loan
- You want interest calculated for you
- You want payments to be automatically pulled from the borrower’s account and disbursed to the lenders’ accounts
- You want or need detailed records of the loan along the way
This service can calculate interest to match virtually any type of loan you want to set up. Both the borrower and lenders can pull reports on the loan at their convenience. There are modest fees to manage the loan and process payments. Most of them are automatically discounted if the borrower or lender is a DCU member. You don’t typically see these fees in a credit union or bank loan because the interest you pay covers those costs. Typically the lender and borrower agree up front that the borrower pays the fees since the loan if primarily for the benefit of the borrower.
ZimpleMoney powers this service for DCU. There are support tools on the site and ZimpleMoney typically answers email support questions within one business day.
Before you lend or borrow read:
Lending With a Purpose — 7 Steps to Loaning Money to Friends and Family
Please note: the DCU Friends and Family Lending, powered by ZimpleMoney User Guide is available to download once you register.
ZimpleMoney Loan Worksheet
Managing your loans just got Zimpler. By using the DCU Friends and Family Lending, powered by ZimpleMoney platform, you'll be able to track and manage loans, as well as receive event notices like a payment is due, was sent, or received to your account.
DCU People Pay
Send money to anyone that has an email address. An easy way to move loan payments up to $500 a transaction, but you’ll need to do your own recordkeeping.
Move money from your DCU account to another member’s DCU account. These can be set up in the DCU Mobile Banking app. You will need to do your own loan record keeping.