A loan can be used for debt consolidation, medical expenses, home improvement, and more.

Funds are deposited in your family’s personal Legacy account, and can then be transferred to their personal bank account.

On average, borrowers receive their funds within 5 days of accepting a “gift” from you.

At your discretion, missed payments can be reported to the credit bureaus. This can create an incentive for repayment. At the same time, successful repayment of loans can help your family build credit.

In addition, you can elect to have future gifts placed on hold until and unless repayment is in good standing, or full and complete. In the case of delinquent loans, you can elect to have remaining cash donated to charity after a period of delinquency.

Legacy does not charge origination fees. However Legacy does change an annual rate, which is billed monthly. For illustrative purposes only, if your annual rate is 3%, then a $1,000 loan would accrue an interest fee of 0.25% of the outstanding balance billed after one month, and another 0.25% a month later. In this example, 3% is the annual rate, and if you divide it by 12 months you will get the 0.25% monthly rate. For current Legacy rates, please visit our pricing page.

For illustrative purposes only, assume a three-year $10,000 personal loan has an interest rate of 5%, with 2% being charged by you as the lender, and Legacy charging 3%. There is no origination fee. Your family would receive $10,000 and make 36 scheduled monthly payments of $277.78. A five-year $10,000 personal loan would have an interest rate of 5%, and no origination fee. Your family would receive $10,000 and make 60 scheduled monthly payments of $166.67. For current Legacy rates, please visit our pricing page.