An estimated $288 Billion in person-to-person loans is transacted each year in the U.S., much of that through verbal agreements. Of those loans, almost 50% are only partially paid back or not at all resulting in hurt feelings, damaged relationships and unwillingness to loan again. Helping to solve this problem, LendAmi has introduced an easy online person-to-person platform that allows people to loan money to each other in a safe, secure and responsible manner. Using LendAmi’s secure platform, borrowers and lenders negotiate terms, set up automatic bank ACH transfers and track the life of the loan.
Affirming LendAmi’s mission to drive good outcomes between borrower and lender, co-founder Kerry Baldwin stated, “Many of us have experienced relationship-based loans that have turned sour. By providing an easy way for people to transact personal loans between family and friends in a transparent manner, we can help drive good outcomes for both borrower and lender in a safe, secure and responsible environment. We’ve even built in the ability for people to document and pay back pre-existing loans that have gone off track.”
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Leveraging teams in Miami and Jacksonville, Florida, the LendAmi platform is designed to allow users to transact loans with people they know. Borrowers and lenders mutually agree upon the loan amount, interest rate and repayment schedule and connect their banks for easy transfer of loan funds and repayments using ACH. Interest rate guardrails help keep users within local usury guidelines as well as help prevent gift tax consequences. Industry-leading FinTech partners help ensure the security of bank transfers.
“We believe we have come into the market at just the right time. With increases in unemployment and under-employment due to COVID-19, LendAmi allows people to help others manage loans to their loved ones for urgent needs such as rent, utility bills, credit card debt, medical expenses, business continuity and other unforeseen expenditures,” said co-founder Vikas Rijsinghani. “At the end of the day, that is our true mission. We facilitate people helping each other safely, securely and responsibly.”