Responding to consumer demand, LendAmi has expanded its person-to-person loan tracking platform capabilities. Newly added to the offering lineup which already includes setting up, tracking and initiating recurring payments for new loans between two parties who know each other are:
– The ability to set up recurring scheduled payments for a pre-existing loan
– The ability to set up recurring payments for an item being bought and sold between two parties
“Participants in loans between friends and family have made it clear to us, via user feedback and consumer surveys, that the ability to use our recurring payments platform to set up, jointly track and schedule bank transfers in order to pay back pre-existing loans is of value to them,” explained co-founder, Kerry Baldwin. “A recent survey we conducted revealed that 44% of loans transacted between friends or family results in a loan that is not paid back in full or at all. Our mission is to enable better outcomes for the massive undocumented person-to-person lending space by providing a way for people to transact loans in a way that produces better outcomes for borrower and lender.”
Using LendAmi’s secure online platform, the two parties transacting the loan negotiate terms, set up automatic bank ACH transfers and track the life of the loan. “But we also uncovered a need for recurring payments for items that are being bought and sold from one party to another,” added co-founder Vikas Rijsinghani. “Of our survey respondents, 41% indicated a desire to set up recurring payments to pay back an existing undocumented loan but a surprising 29% told us that being able to set up automatic bank transfers on a scheduled basis to pay for something like a used car, watch or piece of furniture was a real need too.”
LendAmi users now have the ability to easily set up recurring payments on an agreed upon payback schedule whether a loan is being funded today or for unpaid loans funded in the past. “We are gaining a clear understanding of the additional needs in the marketplace. When loaning money, people generally do it because they want to be helpful but they also want assurance that they will get paid back. We’re providing a safe and secure way to meet that need,” said Baldwin. “There are billions of dollars in outstanding undocumented person-to-person loans. Our latest platform enhancements will now help borrowers and lenders get back on track with their unpaid loans and minimize the awkward conversations that are the typical result.”
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