Track Loans Safely and Securely with LendAmi
Personal loans transacted between family and friends amount to millions each year. Sadly, many of these personal loans end up in bad outcomes. The original loan is paid back only partially or not all, resulting in hurt feelings, loss of trust and ruined relationships.
LendAmi aims to help fix this and promote responsibility and transparency when engaging in loans with family and friends. LendAmi helps people transact loans in a manner that builds trust and results in good outcomes for both, the borrower and lender.
Avoid Risky Verbal Loans
Sometimes a fist bump is not enough. When things go astray, you will not have anything to look back on.
Clearly document your loan – the amount, interest, and payment terms. LendAmi’s easy-to-use online dashboard automatically updates your loan’s amortization table so that both parties can track the loan progress real time, from start to end.
You can also track and pay back pre-existing loans. Transfer any verbal agreement to LendAmi and convert it to a tracked loan, complete with LendAmi’s automatic notification updates.
Documenting a loan will give the lender peace of mind and confidence, as well as show a borrower’s sincerity to pay the loan back.
Skip The Awkwardness with Automatic Payments and Reminders
With LendAmi, both the borrower and lender get automatic reminders about upcoming loan payments. LendAmi also has a built-in automatic payment feature using the LendAmi wallet. These features help prevent any awkwardness or unpleasantness between you and your family or friends due to late or non-payment.
Adjust Loan Payments and Keep Them Documented
When transacting loans in LendAmi, both parties agree to a payment frequency – from weekly, bi-weekly, monthly, or even yearly or lump sum payback schedules.
However, life happens and sometimes borrowers need to adjust their payments. When this happens, LendAmi offers the lender the flexibility to skip a payment and add it to the next one, skip a payment and extend the loan, forgive a payment, or even forgive the loan in its entirety.
All these adjustments can be done in LendAmi allowing flexibility while still ensuring all your loan updates and transactions are documented.
Download the Free Loan Agreement
When you create a loan in LendAmi, you will automatically have a free loan agreement in the app. Borrowers and lenders can download, print, and sign the loan agreement so safeguard the details and terms of the loan.
Transacting loans with family and friends can be tricky, especially if these loans are only made verbally. If you want to continue these transactions with more transparency and responsibility, try out LendAmi.