LendAmi is a person-to-person online platform that allows family and friends to transact loans safely and securely by:

 

• Setting terms and conditions that are agreed upon by the lender and borrower. 
• Providing an easy and convenient way of tracking and monitoring the loan until it is completed.
• Sending timely notifications and reminders about loan updates and payments.
• Offering a legal form of documenting the transaction via LendAmi’s Loan Agreement template.
• Summarizing all your loans in the LendAmi dashboard–you can easily manage all your loans and transactions.

No. LendAmi is not a lender and does not loan money to users of the LendAmi platform. Loans are funded by the users themselves in the form of person-to-person loans with friends and family members. LendAmi is simply a platform that allows people to transact in a safe, secure, and responsible manner.

Lenders have several ways of funding your loan:

 

1. Using the LendAmi platform via LendAmi wallet (preferred method)

LendAmi wallet  features:

 

• Exclusive for  LendAmi loan fund transactions only.
  You can better monitor loan funds and transfers since all LendAmi wallet transactions are recorded in the LendAmi app.
• Automatic processing of loan fund transactions.
  You never have to worry about missing a payment with LendAmi’s wallet automatic fund transfers. If you’re a borrower, automatic payments to the lender will show your sincere intent to pay back on time.
• Sending of notifications for received funds and reminders for fund replenishments.
  If you’re a lender, you can avoid awkward conversations about asking for payments from borrowers; let LendAmi remind them for you.
• Records all loan fund transactions.
  Have all your transactions in one place so you avoid having to check other accounts to reconcile your loan.  

 

For loans funded via LendAmi wallet, once the loan is approved by both the borrower and lender, the wallet transaction occurs. It usually takes 1-2 business days for the loan funds to arrive in the borrower’s LendAmi wallet. 

2) Providing it directly to you in cash or via bank transfer by the Lender

For loans funded outside the LendAmi platform, it is up to the lender to indicate how and when you will receive the funds. The loan terms will officially start and interest will begin to accrue depending on the date indicated and agreed in the platform by both parties.

LendAmi does not charge any interest on the loan, only a fixed service fee for every wallet transaction (see FAQ on service fees). The LendAmi platform does allow lenders to charge interest. When submitting a loan request or offer, LendAmi provides guidelines to help you choose an interest rate that you’re comfortable with.

If the lender wants to add interest to the loan, the LendAmi app uses a monthly add-on rate. This is a rate charged on the principal amount owed, the result of which is added to every payment installment.

 

For example, a loan amounting to Php50,000 with a 1.2% monthly add-on rate that will be paid back monthly for 1 year will have a monthly add-on amount of Php 50,000 x 1.2%, which is Php 600. Php 50,000 divided by 12 monthly installments for 1 year is Php 4,166.67. The Php 600 monthly add on amount will be added to this, which will make the total payable amount per installment Php 4,166.67 + Php 600, which equals Php 4,766.67.

If you want to see how it works, try out our loan calculator here.

Yes, the interest rate is up to the lender and borrower. They can agree on the interest rate or choose not to include interest in their agreement.

Follow these steps to start borrowing and lending with family and friends:
(1) The first step is to create a LendAmi account. You will be asked for basic personal information, a valid ID, and a password. To create an account:

 

1. 1. Go to https://app.lendami.com.ph/
   2. Click the Sign up button
   3. Fill up the details
   4. Click the submit button
   5. Log in to your LendAmi dashboard at  https://app.lendami.com.ph/
   6. Click on Profile
   7. Click the Create Wallet button
   8. Fill out the details
   9. Check your email for the 6-digit verification code
   10. Enter the 6-digit verification code
   11. Click the submit button

 

(2) Next, in order to ensure the security of all transactions, you will be asked to verify your account information by providing additional personal information. Account verification can take 1-3 business days.To verify your account information:

1. 1. Log in to your LendAmi dashboard at  https://app.lendami.com.ph/
   2. Click on Profile
   3. Under Identity Verification, click the submit button
   4. Fill out the necessary details
   5. Click the submit button
   6. Check your email for the 6-digit verification code
   7. Enter the 6-digit verification code
   8. Click the submit button

 

You are now ready to either offer a loan to someone who needs extra funds, or send a loan request and borrow money from a family member or friend.

The minimum loan amount required is Php 1,000 and the maximum loan amount allowed is Php 250,000.

The minimum payback amount is Php 1,000 per payment installment.

Much like an ATM, LendAmi charges a nominal service fee for each wallet transfer transaction. This is added to each loan payment transfer. The fees depend on the volume of the transaction and are as follows:

 

Transactions between Php 1,000 and 5,000: Php 12 

Transactions between Php 5,001 and 20,000: Php 17 

Transactions between Php 20,001 and 50,000: Php 25 

Transactions between Php 50,001 and 100,000: Php 75

Transactions between Php 100,001 and 250,000: Php 100

 

In addition, vendors may charge varying fees for their top-up service. See the summary of these fees depending on the vendor. For more information on these fees, contact Bux at [email protected].

No. LendAmi does not directly match borrowers to lenders. Borrowers can invite a family member or friend to the LendAmi platform and send a loan request with terms that fit their paying capacity. Meanwhile, lenders can offer loans to family members and friends with loan terms they are comfortable with through the LendAmi platform. 

 

Borrowers and lenders need to work out their terms beforehand. After, the borrower or lender can create a loan agreement on the LendAmi platform and send it to the other party. It is up to both if they are willing to engage in the loan and use LendAmi to safely document and track their transactions.

A guarantor is someone who agrees to be responsible for someone else’s payment of a loan if the latter, for any reason fails to make the loan payments. If you agree to act as guarantor, this means you are ready to formally help the borrower by being equally responsible for paying off the loan.
Roles of a guarantor:

• Guarantees to help pay the borrower’s debt if the borrower is having challenges with loan payments 
• Verifies the identity of an individual (borrower) requesting a loan

BUx is LendAmi’s trusted, secure partner who processes the money transactions for you.  When adding a new bank account or, from time to time, when loan transfers are being processed, you will receive confirmation emails and SMS messages directly from them.

Lenders have several ways of funding your loan:

 

1. Using the LendAmi platform via LendAmi wallet (preferred method)

LendAmi wallet  features:

• Exclusive for  LendAmi loan fund transactions only.
  You can better monitor loan funds and transfers since all LendAmi wallet transactions are recorded in the LendAmi app.
• Automatic processing of loan fund transactions.
  You never have to worry about missing a payment with LendAmi’s wallet automatic fund transfers. If you’re a borrower, automatic payments to the lender will show your sincere intent to pay back on time.
• Sending of notifications for received funds and reminders for fund replenishments.
  If you’re a lender, you can avoid awkward conversations about asking for payments from borrowers; let LendAmi remind them for you.
• Records all loan fund transactions.
  Have all your transactions in one place so you avoid having to check other accounts to reconcile your loan.   

For loans funded via LendAmi wallet, once the loan is approved by both the borrower and lender, the wallet transaction occurs. It usually takes 1-2 business days for the loan funds to arrive in the borrower’s LendAmi wallet. 

2) Providing it directly to the borrower in cash or via bank transfer by the Lender

For loans funded outside the LendAmi platform, it is up to the lender to indicate how and when you will receive the funds. The loan terms will officially start and interest will begin to accrue depending on the date indicated and agreed in the platform by both parties.

For proceeding with a loan payment, the lender should have enough money in his or her LendAmi wallet by the time that the terms are agreed upon.

Once a loan payment transaction has been initiated it cannot be cancelled.

If the balance in your LendAmi wallet is not enough to transfer the amount of the loan agreed upon, the payment will not be done and the loan will appear as “Pending” in the Dashboard, until the Lender has enough balance to proceed.

The LendAmi platform uses wallet transfers from the borrower to the lender so that loan repayments can stay on track. LendAmi also sends reminders to the borrower when a payment is due so that they can make sure they have the funds available in their LendAmi wallet. .

However, since LendAmi is not the lender, we do not have the legal authority to enforce loan repayment if any issues arise. For record keeping, we recommend that the borrower and the lender print out and sign a copy of the loan agreement that LendAmi provides. This is a formal document that can be used in case of any issues or disputes regarding the loan and payments.

For Lenders, you may also provide flexible payment options for your borrower through the LendAmi app.

 

1. Skip and extend the payment due date. You can skip the upcoming payment due date and add an extra payment due date. For example:

 

Current Payment Due Dates (Weekly)

Friday, November 10, 2023

Friday November 17, 2023

Friday November 24, 2023

 

Skip November 10, 2023 and add New Payment on December 1, 2023; New Payment Due Dates (Weekly)

Friday November 17, 2023

Friday November 24, 2023

Friday December 1, 2023 – New, Extended Payment Date

 

2. Skip and add current payment to the next due date. You can skip the upcoming payment due and add the payment to the next due date. For example:

 

Current Payment Due Dates and Amounts (Weekly)

Friday, November 10, 2023 – Php 4,000

Friday November 17, 2023 – Php 4,000

Friday November 24, 2023 – Php 4,000

 

Skip the November 10, 2023 payment and Add Amount to November 17, 2023; New Payment Due Dates and Amounts (Weekly)

Friday, November 10, 2023 – Php 4,000 Skipped

Friday November 17, 2023 – Php 8,000 First due payment is added here (Php 4,000 + Php 4,000)

Friday November 24, 2023 – Php 4,000

 

3. Forgive the upcoming payment. You can forgive the upcoming payment. For example:

 

Current Payment Due Dates and Amounts (Weekly)

Friday, November 10, 2023 – Php 4,000

Friday November 17, 2023 – Php 4,000

Friday November 24, 2023 – Php 4,000

 

Forgive the November 23, 2023 payment; New Payment Due Dates and Amounts (Weekly)

Friday, November 10, 2023 – Php 4,000 Forgiven 

Friday November 17, 2023 – Php 4,000

Friday November 24, 2023 – Php 4,000

We use your ID to complete the user verification process which is a requirement so you can transact and cash-out your loan. This helps protect you and your transactions. Our verification process uses encryption so no human ever sets eyes on your ID.

To remove your bank or e-wallet from your LendAmi profile, just log into your LendAmi account and go to the Profile page.  From there, click on Wallet and then Cash Out where you can add or remove your bank or e-wallet. Once your bank account or e-wallet is removed, you will not be able to cash out until you add a new one. 

You may refer to the BUx list of over-the-counter merchants for the other existing payment channels and merchants here. 

If you have a pending loan payment due or if you are due to accept a loan payment, we will send you reminders via email and SMS until you top up your LendAmi account. Any loans you have that are still outstanding will remain active until the payments are made and the loan is completed. 

Sometimes, changes are made to your online bank account requiring you to securely re-verify your bank account information in your LendAmi profile.  Common reasons for this are:

 

• You recently changed your bank account login credentials
• You recently activated MFA (multi-factor authentication) for your bank account
• Your bank has updated their login authentication flow

 

To re-validate your bank account, complete these steps:

 

1 – Login to your LendAmi account at https://app.lendami.com/login 

2 – Click on Profile from the top menu

3 – In the Wallet Details section, re-add your bank account to re-validate your account

• Passport
• PRC ID
• Driver License
• SSS
• UMID
• GSIS
• Digitized Postal ID
• ACR, Alien Certificate of Registration

No. LendAmi does not provide any credit check services nor gets involved in any of the terms between people. It is 100% up to the borrower and lender to mutually agree on terms.

No. LendAmi never actually has access to your money at any time in the bank transaction process. Our bank transaction processor, BUx, moves the funds between borrower and lender directly. 

For account security purposes, contact us so that we may process this accordingly. Email us at [email protected].

Users can cancel their account with LendAmi any time. To cancel, please just reach out to our support team at [email protected].

No. While using LendAmi you have been dealing with a peer in a lending transaction. The terms of that transaction depend only on both parties, and LendAmi only helps to handle it in a more efficient way. Please settle any remaining loans with the lender before canceling your account.

Ensuring the security of your bank information and e-wallet information is a paramount concern at LendAmi. We’ve implemented a robust and multi-layered security framework to safeguard your sensitive data throughout your interaction with our platform.

 

Trusted Technology Partners: LendAmi collaborates with established industry-leading technology partners who specialize in securing financial transactions. These partners play a crucial role in verifying each user’s bank account and e-wallet account and overseeing all banking transactions.

 

BUx Verification: BUx, one of our trusted partners, is dedicated to validating your bank account and e-wallets, ensuring that you, as the account holder, have rightful ownership. This additional layer of verification enhances the overall security of your financial assets.

 

Secure Transactions: BUx is also the platform through which all banking transactions are conducted. Their expertise in financial security further guarantees the safe and efficient processing of your financial activities.

Your money’s security in your LendAmi wallet is our utmost priority. We’ve implemented a comprehensive security infrastructure to ensure the safety and protection of your funds.

 

Trusted Technology Partners: LendAmi collaborates with established industry-leading technology partners who specialize in securing financial transactions. These partners play a crucial role in verifying each user’s bank account and e-wallet account and overseeing all banking transactions.

 

BUx Verification: BUx, one of our trusted partners, is dedicated to validating your bank account and e-wallets, ensuring that you, as the account holder, have rightful ownership. This additional layer of verification enhances the overall security of your financial assets.

 

Secure Transactions: BUx is also the platform through which all banking transactions are conducted. Their expertise in financial security further guarantees the safe and efficient processing of your financial activities.

Yes, we store personal data as it is needed to transact but your data is secure and protected. LendAmi integrates resilient data encryption protocols comprehensively across the application, assuring the non-persistence of your personal information and bank account and e-wallet particulars within the system. Our security measures are technologically advanced and resolute.

 

For a thorough exploration of our data protection strategies, we encourage you to read our meticulously detailed Terms of Use and Privacy Policy. These documents provide an in-depth overview of our intricate security framework, underscoring our unwavering dedication to preserving the confidentiality and integrity of your data.