NEW YORK, Dec. 16, 2021 /PRNewswire-PRWeb/ -- Namma is excited to announce the launch of Namma Easy, a service that not only automates loan payments between friends and family but also preserves relationships.
Namma Easy initiates automatic bank-to-bank transfers of funds between borrowers and lenders on scheduled dates, allowing users to see an accurate payment record of their loan. Namma Easy provides a platform for borrowers to show intent and prevents lenders from reminding borrowers to make payments. Like a person would pay back a bank, Namma Easy helps users pay back a loan according to a payment schedule.
"If you've ever lent your friend or family member money and then had to ask for it back later, you know how awkward that exchange can be. Namma Easy records when and where money exchanges hands and helps you remain true to your loan agreement," said Sonal Bagga, CEO, and Founder of Namma.
Through a partnership with Dwolla, a financial technology company providing account-to-account payment solutions, Namma Easy uses its existing technology to leverage users' bank information and initiate transfers.
ACH transfers up to $10,000 with Namma Easy are initiated on funding and repayment dates. For each transfer, the lender and the borrower receive a fee of $1.99 for amounts below $500 or $3.99 for amounts above $500. Namma Easy requires both borrowers and lenders to enroll in the service at any time after loan execution.
To generate a family loan agreement with Namma, borrowers, and lenders can visit https://namma.co/get-started.
About Namma
Namma is a pioneer in family and friends lending and borrowing, providing a platform to formalize simple, direct peer-to-peer personal loan arrangements between your known network. Through simple features like personalized contracts, custom terms and timelines, loan progress tracking, and initiating electronic bank transfers, Namma takes the discomfort out of asking friends and family for financial favors. The vision of Namma is "to make borrowing from your network easy and a viable option by formalizing the process and providing benefits such as credit ratings, global transactions, and money transfers." For more information, visit namma.co or follow Namma on Facebook, LinkedIn, and YouTube.
Media Contact
Sonal Bagga, Namma, 1 601-533-8259, [email protected]
SOURCE Namma
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