Namma Launches New Digital Contract Tracking Tool for Personal Loans
Summary
Namma makes it easy for family and friends to generate custom loan agreement templates, receive monthly email reminders for payback, and trigger automated bank transfers to fund things like purchasing a car, buying a house, or starting a business. Seeking a loan from the bank can be an incredibly long and complicated process, requiring applications to determine a person’s creditworthiness and lending fees. After thorough testing and user feedback, Namma entered its final release on December 16, 2021, and reached a milestone of $2.3 million in loan contracts by its customers with their friends and family. 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.
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