NEW YORK, December 16, 2021 / PRNewswire-PRWeb / – Aiming to formalize loans between friends and family, Namma launched the final version of its digital intra-family loan contract tracking software and celebrated a milestone in $ 2.3 million loan transactions on December 16.
“Up to 88 million Americans turn to people they know for loans every year. In many ways, borrowing money from family or friends is easier than the traditional option, but it’s definitely more inconvenient. We’re excited to launch Namma and create a lending process that’s more transparent, clear, and less taboo, so you can responsibly lend a helping hand, ”said Sonal Bagga, CEO and founder of Namma.
Namma makes it easy for family and friends to generate personalized loan agreement templates, receive monthly repayment email reminders, and trigger automated bank transfers to fund things like buying a car. , buying a house or starting a business.
Namma Starter automatically generates a personalized, free and downloadable loan agreement based on mutually agreed terms and deadlines. It requires an electronic signature from both the borrower and the lender. After users complete the loan, they each receive monthly reminders for recurring payments seven days before payment due dates. Plus, borrowers and lenders can sign up for Namma Easy, to automate loan payments on scheduled dates. Namma will initiate bank-to-bank transfers for a small fee.
Founded in 2020, Namma was conceived after Sonal tried to get a loan from the bank to buy a new home as she went through a difficult personal stage. Applying for a loan from the bank can be an incredibly long and complicated process, requiring applications to determine a person’s creditworthiness and loan costs. Inspired by the complexity of asking the bank for money, Sonal sought to make the process of applying for a loan to a family member or friend less uncomfortable.
With over 21 years of experience leading product and software development teams, Sonal brings experience in executing and creating quality user experiences. She has worked for Boston Consulting Group, Jet.com, Goldman Sachs and Motorola. Sonal obtained a master’s degree in information technology from Carnegie Mellon University.
After extensive testing and user feedback, Namma entered its final version on December 16, 2021, and reached a milestone of $ 2.3 million in loan contracts by its clients with their friends and family. Namma beta released in Jan 2021 with customer feedback and requests for new features for future versions. An alpha version of Namma was released in August 2020 and generated significant feedback on user testing, leading them to add more content and clarity to the website.
Namma owes its name to Ur-Nammu, founder of the Third Sumerian Dynasty of Ur, in southern Mesopotamia, in power since 2112 BC to 2094 BC Ur-Nammu is best known for its legal code, the Ur-Nammu Code, the oldest known law code in the world. Namma is directly derived from the name Ur-Nammu to remind consumers of the history of contractual agreements and her work in state and community building.
Namma leverages existing technology through partnerships with Dwolla, a financial technology company providing account-to-account payment solutions, and HelloSign, a Dropbox company that simplifies electronic signatures. Namma Easy uses Dwolla to manage users’ banking information and initiate transfers. HelloSign is used to perform legally binding electronic signatures on loan agreements.
For each bank-to-bank transfer with Namma Easy, the lender and the borrower receive a commission of $ 1.99 for the payment amounts below $ 500 Where $ 3.99 for higher amounts $ 500. Namma Easy requires borrowers and lenders to register for the service after loan execution.
To generate a family loan agreement with Namma, borrowers and lenders can visit https://namma.co/get-started.
Namma is a pioneer in lending and borrowing from family and friends, providing a platform to formalize simple and straightforward personal loan agreements between individuals between your known network. With simple features like personalized contracts, personalized terms and deadlines, tracking loan progress, and initiating electronic bank transfers, Namma avoids the discomfort of asking for financial favors from friends and family. family. Namma’s vision is to “make borrowing from your network easy and a viable option by formalizing the process and providing benefits such as credit scores, global transactions and money transfers.” For more information, visit namma.co or follow Namma on Facebook, LinkedIn and YouTube.
Sonal Bagga, Namma, 1 601-533-8259, [email protected]