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Namma's vision is to make lending and borrowing between family and friends easy and less awkward. By providing with the tools to formalize, legalize and track these monetary exchanges, borrowing can happen more frequently and everyone can feel more supported throughout the process.
Namma intends to be a documentation and management service resource to make your family and friends transaction easier and more protected. Namma does not intend to be your lender, broker, lawyer, legal advisor or your bank.
We have some tax related information on our Learn Page for you to educate yourself.
Yes, but only till the recipient finishes signing. After that, no edits are allowed. If you now want to make changes, you will have to create a new request.
Yes, regardless of whether they are your lender or borrower, they can change the terms. They will sign once they are comfortable with the terms.
Only when you first send it to them after filling up all the loan terms and preferences.
The loan agreement is NOT visible to the initiator when they send the request to the other party, since the recipient still hasn't had the opportunity to the change the terms. Both the initiator and recipient can view the loan agreement upon signing. The fully pre-filled loan agreement is displayed to both so that they can sign after reading.
ABSOLUTELY YES! We understand that we are not always here as lenders to make money, but just to help. You can specify 0% interest on the loan terms, your monthly payments will just be divided up over the duration of your payback.
You can. Just set up your loan terms to make just 1 payment back and adjust the interest rate to arrive at that amount.
Namma auto-fills the lender state and country in the loan agreement since the agreement protects the lender. See our loan agreement templates' default clause that shows Governing Law
Once your loan is executed (signed by both parties), you will be able to view the pdf from the loan executed page. You can choose to download from the browser window or print as pdf.
We have currently narrowed down to 7 currencies since those are what most of our users are using. If you want another currency added to the drop-down list, please reach out to us.
Discuss out the terms with your lender off-line before you send the request. They can always negotiate terms with you on Namma, but if they have decided not to loan you the money, they can reject the loan request. In that case, we recommend trying another lender or recreate a new loan request with the same lender.
On the day of your repayment, in the morning between the hours of 8:00 a.m. - 10:00 a.m. EST, you will receive a notification that your payment is due. At this point, you as a borrower or lender can come in to report the payment.
We are not expecting you to change the funding amount, but just use reporting as a tool to mention if the funding got done and how.
We accumulate monthly interest as of the repayment date - not on a day by day basis. So, by reporting it as part of the earlier repayment date you are forgoing interest (as a lender) for that period. E.g. If your repayment dates are 5th Jan and 5th Feb and an additional payment was made on 20th Jan, reporting it on the 5th Jan payment will add it as additional principal for the 5th Jan payment and reduce your remaining balance for the 5th Feb payment. This may not be what you want. We therefore recommend reporting this as part of the next repayment date - e.g. in above case 5th Feb.
View our detailed blog page on amortization that will show you the nuances of how we calculate your monthly payment, principal and interest per payment, etc.
No, we do not. Our loan management works only for the schedule built from terms specified on Namma explicitly. If you add anything in the verbatim clause we cannot account for that.
Any payment that is in the past, at first shows ‘unverified’. This is because we are not sure whether it happened. We now expect you to report on it and we will mark if it was reported made or not. Both borrower and lender can report these. View our Product pages (for both borrower and lender)to see how you can report on if payments were made
Each time you make a report on the payment, an email is sent to both the borrower and lender specifying that a report was made. You can report a payment as 0, if a payment was not made. This will send them an email.
Mark that payment as 0. Any payments made after that date, can then be reported in the next month's payment. This way you will earn interest on the payment.
Yes, you can mark a loan as ended and mark it as forgiven. In that case, you won't be able to make reports for it anymore. This feature is only available if you are subscribed to the reporting service.
View our loan agreement. You will see that it has a provision for the default clause which means your lender can take legal action against you.
Verification emails are only sent to users with login/password signup, not to our google oauth users. Our emails are sent from namma.co. Please search through all folders of your inbox for them. Except for rare cases that the email is wrong or the mailbox bounced our emails, they usually get delivered quite quickly. Sometimes the email may land in your spam folder. In this case please mark as non-spam for communication going forward.
They should be using the same email address to create a Namma account that the request was sent to. Your requests are tied to your account via your email. Emails don't need to match in terms of case, but do need to match otherwise in terms of full characters specified on the email. E.g. john.doe@gmail.com does not match johndoe@gmail.com. A user's profile shows their email address on their ‘My Profile’ section.
We always send both the parties emails with their email addresses visible in the To: field of the email. So, you should be able to see the other party on the same email as you.
Here are the guidelines on what can be changed in what state:
Initiator address/info: Only by initiator, before they send the request over to the recipient.
Loan terms: Can be edited by initiator before they send the request over or by recipient before they sign the document.
Recipient address/info: Only by the recipient before they finish signing the document.
Email support@namma.co for support issues OR for any ideas/feature requests you may have. We love to hear from our customers on what we could do better to help manage your loans with each other.
