Step1: Document

Define your terms and generate an e-signed, free, downloadable, and printable PDF with for your records upon loan execution

Customize personalized details like loan duration, interest rate, payment dates with the click of a few buttons.

Send these terms to the person you are borrowing or lending from. You both participate in the definition of terms, whether you are the recipient or initiator of the request.

After you both agree on the terms, these terms will automatically be inserted into our loan agreement template to capture signatures.

Drafted by lawyers to work as a written contract (promissory note) between the borrower and lender, this payback agreement is legally binding and lawyer-approved.

Pricing for this service is free.

Step 2: Manage

Add our management services to keep your loan on track with reminders, schedules, and reporting.

Our optional management services will help with record keeping in case of dispute management.

Payback Reminders

Email reminders are sent to both, the borrower and lender the morning your payback payments are due each month. Both of you are copied on the emails to know that you received them.

Amortized Payment Schedule & Reporting

A payment schedule page is always available to both, the borrower and lender, generated-based on your loan terms. This helps you see what is now due and what principal would be still left after the payments in the future. This payment schedule reflects latest reporting and re-amortizes based on latest payment reported by either of you.

With each payment that is in the past, both, the borrower and lender can make a report if the payment was made. This helps with unbiased bookkeeping & ensuring the other party is informed. This can be used to generate a report in case of disputes. Based on your reported payment, a principal and interest amount is displayed next to each payment that can be used by you for tax reporting accordingly.

Change your loan terms

As a lender you can initiate a change to a loan that is already in progress. This change will create an amendment to your existing loan. Based on your changes, you will have a newly generated schedule and access to your past schedule as well.

Changes can be made to remaining payment amount, interest rate, repayment dates. These changes can be initiated only by the lender and will have to be agreed and e-signed upon by the borrower too. Your previous loan's schedule will be available to view, but not to change anymore.

Changed loans now show up linked to each other on your dashboard.

In summary, the service enables you to:

1. Be reminded of your due payments - on the day of the payment.

2. Post changes to payments made - higher or lower than the agreed amount.

3. Add notes to how payments were made.

4. Keep payments and disputes on record.

5. Change terms in the middle of the loan - service available to lender only.

Note: We do not facilitate money transfers between you two. That is your responsibility outside of Namma.