NEW YORK, Dec. 16, 2021 /PRNewswire-PRWeb/ -- Aimed at formalizing loans between friends and family, Namma launched the final release of its intrafamily loan digital contract tracking software and celebrated a milestone of $2.3 million of loan transactions on December 16.
"As many as 88 million Americans turn to people they know for loans every year. In many ways, borrowing money from your family or friends is easier than the traditional option, but it's certainly more awkward. We're excited to launch Namma and create a more transparent, clear, and less taboo lending process, 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 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.
Namma Starter auto-generates a free, downloadable, custom loan agreement based on mutually agreed-on terms and timelines. It requests an electronic signature from both the borrower and lender. Once users execute the loan, they each receive monthly reminders for recurring payments seven days before the payment due dates. Additionally, borrowers and lenders can enroll in Namma Easy, to automate loan payments according to scheduled dates. Namma will initiate bank-to-bank transfers for a nominal fee.
Founded in 2020, Namma was conceived after Sonal tried getting a loan from the bank to purchase a new home when going through a difficult personal milestone. 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. Inspired by the complexities of requesting money from the bank, Sonal sought to make the process of asking a family member or friend for a loan less uncomfortable.
With over 21 years of experience leading product and software development teams, Sonal brings a background in executing and building quality user-facing experiences. She has worked at Boston Consulting Group, Jet.com, Goldman Sachs, and Motorola. Sonal received a master's degree in information technology from Carnegie Mellon University.
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. The beta version of Namma launched in Jan. 2021 with customer feedback and new feature requests for future releases. An alpha version of Namma was released in Aug. 2020 and yielded significant feedback from user testing, leading them to add more content and clarity to the website.
Namma is named for Ur-Nammu, founder of the Sumerian Third Dynasty of Ur, in southern Mesopotamia, ruling from 2112 B.C. to 2094 B.C. Ur-Nammu is best known for his legal code, the Code of Ur-Nammu, the oldest known surviving law code in the world. Namma is derived directly from Ur-Nammu's name to remind consumers of the history of contractual agreements and his work in state-building and community.
Namma leverages existing technology through partnerships with Dwolla, a financial technology company providing account-to-account payment solutions, and HelloSign, a Dropbox company simplifying electronic signatures. Namma Easy utilizes Dwolla to manage users' bank information and initiate transfers. HelloSign is used to perform legally binding e-signatures on the loan agreements.
For each bank-to-bank transfer with Namma Easy, the lender and the borrower receive a fee of $1.99 for payment amounts below $500 or $3.99 for amounts above $500. Namma Easy requires both borrowers and lenders to enroll in the service 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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