Frequently Asked Questions
Frequently Asked Questions
LendAmi is person to person online platform that allows people to transact personal loans between their family and friends safely and securely.
No. LendAmi is not a lender and does not loan money to users of the LendAmi platform. Loans are funded by the users themselves in the form of a personal loan to friends and family members. LendAmi is simply a platform that allows people to transact loans in a safe, secure and responsible manner.
No. LendAmi does not get involved in any of the terms between people nor do we provide any credit check services. It is 100% up to the two people to mutually agree on terms.
No. LendAmi does not match borrowers to lenders. Borrowers can create a loan agreement on the LendAmi platform and then send it to the lender of their choice from their own personal contact list. It is up to the lender to determine if they are willing to provide the loan.
Lenders have two ways of funding your loan. They can transfer it to you via bank transfer from their bank to yours or they can provide it to you directly in the form of cash or a check.
For loans funded by bank transfer, once the loan is approved by both borrower and lender, the bank transaction occurs. It is typically 2 – 3 days for the loan funds to arrive in the borrower’s bank account.
For loans funded by cash, check or something else of value, it is up to the lender to indicate when they are going to give you the funds. Depending on the date they indicate, your loan terms will officially start and interest begin to accrue.
LendAmi does not charge any interest on the loan. The LendAmi platform does require that lenders charge interest in order to help our users comply with state and Federal laws and regulations regarding personal loans. When submitting a loan request or offer, LendAmi provides guidelines to help you choose an interest rate which can be as low as 2% in many cases.
In order to help our users comply with state and Federal personal loan laws ad regulations regarding interest rates, the LendAmi platform does require that interest be charged by the lender.
Federal laws require a minimum interest rate in order to ensure that the loan is not deemed eligible for gift taxes. Gift taxes can be way more than the minimum Federal rate of 2% so it’s well worth it to comply!
Each state has its own regulations and usury laws around personal loan interest rates. These are to ensure that predatory lenders do not take advantage of borrowers.
The minimum loan amount required is $50 and the maximum loan amount allowed is $5000.
Much like an ATM, LendAmi charges a low 2.5% fee for each bank transaction between lender and borrower. There are no additional platform or usage fees.
The LendAmi platform uses automatic bank transfers from borrower to lender so that loan repayments can stay on track. LendAmi also sends reminders to the borrower when a payment is due so that they can make sure they have the funds available.
However, since LendAmi is not the lender, we do not have the legal authority to enforce loan repayment if any issues arise. Fore record keeping, we recommend that borrower and lender print out and sign a copy of the loan agreement that LendAmi provides.
Users can cancel their account with LendAmi at any time. To cancel, please just reach out to our Support team.
You can have one bank attached to your LendAmi account. All loans that you are transacting through LendAmi will use that bank account. You can remove and replace your bank account if you wish.
To remove your bank account from your LendAmi profile, just log into your LendAmi account and go to the Profiles page. From there, click on Bank where you can remove your bank. Once your bank account is removed, no further transfers will take place via the LendAmi platform.