Lama Banking, powered by Lama AI, is a new entrant into the business lending space. The company doesn’t provide its own loans but connects borrowers to the largest network of bank lenders. All you need to do is fill out one application, and the company does the rest.
It provides access to a variety of business lending options including term loans, lines of credit, equipment financing, and more. The company has straightforward eligibility requirements and takes your security and privacy seriously.
Borrowers in California, Vermont, North Dakota, and South Dakota are unable to use its services.
Lama streamlines the process of applying for a business loan as you only need to fill out a single application to connect with multiple banks. In contrast, traditional methods require filling out an individual application for each lender, often in person. This is time-consuming and takes a lot more effort.
The wide loan amount range also means that Lama is suitable both for businesses with moderate needs and those that need to borrow millions.
Lama Banking’s bank partners offer several types of loans, including business term loans, lines of credit, equipment financing, and inventory financing.
Click “Get Started” on the website to begin the process. The first part of the form asks you for personal information like your name, email, and phone number. Next, you need to choose a requested loan amount and detail how you plan on using the funds. After that, you’ll have to provide information about your business.
You’re able to search for your business to automatically populate the information or you can manually enter details like the legal name, address, phone number, business start date, website, industry, tax ID, and more.
The next step is to describe your business, list the revenue and net income over the past few years, and choose your relation to the business (sole owner, one of various owners, etc…). Finally, you need to provide more personal information like your address, credit score, date of birth, and social security number.
Once your application is complete and submitted, the company will review it and send you quotes and offers from different banks. Overall, the application is clear and shouldn’t take more than a few minutes to complete.
You can borrow a minimum of $100,000 up to a maximum of $5 million. The main eligibility requirements for borrowing through Lama Banking include:
Repayment terms of your business loan vary depending on the bank/lender you accept an offer from. Most lenders provide a variety of loan lengths and terms, including 5 years, 10 years, 20 years, and longer.
The APR and interest rate of your loan depend on factors like your business cash flow, your credit, the type of business you have, your debt-to-income ratio, and other existing loans or credit that your business has. In general, Lama Banking offers bank-rates and lower repayment terms than other digital lenders in the market.
Lama Banking takes various measures to protect the security of its website and ensure unauthorized access is prevented as best as possible. Customer personal information is hosted on third-party servers that use strict physical and logical security standards, too.
All data that is transferred is encrypted, and access to personal information is only given to authorized personnel who need it to do their jobs.
The company provides email support at email@example.com.
Lama Banking is a great way to fill out a single business loan application and connect to a large network of financial institutions. The application is completed online, and several loan types are available. You can borrow up to $5 million, so both large and small businesses can benefit from Lama.
Lama AI, 437 Madison Ave, New York, NY, 10022