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Lama Banking Review

Lama Banking
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Bestmoney Staff
Aug. 16, 2023
3 min read
BestMoney Staff
Lama Banking Summary
Lama Banking makes it easy to connect with a variety of bank lenders without having to send dozens of applications. A single application is sent to several reputable banks and financial institutions to help you get the funding your business needs. Filling out an online application to receive quotes is quick and easy, and the rates are as little as 10% APR. You can borrow as little as $100,000 and as much as $5 million.

Pros

  • Straightforward and clear online application
  • Offers variety of business loan products
  • Bank rates
  • Borrow up to $5 million

Cons

  • Not available nationwide (not available in CA, ND, SD, or VT)
  • Minimum loan of $100K

Lama Banking at a glance

8.8
Editorial score

Online experience

Good online resources, but no mobile app
8.0

Customer services and support

Limited ways of reaching lender
6.0

Variety of loan types

Offers all loan types
10.0

Loan amount range

Loan amount $500K+
10.0

Eligibility

Loans available to most credit types, revenue levels, and businesses
10.0

Lama Banking Lama Banking Visit Lama Banking

Overview 

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.

Why Lama Banking Is Good for Your Business

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.

Loan Features

Lama Banking’s bank partners offer several types of loans, including business term loans, lines of credit, equipment financing, and inventory financing.

  • Business term loans: Receive a lump sum from a lender to pay for purchases, make investments, and more. It’s generally paid back at fixed intervals over multiple years.
  • Lines of credit: Borrow money when you need it up to a predetermined limit.
  • Equipment financing: Borrow an amount specifically to pay for business equipment like machinery, tools, vehicles, and more.
  • Inventory financing: Get funds that will be used to purchase inventory that your business can sell in the future.

Application Process

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.

How Much Can You Borrow?

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:

  • Being a US-based business
  • Having a credit score of at least 660

Repayment Terms

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.

How Safe Is It? 

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.

Help and Support

The company provides email support at contactus@lamabanking.com.

Summary

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.

Physical Address

Lama AI, 437 Madison Ave, New York, NY, 10022

Lama Banking Lama Banking Visit Lama Banking

Methodology

This review was created with information from the Lama Banking website and its privacy policy.

BestMoney Staff
Written by
Bestmoney Staff
Our editorial staff consists of writers who are knowledgeable about financial services. We specialize in simplifying the process of choosing the right provider for your needs.
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