People have borrowed money from one another for thousands of years. Sometime that agreement was marked in writing or a simple handshake; my word is my bond. There was a limited need for banks and borrowing. Neighbors and family lent each other capital and resources with the expectation of a return on their investment.
ZimpleMoney is a digitized loan accounting, payment, and management system designed for consumers and businesses to manage a loan or contract between two private parties.
Why ZimpleMoney
ZimpleMoney digitized private lending and loan accounting, provides online payment features and is a shared workspace for lender and borrower. Parties approve contracts online; the system sends reminders and alerts prompting payments. Borrowers make online payments by initiating electronic instructions that Zimple sends to their bank. The ZimpleMoney system records the payments and applies the proper principal and interest to the client’s loan ledgers. Once funds are cleared, the system uses the lender/payee’s instructions and deposits the collected payment to a designated bank account.
Increase your loans and lines to your clients with warehouse lines of credit: Sales Contracts and Dealer Financing
Do you have clients providing sales contract or dealer financing? With ZimpleMoney, you have access to an online tracking tool to measure and evaluate portfolio quality, performance, and for client audits.
Large Depositors
Help your most important clients keep track of intra-family and family business lending.
Mortgage Loans / Seller Financing
Close more real estate transactions and mortgage loans by suggesting seller financing as an alternative to your client missing an investment opportunity. A short-term seller note makes you the hero. Offering to take out the note at the end of the loan term builds client loyalty and provides the opportunity to grow deposits.
SBA Loans / Seller Financing
An SBA loan and a buyer’s cash may not be enough to sell a client’s business. Providing your customer to ZimpleMoney seller financing software application keeps the cash at your bank and improves the bank/client relationship. Once the business achieves the sales and profit levels to borrower from the bank or C/U, you are in a position to see the past performance and make the loan.