Friends & family loans.

No hassle. No banks.

No worries.

We eliminate the awkward, unnecessary steps that make lending to your friends hard. Sima makes it easy to manage your loans. We save borrowers money, and make more for lenders.

It doesn't have to be so stressful.

Managing a loan with someone you care about used to take time and patience, and be a little scary. Sima makes it a breeze.

  •  Monthly auto-pay to and from your bank account
  •  Easily utilize deferral and interest-only periods
  •  Email updates on payments and offers
  •  Clear offers explaining terms

Get cash from the people who know you best.

  • 💸Link existing debt accounts to your public profile.
  • 👨‍👩‍👧‍👦Invite the people you'd like to borrow from.
  • 📠Negotiate loan terms that work for you.
  • 📱Easily modify terms to prepay or defer as needed.

Invest in your friends and family.

  • 👨‍🎓👩‍💼️View borrower profiles to understand existing borrowing.
  • 💰Offer loan terms that work for you. Interest Only? Interest free? Your call.
  • 🌴🏖️Stay in the loop with easy notifications and payment updates.
Lauren

Another thing I like about @get_sima is that it helps us break down cultural taboos about discussing money, which we desperately need to do, by creating a space for honest discusson of our finances.

Wilson

After using Sima for just 2 months, I was able to refinance my highest rate MBA loans at just 2.5%–which will save me more than $6,000 dollars. I would never have asked for money before. With Sima, I was comfortable asking my friends and family for a refinance that was good for me and them.

Getting into the details
How does pricing work?

Sima is always free for borrowers.

We charge lenders a portion of the interest they earn on loans. This fee increases with higher interest rates. If you charge a lower rate, we take less money. See a detailed lender fee schedule.

Will using Sima affect my credit score?

No. We are not a lender, and we do not provide underwriting services to lenders. All loans are made solely based on mutual understanding between borrower and lender based on your existing relationship.

Are there any borrowing or lending limits?

Yes. We currently cap lending and borrowing at $100,000 per account and $10,000 per loan. Some users may have a legitimate need for larger amounts, so if you need a higher limit, just email us at [email protected] for assistance.

What are the tax implications of a friends and family loan?

Borrowers may lose some benefits if they choose to replace tax-deductible debt with a friends and family loan.

Lenders should report interest income from lending on Sima as they would other interest income. If you choose to charge less than the legislated minimum interest charge, you may still owe taxes as if you charged the legal minimum rate. Please consult a tax professional for detailed advice pertaining to your situation.

When should I not use Sima?

Don't use Sima if you don't know the person on the other end of the loan.

You can read more about this here in the FAQ section.

More questions? Check out the FAQ.