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