SACRAMENTO—Online banking and lending have been around awhile, but access to loans with only an email address? Indeed, one platform has made its case as a conduit to lenders. In fact, it's reached a billion dollars in loans within its first year.

Sacramento-based Magilla is a free lending platform that connects borrowers to banks without requesting any personal information, except an email address. Magilla is committed to keeping the process anonymous by never requesting private information, i.e., no social security number, credit check or bank statements.

“We have not had any major concerns with nondocumentation. Each lender has their own criteria for what they will need. Some banks have categorically nixed those types of loans but others are still lending on them,” John Tokahuta, team member of Magilla, tells GlobeSt.com. “They will need other assets or collateral that can show that repayment is possible. For example, other real estate, cash in the bank or something similar that a lender can show underwriters that the borrower can pay the note.”

After answering a handful of questions, a borrower can receive multiple loan proposals from FDIC-insured banks, not automated lenders, within a few hours. The loan proposals are presented on a patented MagChart—which enables a borrower to easily compare them.

Borrowers never pay any fees and the borrowing minimum is $25,000 with no maximum amount or restrictions on the types of loans. The lending categories include dental/medical, equipment, franchise, acquisition, commercial real estate (purchase, refinance, new construction, investment, multifamily, etc.).

Magilla unveiled a new app late last year, enabling borrowers to submit loans, communicate with lenders and access the loan checklist. Lenders can review loan requests, submit loan proposals and interact with borrowers from a handheld device.

“The Magilla App is a useful tool that our lenders have been requesting. Not only do we bring qualified borrowers directly to them, but now they can quickly access loan requests from their phones. The app removes the barriers of traditional banking,” said Dean Sioukas, founder of Magilla. “Borrowers also like the app because they can easily answer the lender's questions while on the go, which speeds up the entire loan process.”

As previously reported, $100 million-plus loans have a limited lender list.

SACRAMENTO—Online banking and lending have been around awhile, but access to loans with only an email address? Indeed, one platform has made its case as a conduit to lenders. In fact, it's reached a billion dollars in loans within its first year.

Sacramento-based Magilla is a free lending platform that connects borrowers to banks without requesting any personal information, except an email address. Magilla is committed to keeping the process anonymous by never requesting private information, i.e., no social security number, credit check or bank statements.

“We have not had any major concerns with nondocumentation. Each lender has their own criteria for what they will need. Some banks have categorically nixed those types of loans but others are still lending on them,” John Tokahuta, team member of Magilla, tells GlobeSt.com. “They will need other assets or collateral that can show that repayment is possible. For example, other real estate, cash in the bank or something similar that a lender can show underwriters that the borrower can pay the note.”

After answering a handful of questions, a borrower can receive multiple loan proposals from FDIC-insured banks, not automated lenders, within a few hours. The loan proposals are presented on a patented MagChart—which enables a borrower to easily compare them.

Borrowers never pay any fees and the borrowing minimum is $25,000 with no maximum amount or restrictions on the types of loans. The lending categories include dental/medical, equipment, franchise, acquisition, commercial real estate (purchase, refinance, new construction, investment, multifamily, etc.).

Magilla unveiled a new app late last year, enabling borrowers to submit loans, communicate with lenders and access the loan checklist. Lenders can review loan requests, submit loan proposals and interact with borrowers from a handheld device.

“The Magilla App is a useful tool that our lenders have been requesting. Not only do we bring qualified borrowers directly to them, but now they can quickly access loan requests from their phones. The app removes the barriers of traditional banking,” said Dean Sioukas, founder of Magilla. “Borrowers also like the app because they can easily answer the lender's questions while on the go, which speeds up the entire loan process.”

As previously reported, $100 million-plus loans have a limited lender list.