If you've ever lent money to a friend or family member and never seen that cash again - a new app could turn that situation around.
A former banker turned Hawke’s Bay farmer has created a peer-to-peer lending app designed to simplify and formalise loan agreements between peers or friends, and it's believed to be the first of its kind in New Zealand.
Amico creator Tom Aitken says this service is legally enforceable - and is designed to clear up ambiguities around small-scale lending.
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Speaker 1 (00:00):
Bryan Bridge. If you've ever lent some money to a
friend or a family member and never seen your cash again,
this next story might be of interest to you. Ammaco
is a new app that will draw up a proper
formal loan agreement that you can use whenever you leand
a small amount of money to anyone. That was created
by former banker and hawks by farmer Tom Aitken. He'sa
(00:21):
me tonight, Hey, Tom good a Ryan? So, who ripped
you off?
Speaker 2 (00:27):
No one? No one got the I got the idea
when I was waking for a Big four at a
university and just saw such a such a good idea,
And it took me a few years to get there
and draw it out and bring it to life.
Speaker 1 (00:39):
So how does it actually work? If I, you know,
my brother wants to borrow money for example, or something
like that, how do we do it?
Speaker 2 (00:48):
Yeah? Great question. So you can download it on the
Apple App Store or the Google Play Store. Download from there,
you just create an account and then you go in. Now,
whether or not you're the lender or the borrow either
one of you can actually set up the loan terms
and so that kind of punches in the likes of
an interest rate, whether it be zerubcent interest rate, weekly repayments, fortnightly, monthly,
(01:11):
even near the repayments. And then you can send it
to your so your brother in this case, or your
peer or family member. They can have a look at
it and a set the terms, negotiate. If they're happy
with it, they can sign on the app and then
it gives you, guys, a loan documentation which formalizes everything.
Speaker 1 (01:28):
You know.
Speaker 2 (01:29):
It kind of turns those I guess good intentions into
good agreements.
Speaker 1 (01:32):
And is this legally enforcible?
Speaker 2 (01:34):
Yes? It is, yep, And so I think ninety nine
percent of people are good, good beggars, but you know,
some things, some things just go wrong. But lest this
way here, everything's kind of documented. It's black and white.
There's nothing left to argue about.
Speaker 1 (01:47):
Really, is there an amount? Would you say, use this
app if you're lending fifty dollars or if you're leanding
five hundred thousand? I mean, is it legally enforceable? So
presumably doesn't matter how much you're lending, correct, But we
have we.
Speaker 2 (02:01):
Have kept it at a million dollars. We just think
anything more than that you should be getting a lawyer.
A lawyer involved there. But you know this is designed
for you know, to help a mate out start a business,
for example, whether it not be five grand, help out
to the next payday, or to even help your kids
into their first home.
Speaker 1 (02:19):
Is this going to start a whole lot of arguments
like how am I going to look really stingy if
I'm trying to force someone to sign it, you know,
signing here on the dotted line before I'll give you
this twenty dollars.
Speaker 2 (02:30):
I don't think you're I think you just came across stingy.
I think the thing is a miko can kind of
take out any of the awkness of you know, figuring out, well,
are you going to charge me interest or not on
that money when you actually want to be paid back.
You know, everything's documented out and laid out, and it's
just I guess it just makes it easy for everyone.
You know, There of a sudden, everyone's on the same page,
and it's not so much about signing it as actually
(02:52):
just working out terms of the best suit you as
the lender or the brower.
Speaker 1 (02:57):
What happens if you find yourself in the situation where
they don't pay you back, do you take the presumably
you engage a lawyer at that point, do you how
do you how do you resolve it?
Speaker 2 (03:07):
Yep? So at least you know there's so much undocumented
peer to peer loans. At least by I guess using
a miko, you do have I guess level grounds to
take further further legal action and go on to deck collection.
But you are hoping, I mean it is your family
and friend member that you are hoping that you will
get repaid regardless.
Speaker 1 (03:26):
Yeah, of course, all things going well, what are you
how are you pronouncing that? So it's a m I CEO?
How are you pronouncing it a miko?
Speaker 2 (03:33):
Amiko?
Speaker 1 (03:34):
Where did that come from? And why didn't you just
go with iou?
Speaker 2 (03:39):
Oh? Trademark. Trademark is the issues there. But amiko is
actually Italian for friend I guess, which leans into what
we're trying to achieve here. It is all about helping
out your family and friends, whether it not be get ahead,
make it a next payday, or buy their first house for.
Speaker 1 (03:56):
Insting or car. I can see a lot of parents
liking this because it really ties them down. How does
what's the revenue model here? How do you actually make money?
Speaker 2 (04:07):
So right now, we don't take any any fees on
interest rates or anything like that that is solely between
the linder of and boro. So the banker, Mum and
dad or two mates staying for business venture, we just
charge a fifteen dollar documentation fees and that's parish to
do all the calculations for you as well as give you,
guys illegally agreement legally buying agreement that clearly states out
(04:29):
your obligations as the lindar and borrower.
Speaker 1 (04:32):
So it's fifteen dollars for every no matter what the
amount is, it's fifteen dollars for anyone who wants to
give a crarect correct.
Speaker 2 (04:40):
And that's just trying to make legal like I guess,
make it make it so so cheap that you know,
whether it's a two grand loan, you're not going to
go to a lawyer and they're going to charge you
up a few hundred dollars to write up an agreement
that's kind of true Bible at least by using a
miko you can.
Speaker 1 (04:56):
It also makes my fifteen It also makes my twenty
dollars loan non viable.
Speaker 2 (05:00):
That yes, correct, correct, But hey, look if you need
a twein dollar alone, mate, just singing I can spot
you well.
Speaker 1 (05:08):
I guess it depends on how well this goes for you,
Tom exactly hopefully very well. Yeah, good luck, Thanks Ron,
appreciate it, Tom making Amico founder. For more from Hither
Duplessy Allen Drive, listen live to news talks. It'd be
from four pm weekdays, or follow the podcast on iHeartRadio
Bryan Bridge. If you've ever lent some money to a
friend or a family member and never seen your cash again,
this next story might be of interest to you. Ammaco
is a new app that will draw up a proper
formal loan agreement that you can use whenever you leand
a small amount of money to anyone. That was created
by former banker and hawks by farmer Tom Aitken. He'sa
(00:21):
me tonight, Hey, Tom good a Ryan? So, who ripped
you off?
Speaker 2 (00:27):
No one? No one got the I got the idea
when I was waking for a Big four at a
university and just saw such a such a good idea,
And it took me a few years to get there
and draw it out and bring it to life.
Speaker 1 (00:39):
So how does it actually work? If I, you know,
my brother wants to borrow money for example, or something
like that, how do we do it?
Speaker 2 (00:48):
Yeah? Great question. So you can download it on the
Apple App Store or the Google Play Store. Download from there,
you just create an account and then you go in. Now,
whether or not you're the lender or the borrow either
one of you can actually set up the loan terms
and so that kind of punches in the likes of
an interest rate, whether it be zerubcent interest rate, weekly repayments, fortnightly, monthly,
(01:11):
even near the repayments. And then you can send it
to your so your brother in this case, or your
peer or family member. They can have a look at
it and a set the terms, negotiate. If they're happy
with it, they can sign on the app and then
it gives you, guys, a loan documentation which formalizes everything.
Speaker 1 (01:28):
You know.
Speaker 2 (01:29):
It kind of turns those I guess good intentions into
good agreements.
Speaker 1 (01:32):
And is this legally enforcible?
Speaker 2 (01:34):
Yes? It is, yep, And so I think ninety nine
percent of people are good, good beggars, but you know,
some things, some things just go wrong. But lest this
way here, everything's kind of documented. It's black and white.
There's nothing left to argue about.
Speaker 1 (01:47):
Really, is there an amount? Would you say, use this
app if you're lending fifty dollars or if you're leanding
five hundred thousand? I mean, is it legally enforceable? So
presumably doesn't matter how much you're lending, correct, But we
have we.
Speaker 2 (02:01):
Have kept it at a million dollars. We just think
anything more than that you should be getting a lawyer.
A lawyer involved there. But you know this is designed
for you know, to help a mate out start a business,
for example, whether it not be five grand, help out
to the next payday, or to even help your kids
into their first home.
Speaker 1 (02:19):
Is this going to start a whole lot of arguments
like how am I going to look really stingy if
I'm trying to force someone to sign it, you know,
signing here on the dotted line before I'll give you
this twenty dollars.
Speaker 2 (02:30):
I don't think you're I think you just came across stingy.
I think the thing is a miko can kind of
take out any of the awkness of you know, figuring out, well,
are you going to charge me interest or not on
that money when you actually want to be paid back.
You know, everything's documented out and laid out, and it's
just I guess it just makes it easy for everyone.
You know, There of a sudden, everyone's on the same page,
and it's not so much about signing it as actually
(02:52):
just working out terms of the best suit you as
the lender or the brower.
Speaker 1 (02:57):
What happens if you find yourself in the situation where
they don't pay you back, do you take the presumably
you engage a lawyer at that point, do you how
do you how do you resolve it?
Speaker 2 (03:07):
Yep? So at least you know there's so much undocumented
peer to peer loans. At least by I guess using
a miko, you do have I guess level grounds to
take further further legal action and go on to deck collection.
But you are hoping, I mean it is your family
and friend member that you are hoping that you will
get repaid regardless.
Speaker 1 (03:26):
Yeah, of course, all things going well, what are you
how are you pronouncing that? So it's a m I CEO?
How are you pronouncing it a miko?
Speaker 2 (03:33):
Amiko?
Speaker 1 (03:34):
Where did that come from? And why didn't you just
go with iou?
Speaker 2 (03:39):
Oh? Trademark. Trademark is the issues there. But amiko is
actually Italian for friend I guess, which leans into what
we're trying to achieve here. It is all about helping
out your family and friends, whether it not be get ahead,
make it a next payday, or buy their first house for.
Speaker 1 (03:56):
Insting or car. I can see a lot of parents
liking this because it really ties them down. How does
what's the revenue model here? How do you actually make money?
Speaker 2 (04:07):
So right now, we don't take any any fees on
interest rates or anything like that that is solely between
the linder of and boro. So the banker, Mum and
dad or two mates staying for business venture, we just
charge a fifteen dollar documentation fees and that's parish to
do all the calculations for you as well as give you,
guys illegally agreement legally buying agreement that clearly states out
(04:29):
your obligations as the lindar and borrower.
Speaker 1 (04:32):
So it's fifteen dollars for every no matter what the
amount is, it's fifteen dollars for anyone who wants to
give a crarect correct.
Speaker 2 (04:40):
And that's just trying to make legal like I guess,
make it make it so so cheap that you know,
whether it's a two grand loan, you're not going to
go to a lawyer and they're going to charge you
up a few hundred dollars to write up an agreement
that's kind of true Bible at least by using a
miko you can.
Speaker 1 (04:56):
It also makes my fifteen It also makes my twenty
dollars loan non viable.
Speaker 2 (05:00):
That yes, correct, correct, But hey, look if you need
a twein dollar alone, mate, just singing I can spot
you well.
Speaker 1 (05:08):
I guess it depends on how well this goes for you,
Tom exactly hopefully very well. Yeah, good luck, Thanks Ron,
appreciate it, Tom making Amico founder. For more from Hither
Duplessy Allen Drive, listen live to news talks. It'd be
from four pm weekdays, or follow the podcast on iHeartRadio
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