Borrower Frequently Asked Questions

Magilla is your search engine for loans in America. A borrower answers only a handful of questions, NEVER any personal information, and, in 24 - 48 hours, gets proposals from traditional, FDIC-insured banks or other lenders.
To save an enormous amount of time and find the best terms for your loan. Once you submit our form, actual loan officers instantly receive your loan request. Within 24 - 48 hours, Magilla sends you an easy-to- read comparison chart, or “MagChart,” showing all the lenders’ proposals. Magilla eliminates endless hours of filling out multiple loan applications and saves you from meeting after meeting with various lenders. Simply put, we have streamlined the loan process enabling you to do what you do best… run your business.
First, and foremost, we are NOT a lender. Magilla matches you with the precise FDIC-insured lenders seeking your type of loan… today. Many borrowers do not realize, once a bank fills its quota of a certain type of loan, it changes direction and shifts its attention to another type of loan to keep their bank’s internal loan portfolio balanced. A regular borrower would never know which bank brand is aggressively pursuing their type of loan at that specific moment in time. With Magilla, a borrower sees who, across the Nation, is most aggressive for their type of loan… at that moment!
No, Magilla is totally free. There are no back-end fees and Magilla does not receive a commission from your loan
No, because the only identifying piece of information you place on our site is the email you choose to give us. Magilla asks the most minimal information a lender would need for a snapshot of your home or business. Your name, social security or phone number, nor your property address are required. Now, when you connect with a lender, you MAY choose to provide your information, but you are NEVER required. Magilla’s founding principle is to respect the privacy of both its borrowers and lenders.
Generally, 24 - 48 hours. But, as our systems scales, even shorter. Once you submit your loan, lenders have ten days to make proposals. While you may start a conversation with a lender at any time, your MagChart will only be complete after ten days
Yes. While Magilla drastically reduces the amount of time and aggravation it takes to find the proper lender with whom to work, you will still have to submit your financials to that lender to finalize your loan. And, the time it takes to close a loan varies from lender to lender.
To make certain you are receiving the best terms. Whether to solidify an existing banking relationship or forge a new one, Magilla is your search engine for loans in America.
That is up to you. You may pick as many lenders as you like. Magilla merely provides you with the terms of each lender’s proposal. The rest is up to you.
Yes. The proposals are not set in stone. Once you establish contact with a lender, you may negotiate for even better terms.
Magilla realizes all loans are not serviceable by traditional, FDIC-insured lenders, but, at Magilla, we want all of our users taken care of. We established Magilla Express to give all borrowers the best chance to find funding success.