What is Magilla?

Magilla is the new way of getting loans in America. A borrower answers only a handful of questions, NEVER any personal information, and, in a few days, gets proposals from traditional FDIC-insured banks.

Why should I use Magilla?

To save an enormous amount of time and find the best terms for your loan. Once you submit our form, participating lenders instantly receive your loan request. Within a few days, Magilla sends you an easy-to-read comparison chart, or “MagChart,” showing all the lenders’ responses. 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.

How is Magilla different from companies in the internet lending space?

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 into 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. Magilla changes all that.

How does Magilla work?

Does it cost anything to use Magilla?

No, Magilla is totally free. There are no back-end fees and Magilla does not receive a commission from your loan

Are there any privacy concerns when using Magilla?

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.

Are there any privacy concerns when using Magilla?

No. We simply ask for your credit score range, but we will NEVER pull your credit.

How long does the Magilla process take?

Generally, a few days. 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

Will I have to complete more lender documents to finalize my loan?

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.

Why should I use Magilla when I already have a banking relationship?

To make certain you are receiving the best terms. Whether to solidify an existing banking relationship or forge a new one, Magilla is the starting place for loans in America.

Do I choose only one lender to work with?

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.

Can I negotiate directly with lenders?

Yes. The proposals are not set in stone. Once you establish contact with a lender, you may negotiate for even better terms.

Is Magilla for start-up businesses or businesses with bad credit?

Magilla’s primary focus is on well-established businesses with at least three years of positive cash flow. However, we believe every business should have an opportunity to obtain financing so we continue to bring non-traditional and alternative lenders into Magilla.

How can I get help if I still have questions?

Click here to contact us