When a myriad of applicants applies for your financial products every day, it becomes paramount that you strengthen the processing of applications. Whether it is a mortgage or a payday loan, every borrower wants the application to be processed as immediately as possible. You can make the processing faster only if you have updated software.
Manual processing of multiple applications is not practically possible, especially when people need money urgently. Traditionally, it had been possible because the demand for financial products was not as much as it is now. When it comes to signing off on a loan, it requires looking over credit rating, financial background, your repayment capacity, bank statement, and the like.
It is crucial to consider all these factors to make sure that you are borrowing money as per affordability. If you have been receiving multiple applications, you cannot process all of them the same day without advanced software. If you want to stay ahead of the competition, you should use advanced loan software to make everything more comfortable and faster.
If you are looking for flexibility throughout the loan lifecycle, Nortridge will be an ideal choice for you. You can customize your loan services and make credit decisions easily. Here are the features of Nortridge:
- It will help pull credit data of borrowers from all credit reference agencies.
- You can access current borrowers’ information with detailed loan statistics.
- Since it is featured with API, the software can enable you to integrate loan origination with loan servicing.
- It builds a loan origination platform to meet your exact business needs.
- It can create customized loan products, set different interest methods, set multiple payment periods for different types of loans,
- The software provides quick access to payment histories, collateral information, and loan modifications.
- Data is synchronized in real-time and is available in all formats including pie, bar charts, etc.
The Loan Office
If you are looking for a loan management solution at affordable prices, The Loan Office is the best choice. It comes in three models: on-premise, SaaS, and Hosted. Here are the features of The Loan Office:
- You can automate your loan servicing process.
- You can enhance your forecasting abilities. Having data in real-time, you can get to know which borrowers are at default.
- This software can help you service your financial products and service loans for others.
- With the help of an automated clearing house (ACH), you can collect electronic payments from borrowers.
- You can define fees per loan and ensure that all your financial products align with FCA regulations.
- Apart from tracking delinquencies, you can generate notices for defaulters.
AutoCloud is another digital loan management platform. It is a perfect solution for financial institutions of all sizes. Here are the most common features of this software:
- It reduces operational costs.
- Because of AI-powered tools, you can make the lending decision easier and faster.
- It helps increase the efficiency of loan collection services.
- It comes in two models: basic and enterprise. The basic model is a perfect choice for small financial companies. It helps scale up your operations without costing you more money and automates data management. The enterprise model is an omni-channel loan management solution. It is suitable for large financial companies. It ensures efficiency, accuracy, and transparency across all ages.
Novopay software covers the entire processing of loan applications. Here are the features of this software solution:
- It comes with an android app that enables the whole loan application processing online. Everything from the scanning of documents to group tagging is done paperless.
- It offers extensive loan management features like loan schedule management, rescheduling, fixed and floating interest rate, interest accruals, and the like.
- It will help you gain an insight into the real financial condition of your clients.
When it comes to lending money, it is imperative to make sure that you are lending money to the right person. For instance, if you have received applications for guaranteed payday loans for bad credit, you will have to analyze credit rating, financial history, and much more to make a decision. How about you get all information in real-time in one place? LoanPro is a SaaS loan software that focuses on on-lend, service, and collects. Here are the features of LoanPro:
- It uses its API, and hence it stays up-to-date all the time. You can easily add it directly to your system and process it through API integration.
- It is suitable for all types of financial institutions, but it has been specifically designed for enterprise lenders.
- You can use this software even though you are not tech-savvy. A team of experts will help implement your software into your lending operations.
LA Pro software
It offers a complete package for loan services for financial institutions of all sizes. It can help you with managing all types of financial products throughout the loan lifecycle. From processing to generating custom reports, the software can do everything quickly.
When it comes to picking a software solution for your own company, you need to be very careful. First off, consider your needs and find out if all they can be fulfilled by the software you intend to buy.