Loan management software: the features every lender needs

Whether you lend to individuals, small businesses or a community group, the work follows the same loop: take an application, decide, disburse, collect and report. Loan management software should make each step quick and traceable.

The core loop

• Applications. A clear online form, document upload and an automatic record for every applicant.
• Approval workflow. Reviewers see the borrower, the request and the history, then approve, decline or ask for more.
• Repayment schedules. Instalments, due dates and interest calculated by the system so nobody maintains a spreadsheet.
• Collections. Reminders before and after a due date, and a view of who is late and by how much.
• Payments. Borrowers should be able to repay with the methods they already use. Lendora supports eight payment gateways for that reason.

Features that save you time

• Borrower self-service, so people can see balances and schedules without calling you.
• Role-based access, so staff only see what their job needs.
• Reports on disbursed amounts, repayments and arrears.
• A security centre with two-factor sign-in and activity history for staff and borrowers.

Compliance

Lending is regulated in most countries, including how you advertise rates and treat late payers. Check the rules for your market and set your terms accordingly before you lend.

See it working

The Lendora loan management platform is on its way to the marketplace. Contact [email protected] to be told the moment it is available.