FinTech is useful the most when it solves the everyday challenges of everyday people. Loans are among the most common uses of financial applications. Loan management software helps people manage their life and get ahead. Below there’s a list of useful applications from the field.
What is loan management software?
As the term itself implies, it is a part of a bigger ecosystem of loan software. But its function is more specific. It helps people or companies to manage money they lend or borrow. But it’s not that simple. Modern FinTech applications can help with many other things that just simply give people manage funds.
Applications need to verify credit history or at least some level of the loaner’s credibility and then make an assessment. That’s where artificial intelligence (A.I) comes into play. Algorithms, especially behavioral ones, are so advanced they act as a judge and jury. They can screen a client and figure out the credibility level and operational chances of getting the loan back, plus interest. This is now the core of almost every modern loan management software.
The criteria for successful loan management software
Every application of this type should assist the client. Offering just one functionality would be a seriously missed opportunity. Nowadays, loan management software acts as the virtual assistant for the client, helping to make the right decisions.
Can I afford this loan? How to manage my wallet better? Do I have the right resources and career perspectives to think about the second loan right after the first one? These are the questions that loan management software can help with. The stakes for financial software are higher than ever. With the vast competition that covers multiple niches, sometimes even at once, there’s a need to break through the noise and offer something truly special.
Bunq is an internationally active mobile bank. bunq offers a range of online financial services, primarily through its own mobile app. The company’s app enables customers to open one free transaction account, or up to 25 accounts for a monthly fee. Additionally, customers can request money from friends, split bills, and make payments in real time.
Designed for financial institutions engaged in high-volume construction lending, Construction Loan Manager from Fiserv tracks all activities associated with construction loans, including budgets, draw schedules and disbursements. A wide range of construction loan products are supported: builder, custom construction, commercial construction, owner/builder and holdback loans. This application provides a single point of entry for all builder, payee and vendor information.
nCino’s Construction Loan Administration enables financial institutions (FIs) to manage their construction lending portfolios on a single, transparent platform. nCino removes the need to manually re-enter data in a secondary system while allowing FIs to create budget templates and manage the budget without ever leaving the platform. Through a robust draws and disbursements feature, inspections and approvals are incorporated right into the workflow, allowing the FIs to request, approve and track a budget draw throughout its lifecycle. By embedding Commercial Real Estate Analysis and Document Manager into the Construction Loan Administration solution, nCino enables lenders to analyze property performance while eliminating the need for manual paper collection, resulting in a complete construction loan management system.
LA Pro can be customized to meet specific business needs, enabling lenders to manage a mixture of portfolios from traditional lending to multi-currency corporate financing. Regardless of the portfolio, LA Pro loan servicing software supports you with the flexibility you need for detailed billing, daily accruals, and incisive management reports.
BankLabs’ Construct product is an easy-to-use, web-based service that automates the construction loan management process for residential and commercial projects. Accessible from any mobile device or computer, it eliminates paper files and spreadsheets, improves loan officer and loan admin productivity and improves the experience for the borrower, builder and other stakeholders.
CLCS Services Residential Construction Loans
Land acquisition and development
CLCS Services Commercial Construction Loans
Letters of credit
LIBOR rate options
Auto dealer floor plan loans
Commercial and industrial loans
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LOANLEDGER is an online, real-time system that provides you with every loan management function crucial to your business. It has comprehensive reporting capabilities, audit trails and logs, agings, detailed life-of-loan histories, transaction reports, required government reports and numerous management analyses.
DrawTrak is a system for lenders of residentail and commerical construction loans that allows you to track each stage of the loan from the builders cost estimate through the final draw, with reports at each stage to allow you to catch potential problems.