The ever-expanding FinTech world and changing market conditions force companies to compete on a new level. The process of loan management has to be focused on a user and real, not imaginative, challenges. Loan software offers multiple solutions for everyday people. Here’s the list of the most known applications for you to compare and draw inspiration from.
What counts as loan software?
The question is actually very valid. Since loan software is a part of the financial software ecosystem, it should offer solutions for people interested in money management. To do that, applications need to offer a wide variety of useful functionalities:
store loan data and documents to be easily accessible by users
have advanced security protocols
offer the creation, modification, and ending of loan processes and contracts
generate transaction calculations before signing the loan agreement
offer fee calculator if the contract predicts dynamic changes in market conditions that impact fees
manage relations and secure data exchange with third-party brokers and inventors
be in line with both the local and global FinTech and general law regulations
have dashboards and generate reports for users so they can make informed decisions about loan performance and future steps
These requirements are pretty standard for the industry, so if you want to find a perfect solution, these are mandatory. If you want, on the other hand, to create your own solution, you may consider custom lending software development services. It’s the most effective way for the creation of a loan software product.
The criteria for successful loan software application
Loan software applications are distinctive, even for FinTech. In general, financial technology applications deal with sensitive customer data. They are expected to protect them and offer various, sometimes very complicated, services on the go. Loan software goes even further. It offers the ability to get out of debts, manage personal accounts, finance personal and company expenditures. By definition, they need something extra.
This “something” is care. The list below consists of many loan software applications but only some of them rise to the true potential of the market. There are still niches to be explored (for example loan management software) and various ways to utilize them. When browsing for a perfect solution, make sure to explore different alleys. Don’t settle for “just right”, expect “the best as possible can be”.
The list of loan software products
New York, United States
The MARQ portal streamlines business lending by improving the way lenders and their customers interact. It automates manual processes, centralizes loan information, and equips lenders to understand the credit position of their business borrowers instantaneously.
MeridianLink Consumer, formerly known as LoansPQ®, is the industry’s leading loan origination system, providing a full loan product suite to banks and credit unions. As a single loan origination system, MeridianLink Consumer consolidates and streamlines applications from all channels, applying the same rules and processes to ensure a streamlined process for bank and credit union staff and a world-class consumer experience for members and customers.
For banks, credit unions, credit union service organizations and IMB’s who are retail, wholesale and correspondent lenders, MeridianLink Mortgage (formerly LendingQB) is a mortgage loan origination software that is SaaS-based, web-based, seamlessly integrates with over 250 vendors, has complete underwriting, pricing, decisioning and funding capabilities and is supported with best-in-class customer support.
Lending Cloud is an innovative, fully integrated, credit management solution used by over 800 US banks and credit unions. Flexible enough to handle commercial, agricultural, and small business lending, its cloud-based, software-as-a-service (SaaS) delivery model makes Lending Cloud easy to implement and use in a range of settings and institutions.
Nelito’s Loan origination solution helps whether you are a Bank, NBFC, credit union, Microfinance company or a financial institution. The LOS helps in automating loan origination cycle starting from Lead generation to Customer On Boarding.
NetOxygen is an enterprise loan origination system that helps manage workflow and delivers a user experience at every aspect of the loan lifecycle from lead management, processing and underwriting through post closing, funding and interim servicing.
Lending Solutions is a web-based solution that is designed to meet the needs of retail financing with multi portfolio operations, security framework, modular framework, interface with external and host systems, configurable risk and credit control, and more.
During life’s big moments – from buying a home or car, to sending a child to college, to growing a business exponentially by connecting it with new customers – we empower consumers and our clients to manage data with confidence so they can maximize every opportunity.
Precision LM is a commercial loan origination and servicing system that allows you to manage aspects of your loan process from pre-qualifying loan requests, processing applications, commitment processing, loan disposition, servicing and accounting on a single database.
QUALCO Loan Manager (QLM) is a web-based platform specifically designed to be an end-to-end solution for loan management and servicing. It is ideal for creditors including retail banks and alternative lenders, debt purchasers and loan servicing companies.
Powerful functionality covers all stages of credit processing, from portfolio onboarding and loan disbursement to termination and restructuring, while supporting fully the management of performing, non-performing and terminated portfolios.
It supports all lending products including but not limited to secured and unsecured consumer loans, small business loans, commercial real estate loans, and corporate loans, as well as a wide range of interest plans and repayment structures.
You can activate new products, reschedule and restructure loans, allowing you to run your business and adjust to market changes quickly and efficiently.
The REALSynergy platform is an automated, commercial real estate and multi-family loan servicing platform capable of effectively managing a wide variety of loan structures, including government servicing entity (GSE) and CMBS deals.
RiskOrigins software is a next-generation, credit decisioning and monitoring platform that delivers improved risk management over the credit life cycle. The software offers a robust framework for regulatory compliance while helping banks retain their competitive edge through improved efficiencies and time-to-cash for customers.
Smart Micro Credit Business Suite is an end-to-end cutting edge software solution for Micro Financial Institutes working in multiple segments of Social Development Sector. It keeps all the records of applicant, groups, loan details, approvals, employee task, accounting vouchers, employee attendance and payroll records etc.
smava is Germany’s online comparison portal for online loans . From a wide range of credit offers, consumers get free credit and a cheap credit within seconds. With the credit comparison, private consumers and business customers will find favorable offers from leading banks as well as from private investors with a private loan , which support financing projects of any kind on the subject of money lending . The credit price comparison of smava is suitable for all groups of people as well as for any purpose such as a car loan.
Snapdocs is a digital closing platform that connects lenders and settlement so each can efficiently manage their closings and offer a referral-worthy experience for their shared customer, the borrower. Powering over 2,000,000 closings a year, Snapdocs is the only solution with a proven track record of creating a single, scalable process for every closing–whether wet, hybrid, or fully eClose.
SoFi is a values-driven company on a mission to help our members get their money right. Creates modern financial products and services that help people borrow, save, spend, invest, and protect their money better, so that they can achieve financial independence and realize their ambitionsfrom owning a home to saving for retirement, paying off their student loans, and more.
Solarisbank is a Banking-as-a-Service platform with a full banking license that enables companies to offer their own financial products.
Through APIs, partners gain access to Solarisbank’s modular services including payments and e-money, lending, digital banking as well as services provided by integrated third-party providers. Through this, Solarisbank creates a highly developed technological banking ecosystem for fintechs and established digital companies, as well as banks and corporates.
Sopra Banking Software is the partner of choice for more than 1,500 financial institutions worldwide. The rich variety of its solutions, the strength of its conviction and the passion for innovation enable Sopra Banking Software to support its clients on a daily basis and in their future projects, as well as in their goals regarding financial inclusion. Sopra Banking Software customers, based in over 80 countries around the world, benefit every day from technologies and software, as well as the expertise of 5,000 employees. Sopra Banking Software is a subsidiary of the Sopra Steria Group, a European leader in consulting, digital services and software development.
Sopra Banking Software is the partner of choice for more than 1,500 financial institutions worldwide.
The rich variety of our solutions, the strength of our conviction and our passion for innovation enable us to support our clients on a daily basis and in their future projects, as well as in their goals regarding financial inclusion.
Our customers, based in over 80 countries around the world, benefit every day from our technologies and software, as well as the expertise of our 5,000 employees.
Student Loan Servicing System provides customer service on your federal student loans, so this tool answers your questions, offers solutions if you’re having trouble paying, and processes your payments.
Total Expert is the leading fintech software company that delivers purpose-built CRM and customer engagement for modern financial institutions. The Total Experience Platform unifies data, marketing, sales, and compliance solutions to provide a cohesive experience across the customer lifecycle. Total Expert turns customer insights into actions to increase loyalty and drive growth for banks, lenders, credit unions, and other financial services firms. For more information visit totalexpert.com.
Velocify LoanEngage is the only mortgage CRM software powerful enough to unite lenders and loan officers. In addition to the marketing features offered by other platforms, which mostly benefit lenders, Velocify LoanEngage provides our unique brand of sales automation that helps loan officers build and grow their relationships with borrowers and referral partners.
Loan origination solution built on top of Dynamics 365 for Retail, Corporate & SME banking verticals
For many financial institutions, loans are placed at the center of the organizations as they provide a key ingredient in determining organizational profitability. Financial institutions are increasingly mindful of improving loan origination and servicing processes to increase efficiency and decision speed. They also aim to enhance their capabilities to provide superior customer experience.
Managing complex, scalable and multiphase lending processes requires excelling in operations. VeriPark’s loan origination and servicing solution VeriLoan developed on Microsoft Dynamics 365 offers the best-in-class end-to-end solution for financial institutions. It provides a full range of functionalities that streamlines loan origination and servicing processes, while maximizing efficiency and reducing risk.
VeriLoan is a loan origination solution that helps financial institutions to:
Reduce turn-around time
Enable digital & self-service origination
Reduce error & return rates
Mitigated risk & enhanced decisioning
Reduce the cost of client acquisition
Improve employee experience
Boost customer engagement
Increase market share
Capturing the loan request is the first and most important part of a loan origination solution. VeriLoan helps to capture the data and manage seamless, consistent and engaging customer journeys on the same platform, no matter what channel or combination of channels you choose to use. Multiple channels being managed in a single platform enables an all-inclusive review of:
Branch Based Origination
3rd Party Broker Origination
ABLE Monitoring platform enables business users to exploit extensive loan monitoring capabilities over retail, corporate, and SME portfolios and gives lenders opportunities to manage customer and account relationships more profitably.
ABLE Origination platform automates the whole loan origination process. The platform operates with little or no human interaction. Due to the 360° customer view, ABLE Origination provides a unique customer experience and maximizes portfolio revenue.
Abrigo provides market-leading compliance, credit risk, and lending solutions to enable its customers to think bigger, allowing them to both manage risk and drive growth.
Our mission to “Make Big Things Happen” underscores our commitment to helping community financial institutions succeed against “the perfect storm” of ever-changing and increasing regulatory requirements, limited resources, increasing and new competition, evolving technologies, and changing customer expectations.
We provide product innovation, world-class support, and unparalleled expertise so that our customers can make big things happen.
Anovaa is a loan origination platform that combines consumer-facing simplicity with smart technology to speed loan processing and maximize operational efficiencies. It helps lenders increase pull through using unique customer experience technology, and automates workflow resulting in improved productivity. Anovaa is available as SaaS or combined with Anovaa Originate – our lending as a service solution for turnkey outsourcing of loan products, processing, and customer service.
The Anovaa Loan Origination Platform helps lenders amplify customer engagement and book more loans. Our growing list of lending solutions includes personal, student/parent and education refinance, and revolving credit loan products. Anovaa features include automated, warp speed loan workflow processing, customer journey tracking with real-time analytics, personalized loan offers, preemptive fraud detection, integrated credit scoring engine, omni-channel, including SMS, and a wide range of integrated security and risk management features.
Auto Finance Servicing Software
Shaw Systems offers a state-of-the-art auto finance servicing software solution. Our solution manages every aspect of the servicing life-cycle through delinquency management, recovery and placement. It offers seamless support for the needs of the borrower, dealer, internal staff, and management.
The modern lending landscape provides challenges for maintaining a competitive advantage. Improving corporate efficiencies in line with increased volume and compliance requirements is a difficult task. Shaw provides a clear advantage to the lending community through automation, technology, and integration with value-added industry partners.
Shaw supports a myriad of consumer loan products with integrated features to automate processes and navigate the dynamic credit landscape. We support loans, lines of credit, dealer/indirect, floor plan, commitments, securitization, and insurance/products.
Consumer finance organizations can obtain business faster and at a lower cost with our auto finance servicing software solution. Expanding customer relationships with competitive offerings, while managing risk, increases our clients’ competitive advantage. Our customer-centric enterprise suite of products can enhance every process.
Baker Hill NextGen® is a single unified platform that streamlines loan origination and portfolio risk management for commercial, small business and consumer lending, delivers sophisticated analytics and marketing solutions, and is the expert solution for relationship management, CECL and analytics for financial institutions.
Multiple, disjointed systems that hinder the ability to make data-driven decisions are a thing of the past. Baker Hill NextGen® offers the most high-tech comprehensive solution that fits the way the market wants to consume technology today—and in the future.
Supernova’s cloud-based platform integrates real-time data from multiple systems, such as loan accounting, collateral monitoring, and payment processing, and applies intelligent permissioning across the integrated platform.
CL Collections is a customer-centric collections application designed to enable lenders to define and automate collection strategies, optimize customer interaction across channels, lower risk and reduce technical and operational costs.