Best Loan Servicing Software for Businesses in 2023
Best loan servicing software includes Moneylender Professional, TValue, AMFG, LoanAssistant, and Lending Pro Software. This software helps manage customer requests, information, and queries through a customer portal. Many of these tools are available as modules or integrated parts of loan management or origination solutions.
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List of 20 Best Loan Servicing Software
Emergents | 2023
Award-winning AI-Based End-to-End Digital Lending Management SaaS Platform for SMEs and Enterprise Businesses including Banks, Credit Unions, Finance Companies, In-house Lenders, Non-profits, and Governments. Learn more about TurnKey Lender
Starting Price: Available on Request
Contenders | 2023
Software by AllCloud Enterprise Solutions Private Limited
AutoCloud is a complete user-friendly platform for NBFC's and finance businesses. It has many useful features such as loan submission control, mortgages and audit trail.AutoCloud has in-built reporting templates and a navigable simplistic interface. Read AutoCloud Reviews
Starting Price: Available on Request
Recent Review
"Automated loan payment and default statement" - Mumpe Robert
| Pros | Cons |
|---|---|
|
Not known |
Not known |
|
Very simple to use |
no |
Category Champions | 2023
LoanPro is a fully featured Loan Servicing Software designed to serve SMEs, Enterprises. LoanPro offers Application Management, Customer Database, Student Loans, Accounting Management, Compliance Management at one place. Read LoanPro Reviews
Starting Price: Available on Request
Recent Review
"Modern tech and easy to use" - Alexander Helm
| Pros | Cons |
|---|---|
|
Automated collections, simple interface, customizable and growth-friendly |
Haven't had any hiccups so far so I'll keep my fingers crossed. |
|
The borrower portal to pay and view the loan accounts. |
Ability to customize fields on the fly. |
Easy to use SaaS cloud-based Loan management software solution. Simple user interface and flexible for various business use cases. Various analytical reporting and customer notifications. Read Advance Loan Manager Reviews
Starting Price: Starting Price: $41.67 Full License
Recent Review
"Excellent Cloud Software to Manager Lender's Business " - Rahul Bhatia
| Pros | Cons |
|---|---|
|
Auto payment reminder on email and WhatsApp. Detail reports and dashboard overview of the overall business. |
Awaiting Mobile application for the same |
|
The system is very accurate, simple to use and has all the features required to manage a loan. I can get the data in excel files as well. |
The system makes you dependent on it. I was handling my finances manually before I tried the system, but now I can't work without Advance Loan Manager. |
Category Champions | 2023
HES Lending Software has a robust set of tools that help in all loan processing tasks. It has advanced features such as electronic signature, auto loans, document manager and audit trails. HES Lending Software is navigable, easy to use and customizable. Read HES FinTech Reviews
Starting Price: Available on Request
Recent Review
"Credit pipeline development for an online lending platform" - Aliya Akchurina
| Pros | Cons |
|---|---|
|
Responsible approach to fintech software development project Very helpful and professional team with excellent hard skills and soft skills HES FinTech is willing to solve business problems, not to upsell |
Nothing bad to say about this software provider |
|
Product is easy to use |
I don't find any difficulties |
Emergents | 2023
ABLE Origination is an end-to-end loan origination system for large banking groups and MFIs. With a modular basis, ABLE Origination is highly scalable and meets all business demands. Read ABLE Origination Reviews
Starting Price: Available on Request
Recent Review
"It improved our productivity" - Vladimir
| Pros | Cons |
|---|---|
|
Really mature software for retail and SME loan origination and management. We could create and manage hundreds of loan products. User friendly interface design. |
We had to handle multi-currency. |
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Many features out-of-the-box. Document management module. Convenient product catalog. No-code decision engine. The team is mature at integrations. |
Dashboard could be adjusted. |
Category Champions | 2023
Software by Whitman Technological
MoneyLender Professional is a perfect loan software for investors, bankers, and mortgage companies. It has advanced features such as accounts management, auto loans, and collateral tracking. Moneylender is a user-friendly platform that can be customized. Read Moneylender Professional Reviews
Starting Price: Available on Request
Recent Review
"It was wonderful to use" - Micheal Lininger
| Pros | Cons |
|---|---|
|
How fast they got me a loan |
Up the money on certain loans |
LAPS is a fully featured Loan Servicing Software designed to serve SMEs, Startups. LAPS provides end-to-end solutions designed for Windows. This online Loan Servicing system offers Student Loans, Compliance Management, Automatic Funds Distribution, Auto Loans, Fee Management at one place. Read LAPS Reviews
Starting Price: Available on Request
Recent Review
"Go For It" - Simone Hendricks
| Pros | Cons |
|---|---|
|
Smooth |
Not all the features I like |
Emergents | 2023
Software by Compuscan Information Technologies
Proloan Worldwide is a fully featured Loan Servicing Software designed to serve SMEs, Agencies. Proloan Worldwide provides end-to-end solutions designed for Web App. This online Loan Servicing system offers at one place. Learn more about Proloan Worldwide
Starting Price: Available on Request
Emergents | 2023
LoanShark is a fully featured Loan Servicing Software designed to serve Enterprises, Startups. LoanShark provides end-to-end solutions designed for Web App. This online Loan Servicing system offers Amortization Schedule, Client Database, Amortization Schedule, Customer Statements, Customer Database at one place. Learn more about LoanShark
Starting Price: Available on Request
LA Pro is a fully featured Loan Servicing Software designed to serve Enterprises, SMEs. LA Pro provides end-to-end solutions designed for Windows. This online Loan Servicing system offers Investor Management, Auto Loans, Compliance Management, Amortization Schedule, Customer Database at one place. Learn more about LA Pro
Starting Price: Available on Request
Megasys Finance 3 System is a fully featured Loan Servicing Software designed to serve Enterprises, Startups. Megasys Finance 3 System provides end-to-end solutions designed for Windows. This online Loan Servicing system offers Automatic Funds Distribution, Collections Management, Compliance Management, Customer Database, Fee Management at one place. Learn more about Megasys Finance 3 System
Starting Price: Available on Request
aplonTRADE is a fully featured Loan Servicing Software designed to serve Enterprises, Agencies. aplonTRADE provides end-to-end solutions designed for Windows. This online Loan Servicing system offers at one place. Learn more about aplonTRADE
Starting Price: Available on Request
PitchPoint Helix is a fully featured Loan Servicing Software designed to serve Enterprises, SMEs. PitchPoint Helix provides end-to-end solutions designed for Windows. This online Loan Servicing system offers Application Management, Automatic Funds Distribution, Construction Loans, Customer Database, Loan Processing at one place. Learn more about PitchPoint Helix
Starting Price: Available on Request
Emergents | 2023
LoanSifter is a holistic solution for banks, loan officers and mortgage managers. It has many advanced features such as investment management and credit reporting. A cloud-based solution, LoanSifter is popular due to its agility and minimalistic interface. Learn more about LoanSifter
Starting Price: Available on Request
Lease Complete is a fully featured Loan Servicing Software designed to serve Startups, Enterprises. Lease Complete provides end-to-end solutions designed for Web App. This online Loan Servicing system offers Investor Management, Compliance Management, Automatic Funds Distribution, Customer Database, Amortization Schedule at one place. Learn more about Lease Complete
Starting Price: Available on Request
Emergents | 2023
Software by Lending Pro Software
Lending Pro Software is a reliable mortgage loan servicing software that generates on time statements and reports. It has features such as collateral tracking, loan processing, and investor management. Lending Pro is affordable, versatile, and easy-to-use. Learn more about Lending Pro Software
Starting Price: Available on Request
Emergents | 2023
TValue is an innovative tool that specializes in the calculation of amortization schedules. It has various features such as loan processing, collection management, and investor management. TValue is very easy to use, flexible and has good customer service. Learn more about TValue
Starting Price: Available on Request
eCheckTrac is a fully featured Loan Servicing Software designed to serve Enterprises, Agencies. eCheckTrac provides end-to-end solutions designed for Windows. This online Loan Servicing system offers Loan Processing at one place. Learn more about eCheckTrac
Starting Price: Available on Request
Sopra Banking Suite is a fully featured Loan Servicing Software designed to serve Startups, Agencies. Sopra Banking Suite provides end-to-end solutions designed for Web App. This online Loan Servicing system offers Business Loans, Collections Management, Customer Database, Investor Management, Loan Processing at one place. Learn more about Sopra Banking
Starting Price: Available on Request
Recent Review
Until 31st Mar 2023
What Is Loan Servicing Software?
Loan origination and servicing software, also known as commercial loan servicing software for private lenders, is a software solution designed to help lenders and microfinance institutions improve their operational productivity. Loan processing software for private lenders enables you to manage your customers in different geographical locations through a unified platform. It not only simplifies loan management processes, but also enhances customer experience, and helps you make better evaluation decisions.
From lead management, loan document collection, and organizing client data for underwriters, to evaluating potential borrowers’ viability, finalizing details, and keeping tabs on loan repayment, commercial loan collection software for private lenders supports a wide array of procedures.
Loan origination and servicing software are known for their cost-effectiveness, scalability, agility, and flexibility. Besides managing the different aspects of the loan portfolio, the best loan servicing software for private lenders eliminates the possibility of human error and provides a better user experience.
Nowadays, loan collection software is highly preferred by financial institutions and lenders for enhancing the efficacy and transparency of their money-lending solutions, and for improving the accuracy and speed of loan applications.
Features of Mortgage Loan Servicing Software for Small Lenders
Commercial loan underwriting software offers a suite of valuable features for enhancing customer service and boost operational efficiencies. The best loan servicing software for private lenders offers the following useful features:
1. Data Security:
Loan collection software for private lenders should be capable of protecting sensitive customer data. A fully-featured commercial loan tracking software comes with robust user security, network security, and physical security features to keep data loss and cyberattacks at bay. It also grants you the power to choose who can access your confidential data.
2. Contact Management:
Loan origination and servicing software offer a contact management feature to help you reinforce your business relationships. This feature offered by mortgage loan servicing software for small lenders also helps you fine-tune client communication, and respond to potential clients faster.
3. Client Management:
This feature in loan origination software allows you to evaluate if a prospective borrower is eligible for a loan. Commercial loan collection software also enables you to carry out credit checks seamlessly to ensure if a potential client can handle borrowing money.
4. Online Payment:
Loan collection software for private lenders gives you the power to collect payments online within the loan collection software.
5. Loan Calculator:
This feature offered by mortgage loan assistant software for small lenders automatically calculates a borrower’s monthly EMI payments and the total interest paid by the borrower over the loan duration.
6. Bank Integration:
Good loan origination and servicing software system comes with a bank integration feature to facilitate a smooth lending process.
7. Mobile Application:
The best loan origination software comes with an integrated mobile application to simplify the collection process. Millennial customers prefer simple and easy to use platforms for managing loan history, interest rates, and other loan processes. Therefore, more and more lenders are embracing loan application software with an integrated mobile application to help borrowers manage their loan terms.
8. Document Management:
Gone are the days when money lenders used to maintain separate files for each loan customer. Mortgage loan servicing software for small lenders offers strong document management features to help you store, search, systematize, and recover loan-related documents with ease. This feature offered by the best loan servicing software for small business helps you track a lost document effortlessly.
9. Guarantor Management:
The loan origination and servicing software offer a guarantor management feature to help you access guarantor information as and when required.
10. Third-party Integration:
A high-performance loan underwriting software is compatible with all types of third-party solutions. This feature offered by loan origination and servicing software saves time and eliminates the need of manually exporting or importing data.
11. Investor Tracking:
With an efficient loan underwriting software for private lenders, you can keep a tab on investor allocations as well as investor certificates. At the same time, you can also track the total amount of capital invested.
12. Multichannel Communication:
The best loan tracking software offers this feature to enable you to create different notification templates for your clients. Multichannel communication feature enables you to send alerts and notifications to your clients via text messages, phone calls, as well as emails.
13. Credit Risk Assessment:
A comprehensive commercial loan application software systems offer a credit risk assessment feature to keep deceptive activities at bay. Loan collection software collects the prospective borrower’s data, and analyzes the same, thus automating the credit approval process.
14. GPS-based Location Tracking:
The best loan servicing software for small business comes with a real-time GPS tracker to track collection agents easily.
15. 24/7 Technical Support:
Loan underwriting software for small business offers round the clock high-quality technical assistance to its customers. A highly proficient technical staff is assigned to resolve your queries and complex problems.
These are some of the impressive features offered by the best loan origination software for enhancing your money lending experience, and to make the process trouble-free. Apart from the features listed above, commercial loan servicing software for private lenders also offers certain basic features such as a built-in credit scoring tool, cross-browser compatibility, and multi-device compatibility. These handy features offered by loan assistant software not only simplify your tasks but also help you provide your clients with the best of your services.
Benefits of Using The Best Loan Servicing Tools
Commercial loan application software offers multiple benefits to financial institutions, money lenders, and debt collectors. Here are some of the remarkable benefits offered by mortgage loan tracking software for small lenders:
1. Reduces Paperwork:
When a physical document is misplaced or lost, it becomes extremely difficult to trace the lost document amidst countless physical files. Moreover, manually creating and managing files consume a lot of time and take more manpower for completing even the simplest errand. Mortgage loan processing software for small lenders helps you embrace paper-free practices so that you can eliminate all the challenges caused by paperwork. It facilitates quick and easy tracking of all documents and also saves time, thus, enabling you and your team to focus on more important tasks such as customer relationship management.
2. Mitigates Calculation Errors:
Loan underwriting software for private lenders maximizes automation and reduces the margin of errors to a great extent.
3. Multi-Currency Support:
The best loan assistant software offers multi-currency support to help you deal with loans in the currencies needed. This is a noteworthy feature for lending businesses that operate in multiple nations.
4. Boosts Revenue:
Mortgage loan processing software for small lenders helps you identify risks and keep tabs on the overdue loan amount. It also helps you devise strategies to handle emergencies efficiently. Since loan tracking software for small business enables you to work competently, you gradually witness a dramatic increase in your revenue.
5. Enhances Transparency:
Loan tracking for small businesses offers a unified platform for adding, storing, modifying, and managing borrowers’ information in the form of a database, which in turn, helps you track progress and analyze the stored data in the future. It helps you maintain transparency not only within your organization, but also between borrowers, regulators, and investors.
These are a few reasons why finding an efficient loan tracking software is essential for your business. If you want to grow and transform your financial institution, and add massive value to your business model, you should consider investing in a high-tech loan underwriting software for private lenders right away.
Countless loan underwriting software solutions are available in the market today. However, before investing in a loan application software for small business, make sure you pick one with a simple, intuitive, and clean user interface to make your loan management task easier.
Be sure to ask yourself the following questions when considering the purchase of commercial loan servicing software for small business:
- Which specific features do you want in your loan origination and servicing software to advance your business processes?
- Who will use the loan tracking software?
- What is your budget for the new loan servicing software for small business?
- Does the loan tracking software for small businesses support your long and short-term business goals?
- Does the mortgage loan application software for small lenders offer reporting, credit scoring, and analytics tools?
- Does the loan processing software for private lenders offer human customer service?
- Does the vendor provide comprehensive training?
- Does the vendor offer a free trial period so that you can assess the loan origination and servicing software before making the final purchase decision?
Asking these questions will help choose the best-fit software for your business. Here are a few more ways to find out if a loan origination software is really effective or not:
- Read customer reviews about the commercial loan assistant software on reputable software review websites;
- Do a bit of online research to find out if the loan origination and servicing software you are planning to purchase has bagged any prestigious industry awards.
- Make sure the software is easy to install, learn, and use.
- Make sure if your loan processing software can be customized according to your business requirements.
- Find out if the loan underwriting software can be integrated with your ERP or CRM software.
- Find out if the vendor offers a free software demo.
Last but not least, do not count on advertisements and information available on the vendor’s website when making a purchase decision. It is advisable to choose a commercial loan servicing software for private lenders that is versatile enough to work with different types of loan products.
A high-performance commercial underwriting software system is an asset for your business; therefore, you should carefully choose the best loan servicing software for small lenders by adhering to the tips mentioned above.