guide-to-the-top-10-loan-management-systems-for-small-business-lenders

guide-to-the-top-10-loan-management-systems-for-small-business-lenders

Guide to the Top 10 Loan Management Systems for Small Business Lenders

Small business lenders face a unique set of challenges in managing their loan portfolios. They need systems that can handle the complexities of small business lending, such as multiple borrowers, complex loan structures, and limited resources.

In this guide, we will discuss the top 10 loan management systems for small business lenders. We will compare their features, pricing, and customer support to help you choose the right system for your business.

Features to Consider

When choosing a loan management system for small business lenders, there are several key features to consider:

  • Loan origination: The system should allow you to easily originate loans, including collecting borrower information, underwriting loans, and closing loans.
  • Loan servicing: The system should provide you with tools to manage your loan portfolio, including tracking payments, managing delinquencies, and reporting on loan performance.
  • Accounting: The system should integrate with your accounting system to streamline your financial operations.
  • Reporting: The system should provide you with a variety of reports to help you track your loan portfolio and make informed decisions.
  • Customer support: The system should be backed by a team of responsive and knowledgeable customer support representatives.

Pricing

The pricing of loan management systems for small business lenders varies depending on the features and functionality of the system. Some systems are priced on a monthly subscription basis, while others are priced on a per-loan basis.

It is important to compare the pricing of different systems before making a decision. You should also consider the total cost of ownership, including the cost of implementation, training, and ongoing support.

Customer Support

The level of customer support provided by a loan management system is an important factor to consider. You want to choose a system that is backed by a team of responsive and knowledgeable representatives who can help you with any issues that you may encounter.

Some systems offer 24/7 support, while others only offer support during business hours. You should also consider the availability of online support resources, such as FAQs and user forums.

The Top 10 Loan Management Systems for Small Business Lenders

Now that we have discussed the key features to consider when choosing a loan management system, let’s take a look at the top 10 systems for small business lenders:

  1. Fundingo
  2. LendingPoint
  3. OnDeck
  4. Kabbage
  5. BlueVine
  6. Square Capital
  7. PayPal Working Capital
  8. Shopify Capital
  9. Amazon Lending
  10. Klarna

These systems offer a variety of features and pricing options to meet the needs of small business lenders of all sizes.

Conclusion

Choosing the right loan management system for your small business lending operation is an important decision. By taking the time to consider the features, pricing, and customer support of different systems, you can choose a system that will help you streamline your operations and grow your business.

To learn more about loan management systems for small business lenders, please visit Fundingo.com. You can also call toll-free at (877) 227-7271 to schedule a demo.