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Top 5 Loan Management Platforms for Enhancing Small Business Lending
Small businesses are the backbone of our economy, yet they often face challenges in accessing capital. Loan management platforms can help small businesses get the financing they need to grow and succeed.
A loan management platform is a software solution that helps lenders manage the entire loan lifecycle, from origination to servicing. These platforms can automate many of the tasks involved in lending, such as:
- Loan origination: This includes tasks such as credit analysis, underwriting, and loan documentation.
- Loan servicing: This includes tasks such as collecting payments, tracking loan performance, and managing customer relationships.
- Loan reporting: This includes tasks such as generating reports on loan performance and compliance.
Loan management platforms can provide a number of benefits to lenders, including:
- Increased efficiency: By automating many of the tasks involved in lending, loan management platforms can help lenders reduce their operating costs and improve their efficiency.
- Improved accuracy: Loan management platforms can help lenders reduce errors by automating processes and enforcing rules.
- Enhanced compliance: Loan management platforms can help lenders comply with complex regulations by providing automated compliance checks and reporting.
- Improved customer service: Loan management platforms can help lenders provide better customer service by providing borrowers with easy access to information about their loans and by enabling lenders to respond quickly to inquiries.
Top 5 Loan Management Platforms
There are a number of different loan management platforms available on the market. Here are five of the most popular:
- Fundingo: Fundingo is a cloud-based loan management platform that is designed for small businesses. Fundingo offers a variety of features, including:
- Loan origination
- Loan servicing
- Loan reporting
- Customer relationship management
- Business intelligence
- Lendio: Lendio is a cloud-based loan management platform that is designed for small businesses and lenders. Lendio offers a variety of features, including:
- Loan origination
- Loan servicing
- Loan reporting
- Marketplace lending
- Business intelligence
- Kabbage: Kabbage is a cloud-based loan management platform that is designed for small businesses. Kabbage offers a variety of features, including:
- Loan origination
- Loan servicing
- Loan reporting
- Business intelligence
- OnDeck: OnDeck is a cloud-based loan management platform that is designed for small businesses. OnDeck offers a variety of features, including:
- Loan origination
- Loan servicing
- Loan reporting
- Business intelligence
- StreetShares: StreetShares is a cloud-based loan management platform that is designed for small businesses. StreetShares offers a variety of features, including:
- Loan origination
- Loan servicing
- Loan reporting
- Business intelligence
How to Choose a Loan Management Platform
When choosing a loan management platform, there are a number of factors to consider, including:
- The size of your business: Some loan management platforms are designed for small businesses, while others are designed for larger businesses.
- The type of loans you make: Some loan management platforms are designed for specific types of loans, such as business loans or consumer loans.
- Your budget: Loan management platforms can range in price from free to thousands of dollars per month.
- Your IT resources: Some loan management platforms are cloud-based, while others are on-premise. You will need to consider your IT resources when choosing a platform.
Get Started with a Loan Management Platform
If you are looking to improve your small business lending operations, a loan management platform can be a great option. By automating many of the tasks involved in lending, loan management platforms can help you reduce your operating costs, improve your efficiency, and enhance your compliance.
To get started with a loan management platform, you will need to:
- Choose a platform: There are a number of different loan management platforms available on the market. Consider your business needs when choosing a platform.
- Implement the platform: Once you have chosen a platform, you will need to implement it in your business. This may involve training your staff and integrating the platform with your other systems.
- Use the platform: Once the platform is implemented, you will need to start using it to manage your loans. The platform will provide you with a variety of tools and features to help you streamline your lending operations.
Call toll-free at (877) 227-7271 or visit Fundingo.com to learn more and schedule a demo today!