How Banks Handle Loan Management – Tested & Reviewed: 10 Best Software Solutions for Loan Management

Taking a loan to boost your financial situation is always a major decision for most customers. Or at least it should be. You could be interested in purchasing a new house, buying a new car, furthering your education, or any other personal reason but don’t have the funding. And that’s where loans always come to play.

The modern world has developed in such a way that loan management processes are more efficient and less stressful. Customers are now more concerned about the efficiency of the lending organizations plus their ability to secure any personal information than they were before.

It is for these reasons that lending organizations are prompted to invest big in loan management systems which are meant to improve their customers’ experience with their services. Comes the loan management software which improves the overall quality, speed, transparency, and efficiency of managing the installment loans online.

Today, you find a market that is flooded with multiple different loan management software suites. These loan management software suites are meant to provide the customer with a comprehensive range of features. All of which is meant to increase the performance of the lending organizations’ loan management procedures. Mortgage companies, banking institutions, commercial lending firms, and other private and institutional lenders are the main contenders in this field. Take a look at the top ten best software for loan management.

1. Autocloud

The software provides the customer with a complete loan management platform for finance and NBFCs businesses. Customers can manage their personnel, vehicles, property, and business loans using this software. Autocloud is a cloud-based software. Meaning that everything is pretty much done online.

1. Logic Research

This software works to record and maintain all loan details of its users. Customers can use this software to monitor their loans; the loan number, value of the loan amount, the rate of interest, loan installment, discounts, etc.

1. SimTRE

SimTRE works to offer a complete loan management solution for product distributors and loan intermediaries alike. It is used to manage both the secured and secured loans alike. Plus, it has end-to-end solution applications from lead to payout management.

1. LOANLEDGER

Also, an online-based software. LOANLEDGER is a real-time loan management software meant to provide you, the customer, with modules for the firms that deal with loan management. LOAN LEDGER is also highly customizable and can suit all sizes of businesses. Some of its features include collection management, transaction reports making, investor tracking service, loan servicing management system, etc.

1. finPOWER Connect

This particular software has a user-friendly and intuitive interface which works to take care of your business. It has an excellent customer support team and is pretty easy to start with.

1. Margill Loan Manager

You can easily manage your regular or irregular loans using this software. Mortgages, investments, lines of credit, leases, etc, are also included on this list. The software also has a team of seasoned programmers working around the clock to ensure you get the best out of the software.

1. RECKON Loan Management Software

This is the software meant to eliminate all traces of manual loan management from the system. It helps to simplify the whole process for the lenders. Even the loan seekers can use its service to find the best loan providers.

1. Turnkey Lender

This software is highly customizable and is designed to meet the needs of its users. It also comes with a pay-for-use module which makes it a good value for your money. It also fully automates your loan payments.

1. MLM Software India

This software offers services that help to resolve the lenders’ problems. The software can track information like due installments, current balances, payment collection, interest and penalty calculations, and many more features.

1. DownHome Loan Manager

This loan management software has been designed especially for the community lenders. It is a powerful and flexible tool and quite easy to use. It also has modules that easily suits the needs of any business sizes. DownHome Loan Manager’s core system also covers all the essentials that cater to any specialized needs by its users.