What is a loan management system?
Well, it is a secure automotive system for the lending platforms that connect lenders and borrowers giving them a safe way to access loans.
It’s a simple system that allows you to keep track of loans.
What is a loan?
It’s the money a friend, bank, or financial institutions give to a borrower with the intent of getting it back with a profit; interest.
Before getting a loan the borrower must agree to terms and conditions and in some cases, the lenders ask for collateral.
Different lenders have different interest rates and different payment periods.
What to consider before getting a loan:
- Credit score and credit history- this is the merit of how well eligible you are for the loan, have a good score.
- Income- you should have a source to pay the loan.
- Type of loan- know what you want.
- Interest rates- be sure to check how much it will cost you to repay.
- Collateral- check on what they ask for before borrowing.
- Repayment term- check how much time they give you to pay the loan.
- Liquid assets- in case you lose the source of income you can be able to pay the loan.
Types of loans:
- Personal loans
- Commercial loans
- Student loans
- Syndicated Loans
- Mortgage Loans
- Payday loans.
- And many others.
How does the loan management system work?
Well, it manages loans, loan records, and much more. It helps automate the process of the loan lifecycle.
Is a loan management system safe?
Yes, it’s a secure system that ensures proper handling of clients and safeguarding their privacy and data.
Benefits of a loan management system
- Makes lending easy- approve loans from just anyplace so long as the system is online.
- Paperless transaction- it’s online you don’t have to keep writing on a book, photocopying records you can use spreadsheets to see the information.
- Saves time- all in one piece of information, you don’t take time to know who has not paid, interest accumulated, and other information.
- Optimize revenue- it generates reports on income and expenditure that is you know if you running on credit or debts.
- Improved security- client’s data is safely protected, unlike the traditional filling system where files may get lost or stolen.
- Superior customer experience- customers get first-hand help and access to loans and services is fast too.
Where can you get a loan management system?
Introducing Jisort:
What is Jisort?
It’s a web-based credit management software that automates transactions for Banks, Credit Unions, Lending institutions SACCOs, and other financial institutions.
It is software that helps financial institutions keep records, keep checks on clients, and generates reports.
Why use Jisort?
Since Jisort specializes in the development of core banking systems and applications, it has served both local and international clients for 6 years.
- It’s simple- access reports and clients’ data easily with their amazing database, that has all in one place information.
- Affordable- access and manage all your clients’ data and generate reports for as low as $20.
- User-friendly- everything is in all-in-one-place making it easy to access any detail of either loan, interest, or reports.
- Guaranteed support- the support team is always ready to help whenever you run into issues.
- Payment modules- it’s not limited to one payment method since it’s integrated with many Banking modules.
- Has risk access and management- does follow up on guarantors and clients who are late in paying their loans.
- Provides a loan recovery management- this always keeps due dates of loans and can also generate reports on due loans, defaulted accounts, and overdue accounts.
How does Jisort work?
It offers an alternative real-time integrated banking channel that allows Financial Institutions to offer banking services with minimum cost.
Being a Core Banking System able to integrate with:
- Banks
- Mpesa
- PesaLink
- Credit Reference Bureaus (CRBs)
- Vodacom
- Tigo
- Among others
This is a simple demo of how the system looks and operates, basically it is a simple, an all in one place for loan management.
Accessing different clients and checking on how many loans are borrowed, active, pending, and completed is easy.
Besides, you also get to check on expenses and income and get to know if you are running on credit or debit.
As we said Jisort is cheap; here are their payment plans:
Everyone needs money and loans come in handy whenever you are running low or in case of an emergency.
Well, you also can make money from loans, and having a management system like Jisort will help you grow as well as save time.
Register and start managing your clients, easily. Get Jisort now.
