Loan management software is a crucial tool for lending institutions to manage their loan portfolios efficiently. It helps automate the loan origination process, track payments, and manage delinquencies. In this blog post, we will discuss the top 7 free loan management software solutions available in the market. We will cover what each software does, its features, and pricing.
Top 7 Free Loan Management Software
Apache Fineract
Apache Fineract is a popular open-source program for digital financial services and offers an end-to-end loan management solution. It is a cloud-based software that provides a 15-day free trial period with a starting price of $99 per month. Apache Fineract provides a user-friendly interface with customized workflows, seamless loan servicing, and paperless origination. It also offers third-party integrations and a loan payment tracking facility.
FileInvite
FileInvite is a loan servicing software that streamlines the inefficiencies associated with private lending. It is a cloud-based software that offers a free trial period and a starting price of $15 per month. FileInvite provides an audit trail, automatic funds distribution, and compliance management features. It also offers contact management and deployment management features.
Margill Loan Manager
Margill Loan Manager is an installed or cloud-based loan servicing solution that assists lenders with servicing loans, lines of credit, receivables, and leases. It offers interest computation, custom fields, data export, multi-currency, customizable reporting, and revenue tracking features. Margill Loan Manager is compatible with Windows 7 and Windows 8 and includes the following features: accounting, amortization schedule, and audit trail.
Read also: Top 7 CRM For Loan Management
Plaid
Plaid is a financial technology company that provides a suite of APIs to enable lenders to connect with borrowers’ bank accounts. Plaid helps lenders make informed loan decisions by verifying assets, income, and identity.
It offers a free trial period and a starting price of $0 per month. Plaid provides the following features:
- Instant connectivity to source data: Plaid helps lenders gain a holistic picture of loan applicants by connecting to borrowers’ bank accounts.
- Seamless user experience: Plaid offers a user-friendly interface that simplifies the loan application process for borrowers.
- Automation: Plaid automates various aspects of the lending process, driving operational efficiency across the lending process.
- Asset verification: Plaid provides a snapshot of a borrower’s finances, including account balances and transactions, to help reduce fraud risk.
- Income verification: Plaid helps lenders verify borrowers’ income and employment using transaction data.
- Identity verification: Plaid confirms a user’s identity with information on file at the bank, including name and address, to reduce fraud.
- Loan servicing: Plaid enables lenders to easily authenticate bank accounts when users set up loan repayments via ACH.
Plaid is also compatible with various platforms, including Windows 7 and Windows 8, and offers a seamless integration and implementation process. It is a certified Day 1 Certainty™ asset verification report supplier for Fannie Mae’s Desktop Verify.
Plaid’s lending solution drives efficiencies throughout the lending process, from pre-qualifications to loan disbursement and repayment.
Loandisk
Loandisk is another cloud-based loan management software that offers a loan origination solution for microfinance businesses to manage customer loans and repayments. It provides a free trial period and a starting price of $49 per month. Loandisk offers the following features:
- Fee management: Loandisk helps lenders manage fees associated with loans, including interest rates, late fees, and origination fees.
- Loan processing: Loandisk streamlines the loan origination process, from application to disbursement, to help lenders manage their loan portfolios efficiently.
- Automated messaging: Loandisk sends automated messages to borrowers to remind them of upcoming payments and other loan-related information.
- Predefined templates: Loandisk provides predefined templates for loan agreements, repayment schedules, and other loan-related documents.
- Account management: Loandisk helps lenders manage borrower accounts, including loan balances, payment history, and other relevant information.
- Reporting: Loandisk provides customizable reports to help lenders gain insights into their loan portfolios and make informed decisions.
Loandisk is compatible with various platforms and offers a seamless integration and implementation process[3]. It is an online loan management system for microfinance and lending companies. Loandisk’s lending solution drives efficiencies throughout the lending process, from pre-qualifications to loan disbursement and repayment.
Buku
Buku is a super simple money manager and digital business intelligence tool that helps users maintain income, expense, bills, bank/wallet/credit card/investments, party ledger, and more.
It is an operating system for micro and small businesses and offers a range of features, including party ledger, expense, sale, purchase, account management, inventory and billing, staff management, CRM, custom project, and online store.
Buku’s basic yet powerful features like party ledger, expense, sale, purchase, and account management are free, while its optional services are subscription-based.
Users can take either a monthly or half-yearly or yearly subscription, with a starting price of $1.00 per year.
And it is compatible with various platforms, including Android, and offers a seamless integration and implementation process.
Lendsqr
If you are still looking for another free loan management system, consider Lendsqr.
Lendsqr is a powerful loan Software as a Service (SaaS) that enables lenders to launch their lending business and reach millions of customers at scale. It offers a range of features and capabilities, including ACH payment processing, API, alerts/notifications, approval process control, audit trail, auto loans, borrower management, and business loans.
Lendsqr empowers lenders with an end-to-end digital lending platform that automates the entire credit lifecycle, serving banks, microfinance institutions, and other lending organizations.
The platform allows lenders to set up their lending business with access to world-class features in minutes, making it a convenient and efficient solution for managing the lending process.
Lendsqr also offers a free trial, enabling users to experience its capabilities before making a commitment.
Conclusion
In conclusion, loan management software is an essential tool for lending institutions to manage their loan portfolios efficiently. In this blog post, we have discussed the top 7 free loan management software solutions available in the market. We have covered what each software does, its features, and pricing. It is important to note that not all loan servicing systems are created equally, so you need to choose the best that can fit your organization’s needs. Hence you need to make a viable selection based on your specific requirements.
