There is a growing demand for financial loans for medical emergencies, boost business, household bills among other financial needs. This has resulted in more borrowers and more money being circulated. As such, lenders need efficient lending systems that enable them to manage their clients and their loan products with ease.
Below are the top 5 lending software used by lenders in Kenya;
1. FlexFinance
This is a loan application software that manages information required for loan application. It also covers the whole loan process from checking the customer’s credit limit, loan application to loan repayment. Additionally, its features can be customized to meet the user’s requirements or needs.
2. Craft Silicon
The software enables tracking of loans since inception to completion of payment. Its features allow the users to manage their borrowers and their accounts with ease. The software allows for generation of well detailed loan statements, printing out of payment schedules and sending payment reminders to borrowers through text.
3. Loanbook
This is an application by Jisort. Firstly, the a is easy to understand and use. Its features allow users to manage their clients, add more with ease and manage their loans till closure. Through the app, one can calculate the loan interest, generate payment schedules and print out account reports. be used for peer to peer lending, for Chamas as well as established lenders.
In addition, its affordability makes it a to go choice for most lenders. It is absolutely free for one user and monthly fees for consecutive users are pocket friendly.
4. K-Loans
This is a loan software by Kenya Hosting Experts. It allows lenders to manage borrowers, from their creditworthiness, to debt collection. The design is suitable for Micro Finance Institutions, Saccos, companies (for their employees) and start ups.
5. SaccoPro by Engsoft Valley Solutions
The firm provides a Sacco management system with modules that allow the sacco to manage its operations, among them loans. Loan management includes loan applications, disbursement and collection.
