A Loan Collection App is a web or mobile app that streamlines the collection process and enhance customer experience.
Why build a loan collection app?
A loan collection app brings a lot of benefits like personalized payment reminders, easy tracking of loan statuses, and efficient communication, leading to higher repayment rates and reduced administrative overhead.
Amortization
The amortization feature provides lending companies with detailed schedules based on payment frequency, loan balance, interest rate, and compounding frequency. It helps users track repayment progress and make informed financial decisions.
Collection Management
The Collections Management feature of a Loan Collection App streamlines and automates the process of managing delinquent loan accounts. It empowers lending companies to efficiently schedule and automate payment collections. This also lets them track and prioritize collections tasks, send automated reminders to borrowers, and generate customizable reports to monitor collection performance.
Borrower Management
Have a customer portal to effortlessly handle borrower, guarantor, and co-borrower information. The portal facilitates sharing payment alerts, recording financial data, and addressing customer queries or requests, ensuring seamless communication and efficient management of all relevant data.
Collateral Tracking
Easily manage and monitor collateral assets associated with loans. This feature allows users to record and update collateral information, track changes in asset value, and generate real-time reports, ensuring lenders have complete visibility and control over the collateral securing their loans.
