A Loan Management System Software helps in tracking and managing loans. There are a variety of loans provided by a lender be it in product offering viz. consumer loan, commercial loan, mortgage etc and within a product different loans might have different interest rates, payment dates, and more. It is difficult to track all these loans manually or using legacy systems and ensure business is on the right track.
A cloud based loan management system solves this problem by having multiple products with different parameters configured under one single setup. The system allows us to calculate interests, fees, and more. A loan management solution can also assist you in automatically collecting funds via ACH, wire transfers, credit cards, and more.