PayDay Lending Software

Remove Administrative Hassle for Employers and Enable Financial Wellness for Employees

LendFoundry Loan Origination and Loan Servicing Software take into consideration the three major stakeholders of a Salary Advance Loan, Employee, Employer and the Financial Institution.

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The platform is collaborative, enables real-time decision making, and is an end-to-end digital channel designed to track and manage deals through submission, validation, underwriting, funding, and repayment.

Based on an” accelerator” concept, building blocks support Salary Advance Loan Origination and Salary Advance Loan Servicing. LendFoundry can be deployed rapidly and then customized to fit workflows, desired branding, look and feel.

State-of-the-art micro-services design enables high performance and seamless scaling with business growth.

Offered as a Cloud Service (SaaS) makes startup costs low and allows to scale the application as the business grows.

Additional flexibility to choose to use the entire solution or just the pieces that make business sense.

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Modular Salary Advance Lending Software

Low-code modular architecture powers the platform to offer a high degree of reusability and ease of customization to build solutions tailor-made to suit unique business requirements. Deepen your customer relationship with the power of personalized omnichannel contextual experiences

Our Features

For your facilitators - Employers

Online all the way for a seamless truly digital paperless experience and a part of employee benefits
Api integration with existing HRMS system for employee data validation
Reduce the time between apply to book from days to hours and drive up employee morale
New employee onboarding and validation
Apply new loans for existing employees
Maintain time bound pre approved offer for employees
Customizable dashboards for 360 degree employee view
Configurable mobile and email management to automate notifications
Event driven Statement of Account and Loan Closure document generation

For your end customer - Employees

Online all the way for a seamless truly digital paperless experience
Reduce the time between apply to book from days to hours
Self registration to initiate validation
Self service portal with all loan details
Configurable mobile and email management to automate notifications
Event driven Statement of Account and Loan Closure document generation

For your Loan Origination

Connection with key credit risk analyzers, watchlist, financial statement providers, HRMS etc. to establish pricing and decision models with optimal loan risk .
Streamlined workflow with configurable approval cycle and charges
Integrated document manager stores document with categorisation and inbuilt viewer to validate document content
Automate limits and exposure management
System driven consent capture & communication for speedy funding
Quickly launch new loan products on same single platform for easy onboarding

For your Business

Secure & Scalable Platform
SOC Type 1/2 certified
API for seamless integration with existing and future technology environment
Employer Portal, Employee Portal for ecosystem partnerships
Same day decision and funding, with a full packaged application
MultiLingual capability
User credential and role based access
Complete transaction log generation and storage for future audit purpose
Integrated document storage with classification and access control
Comprehensive Reporting and Analytics for current business requirements and support long term business vision

For your Loan Portfolio

Easy to configure automatic or manual additional discounts, charges or fees on loans
Automated ACH file generation for payment collection from employer
Configurable mobile and email management to automate notifications
Event driven Statement of Account and Loan Closure document generation

Frequently Asked Questions

What are Salary Advance Loans?

Salary Advance loans is a special type of personal loan where an employee is supported by his employer to fund an unexpected cash requirement before the salary of the month arrives. It is usually used to meet sudden unplanned expense requirements. These loans are provided for a short term, usually for days as a stop gap before the salary gets credited while in some cases it can also be a long term equated installment loan.

It is different from Payday loan as with the involvement of the employer the employee gets a better pricing based on his inputs from the employer HRMS. The financial institution also reduces risk through tie ups with employers for repayments thus reducing probability of nonpayment and passing on the advantage to the end borrower or employee. The lender provides early access to cash and the money advance is provided by the Financial Institution and not by the employer. The repayment is done by the employer to the Financial Institution by appropriate reduction from employee salary.

What are the advantages of using LendFoundry Salary Advance Loans Software?

LendFoundry Loan Origination and Servicing Software takes into consideration the three major stakeholders of a Salary Advance Loan, Employee, Employer and the Financial Institution. The platform is collaborative, enables real-time decision making and is an end-to-end digital channel designed to track and manage deals through submission, validation, underwriting, funding, and repayment.

The Loan Origination system supports onboarding of employers with integration to the HRMS system for employee details. During initial onboarding of employer and employee api driven integrations with an ecosystem of data providers ensures borrower data enrichment as required for risk assessment and better decision making. Intelligent Automation helps to reduce mandatory manual intervention to aggregate information/ results from different data sources and update them on the loan software thus reducing chances of human errors. Our microservice architecture ensures a seamless integration with your existing and future technology environment making it a one stop future proof solution.

The Loan Servicing system provides both employee and employer a self-service portal offering a single window view of their loans, payments, statements and also facilitates periodic, timely communications. This interface allows them to apply for loans and integration with payment processors provides an automated channel for disbursements and repayments. For your support teams, they get everything required at one place and access to dashboards to manage loan portfolios efficiently. For your business, it provides Analytics and AI tools to identify the next best upsell and cross sell opportunities.

Built using a low-code modular architecture, the platform offers a high degree of reusability and ease of customization to build solutions tailor-made to suit your unique business requirements.