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How COVID changed the features of Loan Management Software

7 Apr 2022

All the markets were impacted by the global pandemic and every business needs to adapt. The same happened for loan providers, financing, and leasing companies.

For us as a provider of loan management software, it means we need to offer more flexible and more attractive systems. This situation just proved our strategy is set up well and proper and fast release management is a must. Thanks to our frequent releases (every 2nd month), we are able to implement our customers’ requirements when reacting to pandemics and other hard times. 

Small changes can bring huge help. Check the main changes in our loan management software inspired by COVID.

Loan management software features inspired by COVID

  1. Loan calculation with zero interest


    The loan management platform allows to calculate a loan with zero interest or change the financing rate to 0 during the active loan. We evidence the increasing number of banking and financial services companies who use our Loans Express as employee loan management software. They offer intercompany loans with zero interest, as help during COVID, this is feature number one. 

    Loan providers use zero interest also as a bonus for their clients, so they offer them 1st year with 0 interest. Everything is managed for a few clicks by Financing Rate Wizard.

  2. Variable finance conditions for a more flexible loan management platform


    The other help which micro-financers require is to be adaptive and variable in case of payment conditions or important payment dates. We have opened the possibility to update Posting Date and Due Date whenever is needed for the users who have admin rights. Then, Pro-long payment conditions are the task for 1min. 

  3. Day by day = loan calculation with daily interest


    Thanks to the daily interest possibility, all changes on the loan contract are calculated immediately from the day after. The changes such as the change of principal, interest rate, or extraordinary payments are included. Then all commercial, personal, or employee loan calculations could be adaptive for daily base situations.

    To simplify the daily routine for loan providers, our loan management software has prepared a summary report of all changes per contract. Since the loan contract changes are more often during the last months, we are aware of the importance to have a better overview of the loan lifecycle and the quality of the evidence list.

  4. The table calendar isn’t useful anymore


    Don’t let your clients think about state holidays that come for their due dates
    . Everything could be set up with non-working days and state holiday features. If the Due Date is a public holiday, the system offers the first working day after.

To sum it up, COVID brought us also many challenges and new inspiration which every cloud management systems need to cover. If you are curious to get more information, text us to get the free trial version of our loan management software.

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