Top 5 Loan Management Software Providers
Developing and launching a lending portal is an expensive and time-demanding process. On average, companies spend approx. $100,000 on development only. However, the numbers heavily depend on the software and the customer’s business model.
Some lending firms need custom P2P lending software while others use white-label loan management platforms.
Add the cost for integration with third-party solutions, e.g. payment providers, KYC/AML, expenses for the platform maintenance, payments for licenses, etc., and the costs will increase exponentially.
Here, we have selected the top 5 loan management software providers based on such parameters as an industry, prices, convenience of use and customization level to help you reduce the research time and get you to the next milestone in your business.
What you will learn in this post:
Finastra
Finastra offers comprehensive loan management software in commercial, syndicated, mortgage, and consumer lending. The company solutions for cash and liquidity management, collateral management, loan origination, trade & working capital finance, and others improve customer onboarding, increase transparency and streamline back-office operations.
Best for: banks, financial institutions, credit unions, treasuries, capital market players, etc.
Minimum price: not available
Deployment: cloud, SaaS
Free trial: not available
Pros:
- The company offers complex solutions for all types of lending
- Easy to use
Cons:
- No mobile app
- No free trial
HESFintech
HESFintech offers white-label loan management software with GDPR and ISO compliance and can be fully customized for business requirements. The lending software solutions can be fully customized and implemented within 3-4 months.
With more than 20 pre-build modules, including KYC/AML, customer onboarding, product engine, and others, the solutions offer the required functionality. The needed solution can be assembled from the available modules.
The Smart Onboarding feature allows to increase the customer onboarding rate. The Product Engine enables the creation of multiple loan product types and limitless operations. A document management solution reduces manual work with documentation and automates document management flows. The KYC feature leverages KYC/AML and ID checks.
The company claims that its lending software solutions can be fully customized and implemented within 3-4 months. The software can be integrated with multiple KYC/AML, payment, accounting systems, notification providers, BI solutions, etc.
Best for: banks, financial institutions, and alternative lending platforms
Minimum price: $50,000, one-time
Deployment: cloud, SaaS, web-based
Free trial: not available
Pros:
- An extensive set of already available features for customer and documentation management, loan processing, audit trail, etc.
- Highly professional customer and technical support
- Solutions for all types of loan management and lending businesses
Cons:
- High cost
- May not be for suitable for startups
LenderKit
LenderKit offers while-label software solutions for crowdinvesting businesses with debt or equity-based flows. The LenderKit loan software comes with an extensive set of features and functionality which can be customized for your business needs.
Personal dashboards for borrowers and investors allow them to manage their activities.
Borrowers can:
- Monitor the status of the offerings
- View transactions
- Monitor the payout schedule
- Transfer funds to their bank account on request
Investors can:
- Search the offerings
- Monitor the performance of their investment
- Replenish their e-wallets
- Make investments in selected offerings
A powerful back-office tool enables platform creators to gain complete control over their businesses. It enables the business owner to:
- Set up the platform fees
- Monitor the business performance
- Manage platform users
- Manage offerings and investments, etc.
Solutions for the debt- and equity-based platforms are customized for the US, European, or Islamic regulation.
Best for: alternative investment platforms
Minimum price: not available, monthly- or quote-based
Deployment: on premise, cloud
Free trial: not available
Pros:
- Transparent and easy-to-use solutions
- An extensive set of out-of-the-box features (admin back office, investor and fundraiser portal, marketing site)
- Automated tax form filing, KYC/AML integration, payment flows, etc.
Cons:
- No free trial
TurnKey Lender
TurnKey Lender provides loan origination software that automates the lending process from the loan application stage to loan origination, underwriting, collection, etc. The proprietary AI-driven technology, deep neural networks, and machine learning allow making decisions about loans within 30 seconds, with no compromises to quality and accuracy.
Best for: financial institutions
Minimum price: not provided
Deployment: cloud
Free trial: available
Pros:
- An extensive set of out-of-the-box features
- Customization is available for different regions
- Helpful customer and technical support
Cons:
- Manual payment processing is not supported
- Payment integrations work only with automatic scheduled payments
- Limited reporting options
LendingPad
LendingPad provides extensive software solutions for banks, financial institutions, lenders, brokers, etc. The software includes a loan origination system (LOS), a consumer portal, and a document management module.
The LendingPad loan software is designed to streamline lending procedures and reduce cost of launching a mortgage lending portal. It enables originating loans from anywhere and shortens the lending cycle with simple screens that enable to review loan information, real-time notifications, and integrated document management. Such functions as banking and warehousing, administration of third-party channels, enterprise API for data exchange, and others enable lending securely and in compliance with the regulation.
Best for: banks, financial institutions, lenders, mortgage brokers
Minimum Price: the Broker edition is $50,000 per month, the Lender and Institution edition price is not provided
Deployment: cloud
Free trial: not available
Pros:
- User-friendly and easy-to-use
- Easy integration for all operating systems
- Professional customer and technical support
Final thoughts
In some cases, it may be worthwhile to start working on your portal from scratch when technical requirements are complex, the business model is too sophisticated, or if your budget allows covering all the costs of creating the portal from scratch.
But in most cases, a white-label P2P lending platform software can help you to create a custom marketplace or private portal with all the required flows. The main thing is to select your lending software solution correctly.
Some companies offer P2P lending software, others focus on solutions for traditional financial institutions such as banks, lending bureaus and some specialize in white-label solutions for crowdinvesting portals.
If you want to start your P2P lending platform and need fully-customizable white-label software, you may check out the above mentioned providers or reach out to LenderKit for an online demo.
