The need for this type of loan arises when the project being funded is too big of a fund for a single lender to manage. Two or more lenders (a syndicate) jointly provide a loan for one or multiple borrowers under the same loan terms. Determining what type of loan management software you need is important (see “What Does My Business Need?” below), but first you’ll want to figure out what specific types of loans your software will be managing. Loan management software can be used by a company offering simple lines of credits or basic unsecured loans, or be a large financial institution providing mortgages and large amounts of funding to businesses. The software can help create a new loan for a customer, store information on the types of loan given out, manage APR and interest rates, create accurate reports and statements, and provide the needed tools to collect. Loan management software helps you service loans from origination to management to collections.
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