Seven Tools to Make Franchise Lending Easier

Sponsored content by Applied Business Software.

In today’s Digital Age franchises expect the experience they have with their franchisor to be as seamless, straightforward, and simple as watching a show on Netflix. Of course, we all know that lending is much more complicated. However, to remain competitive in this marketplace, franchisors must make the experience feel easy to their franchisees. Fortunately, technology has advanced to offer many tools that enable automating time-consuming tasks like generating documents and conducting financial calculations. Enter The Loan Office lending software. TLO is used by franchisees to keep track all lending: start-up costs, new equipment, technology, renewal fee, etc…Here are seven tools that will make your life easier, all in one system, The Loan Office:

  1. Loan Servicing Software
    Manage more loans by streamlining loan servicing. Precisely track loan charges and advances and integrate directly with the tools you use every day. A system that integrates and tracks all the relevant information helps everyone involved stay organized and prevents missteps.

  2. Bank Reconciliation Software
    Reconcile your trust account to your bank statement easily and automatically. Your potential to scale becomes unlimited because it’s easier than ever to generate reports, issue checks, and stay organized. Collect and track payments, schedule payables, manage payments, and handle shortages, surpluses, and deficiencies.

  3. ACH Express
    Loan payments and disbursements can become a major headache for private lenders. With the right software, you can automate the process and transfer funds directly to and from your bank account. Send automated notifications and more to avoid missed deadlines and manage expectations on both ends.

  4. Consumer Credit Reporting Software
    Consumer credit reporting is another area that can be extremely difficult for private lenders to navigate. After all, credit reporting is very complex, and mistakes can result in very unhappy customers. Choose a software partner that offers step-by-step guidance on generating a Federal Credit Reporting Act (FCRA), Metro 2 compliant file. Choose the credit bureau(s) you’d like to send the file to and complete the process in a few easy steps!

  5. Financial Calculator Software
    When it comes to calculating loan terms, accuracy is critical. Calculating APRs, producing amortization schedules, and showing both gross and net interest rates are all important tasks that borrowers trust lenders to execute correctly. As a lender having software that ensures you get it right every single time is incredibly valuable and a worthwhile investment.

  6. Convenient Borrower Portal
    Borrowers want the ability to access their accounts online, make payments and see their loan information anytime, anyplace. Like one does with a bank. With the right tools, lenders can offer the same functionality. Offering information online also reduces customer calls since borrowers can resolve their issues, freeing up employees to focus on more complex tasks.

  7. Fully Web Based
    You and your designated team need the flexibility to access your software from anywhere in today’s world. Pandemic or no pandemic. Having a fully web-based system will allow you to see all activity in the software in every loan and who entered the data. Yes, prior to anyone starting to use the software, you have the ability to set parameters as to who can do what inside the software. Meaning Data Entry team members and management will have different levels of access to the software.

The Loan Office was carefully designed and developed specifically to service from a handful to hundreds of loans. We understand your unique needs and offer the most powerful and personalized franchise lending software system on the market today. If you’re ready to start financing and take your franchise to the next level, schedule a demo today with the market leader and global provider of software systems in the lending industry.