3 Reasons Lenders are Switching to LendFusion for Automation and Growth
Is your loan management system holding back your business?
Whether you’re an established lender burdened with manual processes or a growing business struggling with outdated tools, the right loan management software (LMS) is critical to scaling successfully.
Inefficient loan management impacts everything – from compliance to customer satisfaction and overall operational efficiency.
In an industry filled with various types of loans, LendFusion stands out by addressing the specific needs of SME and alternative lenders, empowering you to streamline operations, reduce manual work, and automate repayment tracking for sustainable growth.
Here’s how LendFusion tackles the biggest loan management challenges.
1. Manage Your Loans Efficiently
Managing a growing loan portfolio can become a complex task, but LendFusion makes it simple. With its powerful loan automation features, you can easily streamline loan origination, servicing, and repayment tracking.
LendFusion offers customizable workflows that adapt to your unique processes, ensuring every loan is handled accurately and efficiently.
With real-time dashboards, you get a complete view of loan performance, allowing for more informed decision-making and freeing your team from cumbersome manual tasks.
For example, a lender managing hundreds of loans was using Excel spreadsheets to track loan origination, repayment schedules, and servicing.
We surveyed 300 CEOs of digital lending businesses and found that 42% of lenders still manage their loans manually, followed by 33% of lenders still using Excel.
These manual processes are not efficient, and often led to missed payments, errors, and an overwhelming workload for the team.
By switching to LendFusion, the lender automated loan tracking and set up customizable workflows. They now monitor all loans through real-time dashboards, gaining full visibility over loan performance.
Best of all:
The team no longer worries about manual errors, allowing them to focus on more strategic tasks.
2. Reduce Manual Workloads and Tasks
Manual processes like data entry and document management are not only time-consuming but also prone to errors.
LendFusion solves this by automating key workflows such as loan application processing and borrower communication.
The result?
Faster, more consistent operations that free up your team to focus on growth.
By integrating with third-party systems like accounting tools and payment processors, LendFusion further reduces administrative workload, keeping financial records accurate without the need for manual intervention.
A small lender was burdened with manual data entry and document processing, leading to delays in loan approvals and frequent errors that impacted customer satisfaction.
With LendFusion, the lender can automate the entire loan application process and integrate the system with their accounting and payment processors.
This reduces administrative overhead, resulting in faster processing times and increased operational consistency. The lender’s team can now spend less time fixing errors and more time growing the business.
3. Automate Loan Repayment and Tracking
As your loan portfolio expands, keeping track of repayment and debt collection can become overwhelming.
LendFusion integrates directly with payment processors, automating the repayment process, sending reminders to borrowers, and tracking overdue payments.
Its real-time reporting capabilities provide visibility into loan repayments, helping you reduce defaults and manage loans effectively. The system’s automation helps lenders maintain a healthy loan portfolio without requiring additional administrative resources.
Image this:
Your team is overwhelmed by the need to manually track repayments, calculate interest, and follow up on overdue loans. This leads to delays in collections and an increased rate of defaults.
Here’s what it could look like:
By implementing LendFusion, the repayment process is fully automated, with the system sending reminders and tracking overdue payments in real time.
You see a sharp drop in late payments, thanks to automated notifications, and you can now manage a healthy loan portfolio without expanding their administrative team.
Customer spotlight: Evergreen Capital
Evergreen Capital, a UK-based lender, struggled with inefficiencies caused by manual loan management processes, resulting in bottlenecks, delayed approvals, and declining borrower satisfaction.
To address these challenges, they turned to LendFusion’s loan management software to streamline and automate their operations.
Since implementing LendFusion, Evergreen Capital has increased loan processing capacity without expanding their team, significantly reducing operational costs.
Borrower satisfaction improved as approval times shortened and real-time updates enhanced communication. Automated reminders and seamless repayment processes lowered delinquency rates, while compliance tracking became simpler and more efficient.
These improvements not only optimized daily operations but also positioned Evergreen Capital as a leader in efficient, borrower-focused lending.
Conclusion
Is your loan management system holding back your business?
Then, it’s time to consider LendFusion.
Whether you’re an established lender bogged down by manual processes or a growing alternative lender needing a scalable solution, the right LMS can transform your operations.
LendFusion addresses your core challenges, including managing loans efficiently, reducing manual workloads, and automating repayment tracking.
By streamlining these key areas, LendFusion empowers you to focus on growth while ensuring compliance, boosting efficiency, and improving customer satisfaction.
Ready to scale your lending operations?
Book a demo today to see how LendFusion can help drive business growth.
Vahuri Voolaid, COO
Vahuri is the Chief Operations Officer at LendFusion. Vahuri has 8 years of experience in fintech with loan management software as a product owner and an MBA with a specialisation in IT management.
Connect with Vahuri on LinkedIn.
