Loan Management Made Simple for QuickBooks®
How Can LoanAssistant™Help a Small Lender with Loan Servicing?
LoanAssistant™ is the perfect tool to aid lending companies in dealing with their loan management. There are many different types of loans available for many different types of borrowers and lenders. Borrowers can be students, homeowners, small businesses, and many other unique people and companies. There can be multiple borrowers taking one or more loans. There can be people or companies providing personal or corporate guaranties that these loans will be repaid. Loans can be self-amortized, interest only, balloons and credit lines. LoanAssistant aims to make the process of organizing and managing any of these loans and borrowers as simple and easy as possible. LoanAssistant is incredibly efficient, and will work phenomenally for lenders. Our loan servicing software makes loan management a breeze.
How LoanAssistant can help lenders?
To help explain just how LoanAssistant™can help lenders, let’s start with a hypothetical situation. You run a business. Imagine that you are selling equipment to the same customers over many years. You know your customers and their payment history very well. Suddenly, the lender who financed your customers when they purchased your machinery decides that they are no longer interested in this line of business. This decision makes it very difficult for your customers to continue purchasing from you. You may decide to step into the shoes of the bank and start financing the purchases that your customers are making. You have known most of them over many years and you are confident in their ability to pay back. You are also confident about your product and you know that financing can not only help you increase your sales by making your product easier to purchase, but also can be a lucrative new venture that can supplement your income from sales. You make more than 100 small loans and you keep your paper notes about each loan. You need to remember when each monthly payment is due and write a letter to your borrowers reminding them about when the payment is due. You also need to keep track of all the payments coming in and manually calculate the amount of principal, interest and any possible penalties.
This can be a daunting process if you are performing it manually. You may try to use simple Excel spreadsheets to help you solve the problem, but the loans you have given are not all the same. You may need to use different formula and different spreadsheets. You never planned to become a software programmer but all of a sudden you have to learn how the Excel works and how to code. How do you provide all this information to your accountant? Do you do it on the quarterly basis? Maybe you decide to do it annually? What if you need to prepare a profit and loss statement? What if you need to print your balance sheet? Do you transfer all of your spreadsheet data to your accounting software? Imagine, one transaction a month for 100 loans. You would need to transfer 300 transactions for a quarterly report. There is a huge possibility of error while you are doing the extra step. Meanwhile, you will get distracted from your main business activities, which is selling and financing but not loan processing. But there is a reason your business is small. It means you cannot yet afford to hire a designated person to do all of your loan processing.
However, as a small business owner it is most likely that you have been using QuickBooks accounting software for your business and you are familiar with the interface of QuickBooks and the way it operates. This is where LoanAssistant comes in to help.
LoanAssistant aids you in your loan administration and provides extensive library of reports and statements in a way that is easy for both you and your borrowers to understand. LoanAssistant™ will help you track each loan and will keep you and your borrowers on top of payment dates. You can easily send billing statements to your borrowers. These statements will reflect the current loan amounts, the amount of their last payment, and the amount and date of the new payment that you are billing them for. After all, this is primarily what your borrowers will care about. You, as the new owner of a lending company, will be able to answer their questions quickly and avoid making costly mistakes, all thanks to LoanAssistant™.
LoanAssistant helps to make managing and accounting for your lending business painless and easy
The process of filing all of this new information can be daunting, especially for a new lender. There is no reason to make things more difficult! LoanAssistant will help to make managing and accounting for your lending business painless, easy, and enjoyable for you and your borrowers. There is nothing more annoying for a borrower than to call the lender and realize that the lender is not aware right away of the current loan amount. In an even worse scenario, the borrower can find out that the lender provided them with incorrect loan balance. It will make your customers very anxious and suspicious. In some egregious cases it can even subject you as a lender to civil or criminal liability. LoanAssistant™ will allow you to focus on what you do best while providing you with the back office functions at the fraction of the price paid by larger institutions. Your new business will flourish thanks to LoanAssistant™