Taking out loans from a bank or a credit union is often not a difficult process. Submitting a few documents and making a commitment to pay during a certain period is often what is needed to be granted a loan. The loan is often sent to the bank account in a quick and easy transaction However, paying off the loan is often the problem when the requirement is going to the bank to deposit payment or even keeping track of how much has been paid off already. Add to that the work of filling out a loan payoff request and waiting up to 180 days for a response.
Nowadays, digital loan payoff software will be a huge benefit for both loan companies and borrowers. A digital loan payoff software system actually makes the entire process of taking on a loan and paying it off much easier. LPORS (Loan Pay Off Request Software) aims to cut down on the time it takes for applicants to make a loan and for the lenders to process everything by linking to mobile and online banking platforms.
LPORS is a unique platform that integrates loan service interactions and payments so the transactions are seamless. Clients can just select their target payoff date, and the software automatically computes the amount – including interest rates and fees and the loan type, and the statement is sent via email, text, or mail, whichever way the client prefers. This eliminates the need for the client to call and ask for a payoff letter or to inquire about the payment amount needed for this month. This greatly improves customer experience as clients get service on demand.
Having the LPORS system cuts back on the time spent on making calls, inquiries, and processing the paperwork for loan payoffs. This is also cost-effective for loan companies, credit unions, and banks, as this reduces the time and the employees can focus on other aspects of the work.
LPORS is cost-effective because there is no need for a huge down payment or capital investment. The pay-per-use pricing is also convenient as there are no maintenance costs and if there is no need to use the software, then there is no need to make any payments and you can cancel anytime you find the software unsatisfactory. LPORS also decreases the operational costs of loan payoff request fulfillments from 180 days to 90 days because of the self-service option for the clients. You can reduce costs while increasing customer satisfaction and loyalty.
Having a self-service loan payoff software can prove to be beneficial to your business as users find the convenience to be satisfactory in the one-stop-shop for loan payoff requests and for payment transactions with mobile banking integrations. Whether you are a small community bank, a credit union, or a large financial institution, you may find this digital loan payoff software to be a great addition to your business.
Reach out to Integritas Solutions and experience a live demo on how LPORS can make life easier for you. Be ahead of the game and go digital with the LPORS system for your business.