Best Solutions for Problems Faced by the Current Online Lending Practices

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Best Solutions for Problems Faced by the Current
Online Lending Practices
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• There was a time, not so lately, small and medium
  businesses, even aspiring idea persons relied on
  the traditional banking systems to get funding
  for their ideas.
• The criterion and the procedures were not only
  complicated but werent designed to serve the
  needs of progressing organizations.
• At the same time, small and medium-level
  businesses were constantly being left behind.
• However, with the prominent inception of the
  internet has changed the course of the game.
• Today, the size of businesses doesnt matter
  much for they can now take advantage of the
  digital possibilities and reach a wide range of
  audiences.

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• In fact, the need to depend on traditional
  banking scenarios for funding has thoroughly
  diminished, rather businesses have opted to grab
  the online lending opportunities to bring their
  ideas to bloom.
• And guess what! The idea is now considered a
  massive success and a multitude of organizations
  and even individuals are adopting the same as an
  effective funding strategy.
• Here in this document, we aim to propose some
  valuable insights, solutions to be precise, for
  the problems faced by todays lending industry.
  Enjoy the read.

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Improving the Transparency of the Process
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• This you can relate to without any doubt if only
  you are familiar with running a Lending
  institution.
• One of the major parts of the whole process is
  tracking the outstanding opportunities and sales
  activities.
• And they often utilize spreadsheets, notebooks,
  accounting software, and calendars for the same.
• Even though this is the case, things are much
  complicated than it seems for sometimes to
  extract a single piece of information can steal a
  significant period of time and effort.

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• Luckily, this can easily be resolved with the
  help of a centralized system to keep track of
  progress and offer forecasts.
• A Lending software gives you access to the
  customer information, which offer lenders a
  contact database and a centralized spot for
  logging conversations.
• In a nutshell, a comprehensive lending software
  can drive transparency and quick loan processing,
  thus help the business provide fast and quality
  service.

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Streamline the Loan Origination Process
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• Another crucial aspect of the lending process is
  nothing other than processing and closing loans.
• In fact, being the most important phase, or may
  be called as the sole idea of the process, this
  demands utmost attention.
• However, manually managing this process can be
  tedious and confusing, while with the help of
  online borrowing software, things are a bit
  easier, at the same time, efficient.

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• So, why an online software instead of a manual
  process? If having a software solution, lenders
  can monitor and track the progress of the loan
  process at any time.
• They can utilize their productive time to improve
  the business and its profitability rather than
  wasting it on tedious loan processing process.

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Track Post-closing Documents
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• The loan management phase begins immediately
  after loan closure. Besides, it also involves
  tracking the documents relevant to the process.
• In case of not have a proactive process to
  identify and track the relevant documents and
  paper works, it will seriously affect the
  credibility of the organization. No business can
  afford that happening.
• However, by employing an automated, centralized
  system can streamline the whole process, minimize
  human interaction and possible errors too.
• By properly organizing and managing the
  documentation part, one can elevate the
  efficiency of the complete process.

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Setup an Efficient Loan Review System
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• Imagine if you are running a business dealing
  with lending funds. Isnt important to have an
  efficient system to review the loans,
  particularly to identify loans with credit
  weaknesses.
• To ensure the smooth functioning of your online
  lending business, the centralized system you
  employed must identify trends that affect the
  collectibility of the companys portfolio, also,
  assign risk grades based on the data in the
  system.

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• The fundamental purpose of lending software
  involves optimizing the loan processing and
  collection process too.
• Moreover, it notifies the business owner if a
  borrower fails to update his/hers financial
  information, which allows the lender to take
  appropriate action.

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Move Watch-list Credits to Special Servicing

• Upon the occurrence of some unexpected events,
  specifically a breach of the convent, the
  administration of a loan should be moved from the
  banker to Special Servicing.
• In actual, if the loan or the relationship is
  been considered or above a certain, defined risk
  level, the loan file, also the collateral and
  credit documents will be passed on to the special
  assets group.
• In other words, the advantages of an automated
  process do not end with underwriting or even
  servicing, but continue into portfolio management.

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Why Partner With Agryia?

• Agriya has been an integral part of the global
  software market since the year 2000.
• Since then, we have been serving the technology
  needs of businesses, in fact, we have deployed a
  wide array of niche-focused ready-made solutions
  to address the unique needs of various markets.
• The Lend crowdfunding software from our premium
  business line is not an exception as well. It
  incorporates everything a millennial online
  lending business seeks for and is designed to
  adapt to the market needs.
• Also, because the solution is open for
  customization, businesses can modify the script
  to meet their specific goals and objectives.

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• Agriya
• For more information, Visit our website
  www.agriya.com