Automated SME Lending Platform
The client needed an automation software that could meet the current standards of the lending market. At the time, all the client’s staff had to manually perform loan-related tasks, which took them much time to handle a single loan request. The current web application was used only as a database because of its functional limitations.
- The U.S. market, the merchant cash advance sector
- Web application
- Minimize manual input
- Decrease default rate
- Make operations more transparent
- Increase profits
After performing comprehensive research of the client’s business strategy and competitive environment, we planned, designed, and delivered a universal and highly secure custom loan automation system. The solution was built to meet the requirements of all the parties involved in loan processing. Further, we review the possibilities provided for each user group
Admins
- Configure loan products
- Configure automatic underwriting process
- Leverage advanced reports
- Control automatic payments
Merchants
- Make quick loan applications on the website
- Use automatically generated payment plans
- Be charged automatically and monitor advanced statistics
- E-sign contracts
Brokers
- Create deals and track their history
Funders
- Fund deals
- Place deals on the market and encourage other funders to participate in those
- Participate in other funders’ deals
- Receive payments automatically from the system to their bank accounts
- See the statistics on their deals
Syndications
- Participate in funder’s deals
- Receive payments automatically from the system to their bank accounts
- AI-driven advance management
- Integrates with 3rd-party credit bureaus (such as Experian, ACH Provider, Equifax, and others)
- Integrates with Plaid and DecisionLogic, the services for retrieving histories of bank statements
- Works with alternative underwriting data
- Automated KYC & AML compliance
- Identity authentication with LexisNexis
The developed solution helped the client achieve significant milestones in their operation, in particular:
- Cut the time spent to process a single loan request by 70%
- Give out 50% of advancements directly to merchants
- Cut salary expenses by 60%
The above results prove that the client’s loan origination procedures became more streamlined, with reduced manual input, lower default rates, more rational fund distribution, and increased profits.