Loan tracking is the key component of CMS or Compliance Management System, a best-practice program intended to help you be on the right track of Fair Lending regulation. Thanks to technology, today, you can use Loan tracker app to gain control over each debtor and their loan status. It saves your time that can be utilized on getting more business.
There are less chances of error as the systems take care of everything – from loan calculations to sending you email notifications on deadlines.
Some loan tracker apps also give the benefit to the debtor to track their loan status so that they can make the payment on time and avoid being penalized.
Many businesses have offered loan tracking applications to their customers for this reason.
Industries that can benefit from loan tracking system
Small and mid size enterprise : Working capital Loan, Business loan, Loan against property, Machinery loans and Purchase of Commercial Vehicle
Retail : Customer durable loans, Consumer vehicle Loan, Personal Loan, Mortgage loan, Education loan, Gold loan, Women empowerment loans and Loan to traders
Group Lending : Loans for Income Generation, Micro-finance, Utility Loans and Home Improvement loans
Peer to Peer Lending : Short Term Loans
Individual Lending : House Repair and pay day loans
Some of the key features of a loan tracker app
Any typical loan tracking system or app recently developed by expert developers will have these key features:
- Responsive design
The responsive design gives better engagement and flexibility to use for different industries and work scenarios. The app is compatible with any screen size.
- Loan status check
Although, this is not a feature and rather a function, but with this kind of apps the business can view or track the status of a loan, file stage, and which debt cases are to be handled first. It helps you set a priority list.
- Dashboard View
Like most of the apps, a loan tracker app also enables dashboard viewso that companies can understand where they stand and what needs to be done to close the loans faster.
- Mobile adaptable
The responsive layout and cell phone compatibility makes this your go-to app. Companies can use it anywhere, whether working from home or in the car.
- AIl based
Artificial Intelligence based technology integrated in this kind of apps helps a company know the time required to close a loan. Basically it predicts the closing time of a loan so that companies can focus on getting new business accordingly.
A loan tracking system is geared to boost operational efficiency and deliver an excellent customer service experience to loan givers. The secure and scalable solutions are designed with an intention to provide a seamless and technology-rich infrastructure for your business, be it tracking a fast track mortgage or small business loans.
Loan tracking apps are developed to simplify the challenges faces by creditors as their number of debtors grows. HotFoot is one such loan tracking application with the help of which businesses can effectively streamline processes for all types of loans. It can be customized as per your company’s theme and requirements.
A homeowner needs to pay more if the interest of the home loan is higher.
This helps in saving a significant amount of money in the long run.
Therefore, refinancing is the best option to find a suitable bank that offers a lower interest rate.Also, refinancing your home loan is also a great consideration when changes are made in SOR and SIBOR rates.
These types of interest rates change as they are based on changes in global economy.
If you try to do this before the lock-in-period, a penalty fee of 1.5% of the outstanding amount will be charged.
In addition, bear in mind that at least 3 months of notice is required before starting with the refinancing process.However, if you want to stay away from all these hassles, consider downloading a good loan tracker app.
The Best Child Tracking Device Hidden ReviewChild tracking device hidden in the pocket give parents peace of mind.
Life may be challenging when caring for someone who is unable to care for themselves.
AngelSense was specifically created for children with special needs.
It is actually rated the best in the overall tracker.
AngelSence provides confidence and constant monitoring that no other comparable tracker can match.
You only need to have $99.99 plus a monthly charge and there you have the gadget.
