Lendsys Software for Finance Companies
Let’s face it, generally, retailers and consumers turn to Finance Companies for lending as an alternative to banks and credit unions when those banks and credit unions fail to approve a loan request. Finance companies generally take a bit more risk than the traditional federally insured depository lending institutions for a number of reasons, filling gaps and holes in the market that exist. Lendsys was created based on seeing and then filling holes in the market to fulfill needs of Finance Companies. Finance Companies have much higher costs of funds than banks and Credit unions, and therefore have a much higher strain on resources than traditional FI’s. The Lendsys web-based software is cost-effective and increases efficiency to reduce operational stress and strain in a number of ways. The platform is available 24/7/365. As a Web-based system, you need no IT Resources to install or maintain the system. And the automation available within the system, even if you never use the automatic loan approval process (many finance companies think they can’t auto approve – we respectfully reserve the right to gently prove you wrong) you can still increase overall operational efficiency ten-fold. This platform was built by lenders for lenders, from the ground up. We operate daily with ongoing contact with our lenders, in multiple markets, allowing us to assess and react to market and regulatory issues immediately, assuring you the utmost compliance and protection from regulatory reviews.
Leveling The Lending Playing Field
One-on-one service is one of the big advantages of finance companies. You really know your customers, at the retail as well as consumer level. The Lendsys platform can help you maintain that personal level of service while automating a number of behind the scenes processes that result in easier, faster, and more consistent loan decisioning, which results in higher profits. Lendsys might just be the first and only system that allows you to operate an automated LOS platform safely and economically because you customize every aspect of the system to your standards and operation. Whether operating at point-of-sale or internally for direct loans (or both) you will be generating customized automated and manual lending decisions that consistently adhere to your underwriting standards and exact Risk- pricing.
Lendsys minimizes the risk of losing a good loan – or approving one you don’t really want. The system allows Finance Companies to immediately improve overall efficiency in loan decisioning and capture while providing the personalized level of service their retailers and consumers expect and deserve.
Point Of Sale & Integrations
Lendsys can be used as a complete point of sale platform for indirect loans as well as internally for direct loan decisions. For immediate entry into the point-of-sale (indirect world) our software is already fully integrated with popular loan application acquisition services, like DealerTrack and RouteOne, and we have negotiated significant discounts to lenders for these services.
Individual & Aggregate Lenders
Lendsys is also an ideal platform for aggregating lenders. Imagine a platform that automatically routes loan requests directly from an institution that will not or cannot approve a loan, to your finance company for decisioning? Consider this as a new lead source for you, and from the other institution’s standpoint, rather than them saying no to their existing customer, they provide an alternate decision. The aggregated platform allows lenders to collaborate and use the power of aggregation (kind of like Expedia and other familiar aggregators) to build scale locally, regionally or even to build programs at a national level. And in an aggregated program, lenders no longer compete against or fight each other for loans. Every lender gets exactly the loans they want. In the Credit Union marketplace, CU Lending Edge (culendingedge.com) is a great example of Credit Unions utilizing the Lendsys platform to aggregate for scale and market dominance.
Aggregate Users & Call Centers
Lendsys can also be used by call centers and centralized loan operations to serve individual or multiple finance companies and their customers. The platform is infinitely scalable, easily utilized by an individual finance company, or service providers (for example Warranty and GAP Companies) that serve multiple finance companies. Aggregators can easily and cost-effectively integrate Lendsys software into a call center model or core system to instantly increase loan and other cross-sell productivity.
Adaptable To Your Needs
Lendsys prides itself on being flexible, scalable and most importantly, reasonable. Remember, we’ve been where you are now, so we work with our clients to offer a model that is flexible and collaborative. From listening to our current users and being open to enhancements at a system level, to private and white labeling, to actually selling the code for individual use, together, we can create a software solution to suit the exact needs of your finance company allowing you to serve your customers, and to grow your business your way.
Collaborative & Flexible
Through our open API processes, any individual finance company, a group of finance companies, and even service providers focused on the finance company marketplace can develop anything from aggregated service centers to totally customized and integrated and automated systems that meet your exact needs. Get creative – you are not limited in any way! If you have a wish list, let us know, maybe we can help.
Lendsys provides a flexible pricing plan, too. Pricing includes a small one-time fee (NO annual renewal fees), a modest monthly fee and a scalable per-use fee. We house and maintain the platform and all data, so you have no IT costs or ongoing use of IT resources, and we work with our clients individually to ensure that the package and pricing structure they choose provides the services they need at a price they can afford.
Customized Lending Decisions
Lendsys levels the playing field for all Finance Companies, allowing lenders of all sizes to consistently underwrite and process loan applications efficiently and effectively. The Lendsys design allows finance companies, even sub-prime providers to automate 50 to 60 percent of their manual lending decision processes at the same granular level as a human loan officer. Each client uses their own criteria to adhere to their own lending protocols – minimizing the risk of losing a loan they want – or approving a loan they don’t want.
If you are looking for that next leap in operational efficiency and overall consistency, you owe it to yourself to look into the Lendsys platform. As a core LOS or adjunct system eventually integrated into your core, this may be what you’ve been hoping was out there, or that you’ve always wanted to build.
“The sure way to miss success is to miss the opportunity” Give us a call today!