Customizability
Every lending business has its own particular needs, as well as its own idea of what will give it the advantage over its competitors. But lack of the proper software should never be an impediment to filling those needs or implementing those ideas. And yet most of the loan software out there is “take it or leave it.” Some software companies even caution their customers to “be sure it does what you want it to do because there’s no refund after you buy it.”
Proloan has always seen that as a huge problem. Software, the people at Proloan believe, could and should be suited to fit the user. And that’s why Proloan focuses on customization. Customers pick the basic modules they need for their business. But those are only starting points. From there, the sky’s the limit for what can be done.
Security
One big concern on the mind of most lenders is security. Working with someone else’s money all day long can be a big temptation to employees, and even the most trustworthy aren’t completely safe from temptation. That’s why Proloan has security built into the system. Unlike a camera which watches a teller from a few perspectives, Proloan’s cash drawer management fuctionality literally watches every transaction an employee makes. Each individual employee logs into the system through passwords and the flow of every last unit of every currency type in the system is recorded. Employees know that if there are discrepancies, they will have to explain why.
Owners and managers can sum up easily with End of the Day reporting, giving activity tallies, summaries and balances. They can also take a look at any individual’s records over a long perspective in order to make better human resource decisions. Our Remote auditing functionality also cuts down on the possibility of fraud, even when “the boss” isn’t right there in the room with the employees. In addition, the software can be easily configured to allow different employees access to different levels of information and capability, so that a more trusted employee can have access to information which will be locked away from a newer recruit. These safety features are standard issue in Proloan, but as always, our customizability allows for any security system in the world to be fully integrated and implemented as well.
Rules Engine
Asking an employee to remember to adjust all APR’s during leap years might be an invitation to disaster, but asking a computer will certainly get the job done, because the one thing a computer does best is follow precise instructions. With that in mind, Proloan software has developed an amazingly comprehensive Rules Engine. It allows for the mixing and matching of rules, relational rule building and grouping, and the addition of an unlimited number of new rules. And adding a rule is so intuitive that it’s really not much more complicated than the administrator explaining to the computer what’s needed, and letting the software do the rest. Whatever guidelines the company wants to add and enforce, in whichever part of the business, from Advertising and Marketing to Z scores for bankruptcy assessment, Proloan can do it all.
Compliance
The last thing a legitimate business needs is to accidentally trespass a government regulation and be slapped with a hefty fine. Aside from rules which to establish and enforce solid guidelines for how a business is to be run, Proloan has several other features to help a business stay “inside the lines” and avoid costly mistakes. Archives save past loan data for easy access; Audit trails are designed to keep owners and management informed of major systemic actions.
When new regulations come into effect, like the recent HVCC, or when the loan industry adds or subtracts technology, Proloan shifts with it. With Proloan, a customer never needs to worry that their system will become outdated, because Proloan’s flexibility model makes it such that Proloan will never be, outdated.
At the end of the day, a lender has final responsibility for compliance with regulations, but isn’t it wise to invest in software that is pre-configured to help you do that?
Comprehensive Reporting
If information is power, then random and disorganized information is power wasted. The raw data that comes into a loan company’s computer system is almost useless on its own. However, the same information, properly queried, turns into a goldmine for the running of a company. Welcome to the reporting feature of Proloan software. In it, a company owner or manager will find everything he or she needs to understand the implications of the data being collected in the company on a daily basis.
Proloan comes with lots of standard reports built into the system, but there is literally no limit to the way the software can be customized to suit any need. Here’s just a fraction of the myriad reports that Proloan can generate: A/R reports, Held checks, Charge Offs, Receipts, Maturity reports, Cancellations, Disbursements, Active Payment Returns, Checks cashed, End of Day Reports and Balances, Revenue, Cash Drawer Activity, Discrepancies, and much more. All reports can be run at any level of the organization, spitting out meaningful statistics for the lone teller working on his own, to that of a huge, international corporation. Much of it can be exported in a variety of different ways as well.
Automated Interfaces
Only a century or so ago, it took weeks, months, or years for news of change to make its way from one corner of the globe to another. Now it takes seconds – literally. What this means to a business owner or manager who wants to stay competitive and efficient, is that there’s no excuse not to know. The information must be accessible, and it must be accessible instantly. That’s where Proloan’s automatic information interfaces come in. Proloan integrates companies with the information, so that the information is at the fingertips of a loan company owner or manager within the same minute it’s available.
That means keeping the management of ACH files efficient and easy through interfacing with multiple ACH processors. It means automatic eligibility check and warnings of non-compliance through integration with state databases. It means instantaneous credit scoring, decision management, and ID verification through interface with Teletrack. It means fast and accurate reconciliation of the General Ledger by Quickbook integration. It means integration with insurance company credit bureaus, banks, EFT, escrow, and any other system where the constant flow of information is essential. With Proloan, a lender’s systems will be fresh and up to date, to the second.
Extended Payment Plans
Whether as an essential means of complying with regulations, as a way to earn “good practice” certification, or as an extra service to be able to offer to customers, Extended Payment Plans (EPP’s) are essential elements of a well-run business. When a business goes with Proloan, every aspect of the EPP’s are put under complete control. Such factors as eligibility for EPP’s, the generation of payment schedules, integration with databases to ensure compliance, and specification of numbers of payments or minimum terms, are all fully configurable out of the Proloan box. As always, they can also be made to suit any need of an individual business.
Easy to learn and Easy to use
When are we happiest? When a customer will come back to us and say “It all makes so much sense. Everything is exactly where it should be, when it should be.” Here at Proloan, we believe that’s just how it should be!” and we strive to give lenders that feeling. Since we’ve designed Proloan to be work-flow related, to follows the work flow of how a typical lender will do his job, our software is a piece of cake. We strive to give lenders that feeling of “this is just how it should be” and it shows in our product. A clean, intuitive, logical product is an easy product – to learn and to implement. And that’s our philosophy too.
Other Features
One-person operations with simple needs are generally easy to run and manage relative to larger operations with its associated complexity. But that doesn’t need to be. Proloan makes the coordination and collaboration of many offices and locations a snap. That’s because the software is designed with this capability in mind, giving remote members of a team access to one, updated loan file. The information is automatically synced for every employee working on that file, thus minimizing the chance of duplicating work and making avoidable mistakes. Alerts and messages smoothly keep employees “in the loop,” informing them when major loan activities take place, and when deadlines are looming. As always, Proloan is customizable software, which means we at Proloan are confident in our ability to deliver anything and everything a lending institution needs.
