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Thursday, June 13, 2024

New loan originator on Loanme platform – Digital Lending

Digital Lending has come on board with us as a partner, a loan originator to provide loans to our customers on Loanme platform.

So, what is Digital Lending company? Digital Lending is a loan originator which is providing loans to a customer for their daily needs. Loans are issued through an application, then verification process. Digital Lending uses Loanme platforms online technology to originate and renew loans in order to deliver faster and more efficient decisions. Many people know of non-bank digital lenders that market directly to consumers and businesses, but digital lending also encompasses activities of traditional financial institutions. Digital lending can start as basic as an online loan application offered by a bank or credit union on its website. It can also be as comprehensive as an entirely automated platform that includes a full suite of software, such as an online loan application, document capture, electronic signatures, credit analysis, loan pricing, loan decisions, and loan administration.

Digitizing the information collection aspect of lending improves the borrower experience in several ways.

  • It demonstrates what’s needed upfront to the customer or member, in the case of credit unions.
  • It reduces frustration (due to improved transparency about the process and the time frame for a decision).
  • It can reduce delays blamed on incomplete files that slow down the analysis of the loan application.

Digitizing the flow of information and access in lending provide major benefits to the entire credit team. It improves transparency and reduces bottlenecks. Digital loans are often small, short-term loans provided by fintech lending companies to persons or businesses in need of fast access to capital. The whole lending process is digitized and performed remotely, frequently through the mobile phone. That’s why they are sometimes also called mobile loans. 

Online loan originator companies such as Digital Lending use various digital channels and tools to engage new and existing customers one of them are Loanme, feeding their digitized data, such as bank statements, e-commerce transactions or mobile money payments, into algorithms and analyzing it to predict willingness and capacity to repay a loan. With all of the borrower information captured digitally and every step of the lending process recorded digitally, analytics can provide insight to continually improve lending efficiency. In a competitive lending market, continuous process improvement is essential to sustain profitability.  Payments are automatically recorded, and in the event of delinquency, automatic notifications can be sent by email, text, or mail. As there are a variety of regulations that govern contact with delinquent borrowers, here again, decision rules guide the lender is complying with those regulations.

To apply you have to simply follow the steps we have listed on Loanme platforms website our system will automatically allocate the application to a best matching loan originator. Contact our experts to get in touch with them or apply through us for a quick loan. Have a nice week ahead and check us out next Thursday for an interesting blog.

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