Two Big Milestones for Moneylender Professional

Two exciting milestones have happened recently for Moneylender.  The first is that in 2015 the total number of Moneylender users exceeded 500.  The second is that an auto lender in the USA was audited by the department of banking in his state and the audit took less than a day with every single loan being verified for accuracy.  This is probably not the first time a user of Moneylender has been audited, but it is the first time the customer called us with a few questions and we got to follow along with the process.

Moneylender was originally a simple utility to calculate the payment amount on very small loans and print the payment coupon booklets.  Thanks to feedback from over one hundred users of the software, and paid additions from two dozen customers, the program evolved since 2004 into a powerful loan servicing and management platform.  In every English speaking country in the world, and even several countries where English is not the primary language, Moneylender is in use.  Lenders ranging from people with a single loan to banks with half a billion dollar portfolios are using Moneylender to service their loans and track the interest and balances over time. 

We are proud to see this humble project become so widespread.  Often asked why our software is so inexpensive, the answer is that it was created for very small lenders, lenders with a few three and four figure loans.  Even with the enterprise level features the program has today, we haven’t lost site of the customers the program was built to serve. 

At the time of this writing, over 550 licenses of the program have been sold, more than half of the licensed copies of Moneylender were used in the last 30 days.  We receive an average of three phone calls every day with questions about the software, and five emails.  Year-to-date sales for 2015 are 30% higher than over the same period in 2014, and the total sales in 2014 were 50% higher than sales in 2013.  Since its release in 2004, Moneylender has steadily risen from obscurity, eventually making it to Google’s front page for “loan servicing software”.  In spite of our meager budget, the project has not just persisted, it’s thrived.

During a few recent phone calls and a handful of emails, one of our customers underwent an audit from the State of Mississippi Department of Banking.  The next day we received a call that the audit went well and every single loan in this auto lender’s portfolio checked out without a hitch.  Our customers often call with questions about how Moneylender performs its calculations, wanting to see for themselves that the calculations in the program are accurate.  Demonstrating the math behind the program’s loan calculation engine is something we do all the time, but for us it’s an extra pat on the back to be passed with flying colors during a State audit.