Why Choose Moneylender Professional Instead of Other Loan Servicing Software?

 

It’s no secret that there are lots of options when it comes to the software that will calculate and manage your loans.  With so many choices out there, what makes Moneylender the right choice for you?

Value

First and foremost, Moneylender is an absolute bargain compared to most other solutions out there.  One of the few professional options with a one-time cost for a license, Moneylender asks only a reasonable up-front payment and doesn’t continue to drain your revenue over time.  We do offer companion services that integrate with Moneylender, but all of them are optional, and their rates are among the lowest in the industry.  Our pricing is set so that it’s pretty much impossible to pay less for so much.  There are less expensive solutions out there, of course, but you won’t be getting the feature-packed powerhouse you get with your license of Moneylender Professional.

Control

Moneylender is a tool that simplifies all the steps you’ll take when servicing your own loans.  Other solutions might have more streamlining, but it is usually at the expense of control over your loans.  Your loan data stays on your local computer (unless you subscribe to our optional portfolio hosting service) where you can guard the computer from theft and manage your backups.  No worries about a data breach compromising your lender and borrower details, or someone tampering with your records.  With Moneylender you decide what lives and dies in your loan records.

In the same token, Moneylender's calculation engines will handle virtually every scenario automatically to determine an accurate balance in accordance with the terms of your loan contract.  Nonetheless, if you decide to deviate from the terms for any reason, whether it’s to waive a late fee or forgive principal, Moneylender has all the mechanisms to let you indicate changes of all types to your loans.  Even the automation systems have all kinds of adjustable values to let you fine-tune the calculations that Moneylender performs.  It’s not just about the letter of the contract, but also about your style as a lender.

Capabilities

Moneylender’s letter and statement system lets you set up templates for every type of letter, notice, and statement you might want to send.  You have all the tools to build a template for virtually any document.  And once you have a template, you just select one or more loans and print the template to create the letter or statement instantly.  Some customers create templates for their loan contracts and use Moneylender for the origination side of their business, too.

The reporting engines are similarly flexible.  There are hundreds of fields that can be used for columns on reports.  You can modify the reports that come with Moneylender, and even create your own from scratch.  Each report can be molded into the perfect set of numbers and information to answer you questions without any meaningless columns wasting space.

Moneylender has many extension features to let you use the program to do more.  You can attach files of any type to individual loans for easy reference.  You can track per-loan expenses if desired.  You can track your current inventory, including cost basis.  You can export a report for submission to the major credit bureaus.  You can use our optional AutoPay service to give your borrowers online access to their balance info and accept ACH payments automatically.  Add notes and reminders to a loan.  Automate wraparound loans from investors and track discount earned on purchased loans.  Export a FIRE file for the 1098 submission tot he IRS for mortgages.  Import payments and loans from Excel.  There are so many amazing and convenient features.  And all of these features were added as a direct result of customer feedback, so everything great about the program exists because lenders told us what they needed!

Customer Support

I’m the author of the software, the author if this article, and the guy who answers when you call or email for help.  I’m the guy talking in all the videos in the User’s Guide (and the person who wrote the User’s Guide, too!).  If you have a question about Moneylender, you bet I can get you an answer.  My customers often tell me they really appreciate that I’m here to help if you need anything.  You can see for yourself on the reviews that some of them have posted on other sites.  Whether it’s a phone call with someone looking at buying a license, or a long-time customer with a question about how to deal with a bankruptcy, I’m happy to chat and point you to the right places in Moneylender to accomplish what you need.  And these are the conversations where I learn what people want so I know where to invest my time to make Moneylender even better.

 A Great Fit

Of course, Moneylender isn’t a perfect fit for everyone.  Some people might want a company to actually do the servicing on their loans, or they want to do the math themselves in Excel.  For them, Moneylender is either too little automation or too much.

But I believe we’ve really hit the sweet spot for any lender that wants to do their own servicing, and doesn’t want to do the math by hand.  Most of our customers have between 10 and 500 loans, but there are customers with just a single loan, and even enterprise customers with more than 10,000 loans.  There are billions of dollars being serviced by lenders using Moneylender Professional.  And the program works for any currency, so it is used in nearly all English-speaking countries around the world.

If you’re looking for great loan servicing software to help you track your loans, I think you may have just found your destination.  If you email or call, I look forward to talking with you.  Thanks for reading!