Loan software, or loan management software, is a software solution designed to automate and improve the entire loan lifecycle. It can optimize processes, such as loan origination, underwriting, loan management, and servicing. Also, it can ensure compliance with financial regulations. No wonder more businesses are turning to such technology to reduce errors and streamline their operations.

Loan Origination software is an advanced tool that aims to optimize and speed up the loan origination process, in particular. This includes application, and underwriting. Such software helps lenders reduce risks by assessing a borrower’s creditworthiness and also supports borrowers by providing self-service features and transparency.

Risk management is an essential component of the lending business operations. Such technology gives access to a variety of data sources, aiming to identify and mitigate risks related to individual credits and the entire company’s portfolio.

Collection software is another specific software that aims to improve and speed up debt collection, in particular. It gives businesses access to payment information, credit reports, and collection scoring, among others, while ensuring compliance with financial regulations.

A Product Catalog is a software solution, which acts as a collection of lending offers and services. Tarya Loan Management software allows you to set up your own product catalog, which you can track 24/7.

Put simply, secured loans (or asset-based loans) are loans that require collateral or some kind of guarantee to secure funding. They can be both personal or business loans and often cover large amounts of money. A clear example is mortgages. Note that collateral can be a physical asset, such as a home or a car, but in some cases, liquid assets such as cash and savings can also be accepted.

Unlike secured loans, unsecured loans don’t require collateral. Lenders approve unsecured loans based on a borrower’s creditworthiness rather than the borrower’s assets.