Personal Loans
What are personal installment loans?
Personal installment loans are the most popular loans that have a variety of uses for a consumer. They can fix their house, pay off their car, consolidate their credit debt and just about everything they need some extra cash to take care of.
Personal loans represents close to $300 billion dollars in the United States and its growing. With newer origination technology and fintechs bringing wall street closer to the consumers, personal installment loan volume will set to take off in the near future.
Personal Installment Loans - Loan Originations Platform Overview
LendAPI has a ready made personal installment application flow template that’s ready to go. If you need to customize the template to suit your needs, you can modify any fields by adding or taking away from the application pages by using our Product Builder.
The out of the box personal installment originations platform is connected to a standard loan management system as well as identity verification bureaus and credit bureaus.
LendAPI’s entire Loan Originations Platform is connected to the overall lending ecosystem that makes your life as easy as possible.
It is also important to capture a co-applicant's information. Here’s how LendAPI captures co-applicant data for future use.
Personal Installment Loans - Loan Originations Decision Engine
Making critical decisions in terms of identity verification, bank account analysis and credit verification is paramount to launching your personal loans product.
We’ve built a visual decision engine that allows your risk management team to quickly build custom variables, build, test and launch their rules as well as connecting the rule decisions to customer communications modules and application workflow orchestration platform.
Our credit decision engine brings the product, rules management, back office staff together in one integrated system. All with the goal of helping you to maximize your application approval rate.
Personal Installment Loans - Compliance and Documentation
One of the most critical pieces of running a lending company is compliance. Not only does the LendAPI platform save all critical consents, promissory notes as well as all the critical decisions made to the application, it also gives you the ability to control and customize state by state promissory notes. In other words, with LendAPI’s LOS, you can manage state by state rules, pricing and documentation so you can stay in compliance.
All of the consents, documents uploaded and promissory notes signed are saved for the backend administrators as well as having them in the end customer’s portal to review.
Personal Installment Loans - Loan Management System Integration
Whether you have your own Loan Management System or renting one out with your loan servicer, we have standard integration already done with some of the more popular loan management systems.
You can check them out at our Connect Marketplace. LendAPI’s LMS integration can send API calls or generate files for your favorite loan management to keep on service your clients without a hitch.
If you want to take a look at our API guide, please visit https://lendapi.readme.io/reference/introduction
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