The Best Loan Management Software

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Integrated Mortgage Banking Screenshot

Integrated Mortgage Banking

Save Money& Track Expenses& Project Profitability& Manage Your Buiness More Effectively& Designed for Mortgage Bankers & Mortgage Brokers. Loans entry and editing with an Unlimited Number of Transactions; Common Closing Costs, Loan Sale Costs can be Set-up up Auto-Default from an Easy to Use, Centralized Control Window; Maintain Codes for Attorney’s, Banks and Investors for Table Loans; Default General Ledger Accounts by Bank; Default Investor Fees by Investor; Government vs. Conventional Loans;
Bryt Software Screenshot

Bryt Software

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Bryt Software is a cloud-based solution tailored for loan management, offering tools for loan origination, servicing, document management, trust accounting, and payment processing. It automates critical features like payment processing which contributes to its effectiveness in streamlining loan management tasks. Additionally, its dashboard provides a clear overview of loan and borrower statuses, aiding in efficient management and decision-making.
Price Range
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Starting Price
$59/month
Client OS
Web
Deployment
Cloud Hosted
Loan Manager Plus Screenshot

Loan Manager Plus

Loan Manager Plus is a complete Windows based loan managing, tracking, collection, and servicing software solution. Construction loan servicing - system supports interest only loans where draws can be made at any point during the life of the loan. When a draw is made, interest is accrued at the lower balance while the next interest payment would reflect the combined interest required at the lower and the higher balances. In addition, payments can be recalculated based on the new balance going
Client OS
Windows
Turnkey Lender Screenshot

Turnkey Lender

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TurnKey Lender’s intelligent automation of the entire loan management process allows for flexible loan disbursal and servicing. Loan Servicing comes as part of an end-to-end tools suite that can be easily integrated with your core lending solution or be used within our all-in-one lending automation platform. The software includes functionality for funds disbursal, payments scheduling, and applications assigning. @youtube Borrower website frontend and backend; Automated loan origination;
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Client OS
iOS, Android, Web
Deployment
Cloud Hosted
SYNDi Loan Manager Screenshot

SYNDi Loan Manager

SYNDi Loan Manager manages loans in cases where you are the sole lender for the loans. In a typical scenario, the company sets up the loan, advances the loan amount to the borrower, receives the payment on monthly basis until the loan reaches maturity. The system automates this loan lifecycle and maintains relevant records until the loan is paid off. SYNDi handles all loans including mortgages that are payable in monthly installments (interest only or amortized over a period with a balloon
Starting Price
$5,000/user (perpetual license)
Client OS
Windows
Deployment
On-Premises
Finabile Screenshot

Finabile

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Finabile is a one stop lending solution which is customizable, modular and robust platform. It comes as a rare combination of flexibility and sturdiness to support a whole range of business operations for any type of financial organization. The solution leverages Loan Origination, Loan Management, Collection Management, Accounting Management and a lot more. Ideal for NBFCs, Micro Financial Institutions, Private Companies, Private Lenders, Non-Government Organizations—SHG, P2P Lending, Credit
LoanAssistant Screenshot

LoanAssistant

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LoanAssistant is a loan processing application that completely integrates with QuickBooks. You can now post simultaneous transactions in both Loan Assistant and QuickBooks, saving you time and minimizing errors during data transfers between the two applications. Although the navigation within Loan Assistant is mostly intuitive, they are always here to answer any questions that may come up. The 30-days free trial version allows access to all Loan Assistant features. SEAMLESS QUICKBOOKS®
Price Range
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Starting Price
$999/year
Client OS
Windows
Deployment
On-Premises
DLS Financials Screenshot

DLS Financials

DLS Financials is a complete deposit & loan software package for PC to manage deposits, loans, and pooled investment accounts for non-profit organizations. It has the ability to send transaction & interest information to a variety of accounting systems. With DLS Online internet portal the satellite locations can view their accounts, print reports, and download transaction data into a spreadsheet. Manage interest, deposits, payments, loans, and pooled investments for satellite locations within
Price Range
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Starting Price
$7,000 (perpetual license)
Client OS
Windows
Deployment
Cloud or On-Premises
CMS Credit Suite Screenshot

CMS Credit Suite

CMS Credit Suite from Credit & Management Systems is a flexible credit and collections internet solution. This web-based suite of credit management tools will provide commercial credit scoring, financial statement analysis, credit limit modeling, collection monitoring and management, and robust database reporting, delivered from an efficient user-created dashboard. Dashboard: Provides an at-a-glance view of key performance indicators, alerts, work flows, and other data relative to that user’s
Client OS
Web
Deployment
Cloud Hosted
SYNDi Mortgage Manager Screenshot

SYNDi Mortgage Manager

SYNDi manages mortgages and other loans in cases where an investor or a group of investors lends money for a loan. It is used primarily by Mortgage Brokers and Syndicators. In a typical scenario, the company sets up the syndicate, advances the loan amount to the borrower, receives the payment on monthly basis and distributes it to the investors after deducting a percentage from the interest amount as the management fee. The system automates the loan management cycle and maintains relevant
Client OS
Windows
Deposits and Loans Screenshot

Deposits and Loans

Fully integrated with Serenic Navigator, Deposits and Loans offers the functionality you need to help reduce the complexity and time required to manage all your investment activities - regardless of the number of depositors, loans or investment pools. Serenic Deposits and Loans give you powerful deposit and loan automation, including calculation of interest, maintenance of principal payout and amortization schedules, and endowment investment activity. Deposits and Loans also: Maintains
Client OS
Windows
Amortization Plus Screenshot

Amortization Plus

Amortization Plus software (formerly Accountant’s Helper) helps create and maintain loan amortization, annuity and lump-sum distribution schedules. Amortization Plus allows for unlimited: Clients; Amortization Schedules; and and Time value of money calculations. Technical support is included and the software is available for a single computer or a site license for multiple computers
Client OS
Windows
i-Loan Screenshot

i-Loan

The i-Loan is a Windows loan document preparation software solution offering full automation, APR calculations, and flexibility for generating borrower, lender and closing documents for private money loans. All Federal, State of California and Department of Real Estate disclosures print utilizing plain paper. Over 100 professional looking documents included for fixed, step and adjustable rate mortgages. The i-Loan.net/Construction is an optional software module, which can be added to i-Loan.net.
Client OS
Windows
LIMS Screenshot

LIMS

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Superior portfolio management system developed primarily for the Prime/SubPrime and Buy Here Pay Here Auto industry. Recommended by the top 3 industries CPA firms, built on Microsoft platform and standards, LIMS is easy to use and provides all the features needed for success. Buy New or in process loans or originate and manage one to many portfolios. Pool accounts, assign investors and organize to source. Many external interfaces for coupons, letters, accounting, customer plotting and FTP
Client OS
Windows
Alight Mortgage Lending Screenshot

Alight Mortgage Lending

Alight Mortgage Lending applications are the go-to solutions for on-demand decision analysis. As soon as you see a shift in the market, a dip in your business, or just a rumor of something to come, Alight Mortgage Lending solutions let you immediately look at how your business might be affected and lets you make better decisions, much sooner. Alight Mortgage Lending is focused on giving firms the tools they need to manage growth and optimize their businesses for success. Get accurate,
Client OS
Web
Deployment
Cloud Hosted
Loan Servicing Software Screenshot

Loan Servicing Software

Unlimited funding sources per loan; Accurately track loan charges and advances; Fast and flexible payment processing; Auto emailing of borrower bills and statements; Fully integrated document imaging and management system; Schedule one time, recurring or event-driven loan reminders; Powerful user security and permission management system; Electronic transfer of funds via ACH; Print, manage and e-file 1098, 1099s and Canadian T5 tax forms; Easily download the latest ARM index rate values right
LoanAmortizer Enterprise Screenshot

LoanAmortizer Enterprise

LoanAmortizer Enterprise provides a complete, resourceful loan management application for any business in need of a flexible and powerful financial tool. This system works equally well for both US and Canadian mortgage interest calculations. With LoanAmortizer Enterprise you can: Build Loan or mortgage amortization schedule; Track loan payments made; Chang loan parameters mid loan; Add additional loan amounts; Apply additional payments; Use Adjustable Rate lons as needed; and Easily change loan
Client OS
Windows
LoanAmortizer Standard Screenshot

LoanAmortizer Standard

LoanAmortizer Standard is a loan amortization, payment schedule preparation and printing application suitable for personal and business use. The Standard Edition incorporates a simple interface with a lot of features including: 10 payment frequencies; 10 compounding periods; Normal (Actuarial) and US Rule(Simple) amortization methods; Regular and Canadian mortgage Interest type calculations; and 6 types of interest year calculations.. The program has a clean reporting system presenting detailed
Client OS
Windows
Mortgage Pool Servicing Screenshot

Mortgage Pool Servicing

Service an unlimited number of pools and partners; Easily accept partner investments, issue distributions and process withdrawals; Produce on demand professional pool statements; Run year-end reporting, including Section J of the IRS schedule K-1, 1099-INT, etc.; Unlimited funding sources per loan; Accurately track loan charges and advances; Fast and flexible payment processing; Auto emailing of borrower bills and statements; Fully integrated document imaging and management system; and Schedule
LoanAmortizer Screenshot

LoanAmortizer

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LoanAmortizer Professional is a loan amortization, payment schedule preparation and printing application suitable for personal and business use. The Professional Edition features a simple interface with extras including: 10 payment frequencies; 10 compounding periods; Normal (Actuarial) and US Rule(Simple) amortization methods; Regular and Canadian mortgage Interest type calculations; and 6 types of interest year calculations.. The program has a clean reporting system presenting detailed
Client OS
Windows

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Buyer’s Guide

The process of providing a loan to an individual or a commercial business should be straightforward: Your business needs to evaluate a customer’s ability to re-pay, approve or deny, offer the appropriate credit, and then provide the funds to the customer. Loan management software was developed to streamline this process.

Servicing a loan does become more complicated with each customer, who will have different terms, different payment dates, etc. You’ll want to make sure your accounting is in order, and loan management software aims to provide this specific type of accounting to ensure your business is prepared when repayments are coming in (or even when they are not).

What Is Loan Management Software?

Loan management software helps you service loans from origination to management to collections. The software can help create a new loan for a customer, store information on the types of loan given out, manage APR and interest rates, create accurate reports and statements, and provide the needed tools to collect.

Types of Loans Managed by Software

Loan management software can be used by a company offering simple lines of credits or basic unsecured loans, or be a large financial institution providing mortgages and large amounts of funding to businesses. Determining what type of loan management software you need is important (see “What Does My Business Need?” below), but first you’ll want to figure out what specific types of loans your software will be managing.

Loan Type Description
Syndicated Loans Two or more lenders (a syndicate) jointly provide a loan for one or multiple borrowers under the same loan terms. The need for this type of loan arises when the project being funded is too big of a fund for a single lender to manage. Generally used by banks to fund large amounts over long terms, and can help improve the image of a borrower by good PR (the participant generally gives out some level of recognition to the borrower which validates their financial performance). Typically these loans are prepared by an arranger.
Commercial Loans Commercial loans are between one business and one financial institution. These loans are generally to cover expenses that a business can’t afford otherwise. These loans are given out based on the cash flow of the company, and generally, the business will need to present documentation such as balance sheets to verify it will be able to repay the loan.
Mortgage Loans Mortgages are loans given to both individuals and businesses to fund the purchase of real estate. These loans are longer in length and are considered secure, as the institution giving out the loan is putting a lien on the property which gives them the right to foreclose the real estate if the buyer stops paying. Mortgages can provide fixed-rates, adjustable-rates, and interest-only.
Personal Loans Given out to an individual for personal (non-business) use. The amount given depends on the individual’s credit history and ability to repay the loan. Loans can be secured (a car loan), unsecured (such as a student loan) or co-signed (someone guarantees that the person taking the loan will pay back otherwise the loan will default to the co-signer).
Student Loans A type of personal loan meant to pay for tuition, housing, and other expenses related to attending an educational institute. These loans can be issued by the government as well as private institutions. Federal loans have interest rates that are mandated by the government, while private loans will be dependent on individual credit and ability to repay. These types of loans can not be discharged during bankruptcy.
Payday Loans Typically a short-term loan with a high interest rate. These loans are given to individuals with the intent of helping them pay expenses to cover them until their next payday.

Features of Loan Management Software

Loan management software can help you manage a loan throughout the entire cycle, or focus on specific areas. For example, you may have manual processes for determining the loan amounts, but you also need a simple system to track the payment plan terms and record incoming payments. Or, you may be looking for a complete system that approves/denies applications, determines loan amounts,

  • Loan Origination: A customizable tool that evaluates risk and helps make the decision of whether a loan should be given out. Origination functionalities can pull credit data for individuals and compare it to varying loans offered by your company to find the best fit. Loan originations can be found in the form of online applications that can provide decisions in a matter of seconds and help kick-start the generation of needed documents so the loan can begin to be serviced.
  • Loan Servicing: Manage loans given by your company. Track loans by their different types, provide a varying level of interest methods and monitor payment dates to ensure you receive funds when necessary. Calculate and apply late fees to accounts manually or automatically. Collect payments via credit cards, ACH payments, wire transfers, and more.
  • Collections: Improve your collection rates with thorough and prompt follow-up when accounts become delinquent. Get notifications when NSF payments occur. Track overdue payments, and ensure your staff is following up appropriately with phone calls, letters, and emails. Let your staff look at payment histories, allow modifications to loan terms, arrange new payment terms, leave comments based on conversations had with debtors, and more.
  • Reporting: Get the reports you need to monitor your cash flow. Create reports based on the individual or business you have a loan for (to show their payment history or provide an amortization schedule) or look at how profitable certain types of loans are overall. Create dashboards for the visualizations of your choice to look at your loan metrics.

Benefits of Loan Management Software

Turnkey Lender Loan Management Software
Loan servicing software such as Turnkey Lender can provide easy to use layouts that provide your staff with personal details, active loans, and the ability to attach any needed documents.
  • Visualize your ROI with intuitive workflows. At its heart, loan management software is a specialized workflow automation solution. Its goal is to help loans get processed and service from beginning to end, which creates a clear workflow that a business or an employee of that business needs to manage. View multiple revenue streams and expended cost tracking in order to stay in line with market demands.
  • Make your lending process easier than ever. Borrowers may need to borrow money once in their life (such as for a mortgage). This means that you have one chance to make a good impression on your customer. Providing your customer with an easy and understanding lending experience is important to keep customers happy and encourage them to use your organization for other loan opportunities (or let them recommend others to you). Some ways to enhance the lending experience is by offering online functionality such as the application process, servicing/management, the ability to make payments).
  • Increased automation with digitized records. As the loan application process turns towards more of an online approach, documents are automatically created and stored in your software system that has much larger file storage capabilities than the old file cabinets used in previous decades.

Is QuickBooks a Loan Management Software?

QuickBooks does have a “Loan Manager” feature in its desktop package, which is a simple tool for calculating interest and payment schedules. It should also be able to let you run certain “what-if” scenarios to compare different loan choices (and thus, let you work out options with a client). The QuickBooks Loan Manager also creates an amortization scheduled for the duration of the loan.

For some that feel QuickBooks on its own will not operate as an efficient loan management software, 3rd party add-ons exist. QuickBooks core accounting modules will be able to track the income and expenses of your business, but being able to store individual loan details, track amounts given out, monitor who owes what, and monitoring interest rates would require a level of knowledge of the program that end users may feel doesn’t justify their time.

Software developers understand the desire of smaller companies to continue using QuickBooks for their primary accounting and add-on additional functionality to provide loan management capabilities in an easy to use and easy to understand way.

Loan servicing add-ons exist that will let you manage multiple loans and credit lines all while syncing in with QuickBooks. These solutions will vary in price but can be had for the cost of QuickBooks itself (starting at $500/annually).

What Does Your Business Need?

  • Small businesses and start-ups: Businesses that are starting out or manage a small number of loans (such as personal loans) will want to look for stand-alone software that provides basic loan management functionality. This will include the ability to manage multiple loans, have some CRM capabilities to record customer info, and manage credit lines. This type of software will be used in addition to a generic small business accounting software, such as QuickBooks Pro. The combination of these two separate systems will be the lowest cost route, which can be important for a business getting their feet off of the ground.
  • Mid-sized companies: Companies that provide commercial or more complex loans will want to look for software that helps improve the experience for the end user. Customer portals let customers log into your customizable website and look at their balances, make payments, adjust contact details, set up automatic payments, and more. Companies also want to provide customers with amortization schedules so every payment and fee is updated and helps create accurate forecasts for the customers, encouraging them to pay their loan sooner rather than later.
  • Large enterprises: Banks and other large organizations look for security in their system to protect the credit of their customers and reduce risk. Banks desire to deliver loans efficiently and in the most profitable manner, and will look to reduce time spent keying data into the system. Larger financial institutions will look to streamline workflow from application to funding. Larger enterprises will also desire better reporting to look at a larger amount of loans at once and track profitability and forecast returns.

Pain Points

  • The volume of small business loans being given out is historically low. There was a significant drop in loans under $1 million from 2008 to 2012, and a 2015 report from SBE Council says that number has failed to climb back to previous highs (they stand about 17% below the peak reached prior to the recession).
  • Separate systems not providing an efficient workflow model. Loan servicing starts during the acquisition of prospects and ends when a loan has been fully paid off. Loan providers may use CRM solutions to track information on prospects, however the transition from updating prospect information to tracking a loan workflow process should be as seamless as possible. Companies benefit from the use of a fully-integrated option from start to finish, rather than requiring a staff member to move a prospect over into their loan management software once terms have been agreed upon.
Loan credit sources
Source: Small Business Credit Survey, 2018, Federal Reserve.
  • Online Lenders are growing in popularity. The recent Small Business Credit Survey from the Federal Reserve (see above) shows that satisfaction levels with online lenders have been growing over the past two years, and these online lenders have seen a 4% increase in the share of total small business loan applications (from 20% in 2015 to 24% in 2018). In response to this, banks that are seeking growth or smaller credit unions are aiming to provide the end-user with online loan applications, digital portals for uploading required documents, and automated decision aids, which is why loan management software vendors are beginning to include the functionality.
  • From 1985 to 2007, outstanding household debt grew from 60% of annual disposable income to 125%. Loan servicing software was originally created to be an accounting system for receiving funds and calculating the loan and principal balances. Once the credit crisis occurred and more and more Americans were taking on debt, loan management software has changed to put more of an emphasis on servicing automation. This includes electronic document delivery and software that updates more frequently to reflect today’s compliance regulations (in part due to the mortgage servicing industry).