Here are some questions answered for you
SparkLMS Loan Management platform is a suite of applications and services that are integrated to orchestrate, streamline and automate the lead acquisition, origination, processing, servicing, and collections processes for financial institutions or lenders. The SparkLMS suite of applications includes the Lead Management System, Loan Management System, Communication Manager, Reporting Manager, Borrower Portal and Borrower Mobile Application. Visit the Platform page to know more.
Implementing SparkLMS Loan Management Platform offers several benefits, including improved operational efficiency, reduced manual errors, enhanced borrower experience, streamlined workflows, better risk management, and comprehensive reporting and analytics.
SparkLMS Loan Management Platform includes features such as lead management, loan application processing, document management, underwriting, scoring, loan disbursement, repayment tracking, collections management, and reporting/analytics capabilities. The Platform also integrates a communication module that ensures seamless communication with customers at every step of the lending life cycle via voice calls, email, SMS, chat and messaging. Visit the Platform page to know more.
Yes, SparkLMS Loan Management Platform is flexible and customizable to accommodate your unique lending processes, workflows, and business requirements. It can easily adapt to your organization's policies, loan products, approval stages, document templates and other parameters and compliance standards. The platform is also offered as a white-labelled solution that can be hosted in your own data center.
Yes, as a versatile Loan Management Platform, SparkLMS supports various types of loans, allowing lenders to manage multiple loan products and their specific attributes. The loan product variants include Cash Advances, Installment Loans, Payday Loans, Line of Credit, Revolving Line of Credit, CAB/CSO Model loans, Auto Title Loans, Consumer Loans and more. It offers flexibility in configuring loan terms, interest rates, repayment schedules, and other parameters based on loan type.
Your websites and landing pages will be integrated with SparkLMS and any lead submitted from the Loan Application of the websites will be directly posted to SparkLMS.
SparkLMS Loan Management Platform integrates with multiple credit bureaus and other data sources to gather borrower information for credit evaluation. It uses predefined rules, algorithms, and risk assessment models to automate the underwriting process, ensuring consistent and objective decision-making.
Yes, SparkLMS Loan Management Platform offers document management capabilities, allowing lenders to store, track, and manage loan-related documents electronically. It also offers options for the staff to request documents from borrowers by sending a link to upload documents from the borrowers. In addition, the Borrower portal allows borrowers to upload and view their loan related documents like Loan Agreement, Payment receipts, Account Statements etc.
SparkLMS Loan Management Platform features an in-built proprietary e-signature component which complies with the regulatory requirements. If required, you also have the option to use third-party services like DocuSign or HelloSign that are pre-integrated with SparkLMS.
Yes, SparkLMS Loan Management Platform enables efficient loan servicing by tracking repayment schedules, managing loan modifications, generating payment reminders, and handling collections processes, including delinquencies and defaults.
SparkLMS provides the option to send manual as well as automated text messages. It is integrated with SMS Gateways like Twilio and Dialpad. All you need to do is provide credentials for the SMS providers and start sending texts with ease.
YES IT DOES. SparkLMS provides a Borrower Portal that allows borrowers to login and manage their loan accounts. Borrowers will be able to apply for a new loan or top-ups, pay upcoming payments, schedule or defer payments, pay the loan in full and more. Visit the Customer Portal page to know more.
Yes, integration capabilities are an essential fabric of SparkLMS Loan Management Platform. It integrates with external systems like credit bureaus, financial institutions, document management platforms, email and SMS gateways, dialer systems and other relevant systems to facilitate data exchange, verification, and management. Integrations page to know more.
Yes, data security at SparkLMS Loan Management Platform is a crucial aspect and given highest priority at every step. The platform incorporates robust security measures, such as encryption, access controls, audit trails, secure data storage and regular data backups, to protect sensitive borrower information and to ensure compliance with privacy regulations.
Yes, SparkLMS Loan Management Platform offers comprehensive reporting and analytics functionalities. It enables lenders to generate customizable reports, loan portfolio performance, borrower statistics, delinquency rates, monitor key metrics, and gain valuable insights for informed decision-making and regulatory reporting.
YES. We design websites for lenders that will be integrated with SparkLMS. The websites will be compatible with any device be it a mobile or a tablet or a computer. Web Design page to know more.
SparkLMS offers 2 deployment models namely SaaS and On-Premise. If you are opting for the SaaS Engagement Model (Software-as-a-Service), all you need to do is contact us, sign a contract and start using SparkLMS in 4 to 6 weeks. If you are opting for the On-premise model, you would need a specific IT infrastructure for which we will help you choose, set-up and host SparkLMS. .
Absolutely YES. SparkLMS provides a tailor-made white labelled deployment option as well. It can be deployed at a one-time cost, where the infrastructure will be yours. This deployment option comes with 2 months of free support. Please contact us to discuss the pricing models.
YES. We can migrate your customer data along with their loan data to SparkLMS. This would usually require a 4 to 6 weeks based on the complexity of your existing database.
SparkLMS is developed keeping in mind the Brick & Mortar stores as well to empower them embrace online lending with a smooth transition. i.e. you can use SparkLMS in a Brick & Mortar store and online lending alike.
A standard timeline of 4 to 6 weeks is followed by SparkLMS to launch a portfolio. The timeline may vary depending upon the changes requested by you.
Depending upon the deployment model you choose the rates may vary. Either a one-time cost to have SparkLMS in your premise or a Monthly cost with a one-time setup fee. Please contact us to discuss the pricing models. .
Yes, SparkLMS Loan Management Platform offers training and support services during the implementation and onboarding process. It also provides Help documentation, User Guides, Slack Support, Phone Support and access to the support team that can address any questions or issues that arise.