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The Covid pandemic continues to have lasting effects on the consumer market. According to the Federal Reserve Bank of New York, consumer debt rose 2.1% in the second quarter of 2021, the biggest percentage in 7 ½ years. Debt consolidation platforms are growing rapidly as they fit the critical need of consumers, to get their debt under control. Above Lending is one such platform. Acting as both a lender and loan broker, Above Lending uses LoanPro in a variety of ways to ensure ease of use for their consumers and team alike.
Fast Accurate Loan Calculation
Consumers struggling under the weight of multiple sources of debt are interested in a quick solution to help put their minds at ease. Being a broker as well as a Lender, Above Lending can consolidate debt from multiple sources on behalf of their customers into one easy to make payment.
LoanPro assists in the origination process to ensure loans are given out quickly. As consumers seeking financial relief fill out their loan application, Above Lending gathers necessary information (borrowers’ debt, what they’re able to make in terms of affordable payments) and sends that information to LoanPro via the API. LoanPro can quickly calculate and provide the loan terms back to Above Lending, supporting a convenient, efficient, and automated service.
Ease of Servicing
Many borrowers inconveniently find that the level of service they had when applying for a loan severely drops when it comes time to service their loan. Antiquated software, manual tracking or incomplete homegrown systems make it difficult for borrowers to do even the simplest of tasks, such as making payments, or viewing their loan balance. In fact, The Department of Housing and Urban Development notes that two out of every five complaints they receive have to do with loan servicing issues.
Above Lending solves this issue with the help of LoanPro’s loan management software. With thousands of accounts and millions lent out, Above Lending’s knowledgeable team services loans with ease. Above Lending relies on the skill of their in-house servicing team, while taking advantage of the customizability of LoanPro, such as creating custom wizards, that walk users through would-be complicated workflows, and automating tedious, manual processes. These factors provide borrowers with visibility and clarity, while providing Above Lending with automated processes specific to their platform, which reduce human error.
Automated Payments
A glaring frustration for borrowers and lenders alike is regarding loan payments. This seemingly simple process can be bogged down by misinformation and lack of automation. Above Lending has streamlined their payment processing, including full automation with the help of LoanPro. Above Lending uses autopay and a customized LoanPro functionality called Merchant Processing Groups for their accounts. This ensures payments go back to the right accounts, including money going directly back to their individual investors. This automation combined with powerful real-time tracking of transactions solves the issues that both lenders and borrowers face every day.
With families still reeling from the pandemic, debt consolidation is now more important than ever. Above Lending’s purpose is to provide relief to their customers, and with the help of their driven team, use of automation, and tech-forward innovation, they can do just that.
Learn more about Above Lending and how they can help with debt consolidation.
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