This week we will change the way the loan process will work to make the process faster and easier for borrowers and also reduce the amount of time investors’ funds can be reserved in investments that in the end get cancelled.
What will change in the process:
- We will make an instant offer to borrowers once they have provided their information. Loans will go directly to market after the offer is accepted.
- We will start the full identification process immediately after a loan offer is accepted and loan analysts will prioritize applications that have received or are about to receive funding first.
- If differences are found during our analysis in for example income compared to those reported by the borrower, then loan application is cancelled and investors’ funds released.
Since we’ll start the identification process immediately, the entire process will become faster. As a result investors’ funds will be released faster from the applications where borrowers fail to provide the necessary documentation.
Additionally, we will start showing released funds from cancelled applications separately from repaid loans.
We are adding automated phone calls to loan collection process
While we have had great recovery in the past, we aim to constantly improve our systems and thus we are introducing automated phone call reminders for people who have been overdue with their loan for a while.
This will add another channel for us to reach the borrowers and keep them up to date with their situation and remind them of their outstanding liabilities.