(PRWEB) May 05, 2014
EPIC Loan Systems announces the immediate availability of its new Installment Loan solution. Built on the EPIC Loan Management System, the Installment Loan solution complements EPIC’s Advance and FlexPay Loan products and provides a full amortization option for Short-term Lenders.
Installment Loans offer consumers equal payments for the life of the loan. They feature principal repayment increases and interest payment decreases with each successful payment until the principal balance is fully repaid. Installment Loans also allow lenders to explore multiple payment scenarios with the borrower before determining which one is most appropriate.
“The ability to offer Installment Loans to consumers has been a solution in great demand in the Online Lending space and the timing for this important release is critical, when considering the recent regulatory pressure that has been put on Lenders and other Service Providers in the PayDay space,” said President of EPIC Brian Martin. “We expect EPIC’s Installment Loan Solution to further strengthen EPIC’s position as a leading developer of Loan Management Solutions,” added Martin.
Transitioning from PayDay to Installment
EPIC has developed an advanced Loan Transfer capability to support existing Lenders who wish to transition from PayDay Loan services to Installment Loans. Loan Transfer allows lenders to offer borrowers an option to consolidate outstanding loan obligations into a single loan. “Borrowers with open loans, including Installment, FlexPay and PayDay Loans, can now be consolidated into one loan with an even payment schedule,” according to David Kidd, Director of Product Management at EPIC. “EPIC lenders can easily transition their borrowers from PayDay to Installment.”
Next Generation Customer Management Capability
EPIC’s Installment Loan product provides the capability to build programs that meet independent sales strategies and individual state regulations, and has also added an advanced pre-collections management capability called “Pending Collections” to its Installment Product.
“Pending Collections enables lenders to identify borrowers that missed a payment but are not yet in a negative loan status and help get them back on track before their loan is moved to collections,” said Kidd.
“Coupled with the Customer Marketing Module, EPIC’s new Installment product provides lenders with new ways to assist borrowers and keep their customer relationships healthy,” Kidd added.
Installment Loan Availability Today
EPIC’s Installment Loan product is available now. Existing Clients should submit a Help Desk ticket to EPIC’s Client Services Department to enable Installment Loans. New clients can inquire about starting an Installment Loan portfolio with EPIC by contacting an EPIC Sales Representative at 877-305-3742, Option 1.
About EPIC Loan Systems
EPIC is a premier provider of Loan Management Software. Founded in 2010, the company offers a SaaS application designed to meet the rapidly changing needs of the online lending marketplace.
EPIC is a trademark of Advanced Loan Technologies, LLC in the United States.
For more information:
Mike Morales, VP of Sales
877-305-3742 ext. 1