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Cloud Lending Solutions Launches First Ever Loan Application Exchange for Alternative Finance Companies
  • USA - English


News provided by

MSLGROUP

May 12, 2015, 08:00 ET

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Santa Clara, Calif. (PRWEB) May 12, 2015 -- Cloud Lending Solutions, the industry’s only end-to-end lending solution built natively on salesforce.com, today announced CL Exchange, an online marketplace for the alternative lending community where consumer loan applications can be sourced, evaluated and traded among participating lenders.

While the total addressable online lending market is nearing $580 billion in consumer credit and small commercial loans, nearly 90 percent of all loan applicants are rejected due to variables such as industry, loan type, size, creditworthiness and term. To address this gap, the CL Exchange platform provides a seamless ecosystem that enables participating lenders to quickly share and exchange loan applications for qualified borrowers that match their lending criteria. Compared to other exchanges that trade loan contracts, CL Exchange is an exchange of applications, allowing lenders to apply their own credit criteria to the loan.

“While the expansive growth of the online lending market offers unrivaled opportunities, it also represents unique challenges,” said Amir Behbehani, CEO of Serial Metrics. “Lenders need every available resource to remain competitive and create parity in the market. By integrating our predictive analytics model into CL Exchange, we’re helping match participating lenders with appropriate borrowers, while providing lenders the analytical advantage to accurately predict the likelihood of loan repayment.”

For borrowers, CL Exchange offers an unrivaled experience to apply for a loan with a greater likelihood of being approved. When an applicant applies for a loan from a participating lender, they can “opt-in” to have their application vetted through CL Exchange should their application be rejected. When entering CL Exchange, the application is open for bidding, either through automatic or manual bidding, and participating lenders can evaluate it against their own credit criteria. When there is a winning bid, the application is transferred to the origination system of the winning lender for processing. By integrating with innovative technology partners, CL Exchange also enables a unique predictive risk management tool that helps lenders receive applications from the exchange with a greater probability of successful repayment.

“CL Exchange is unlike any alternative finance marketplace in the world,” said Snehal Fulzele, CEO of Cloud Lending Solutions. “For the first time, we’re able to efficiently match borrowers with lenders, which will have a dramatic impact on the online lending industry by enabling increased liquidity, volume and value for both lenders and borrowers.”

CL Exchange is available as a private beta to Cloud Lending Solutions’ customers and partners. Over the next several months, other lenders, operators and originators will be granted access to CL Exchange through integration APIs.

About Cloud Lending Solutions
Cloud Lending Solutions is a global cloud infrastructure company that offers a suite of SaaS applications that efficiently manages loan portfolios, increases transaction volume, and rapidly brings new products to market for non-bank financial institutions all over the world. Our lending solutions are built natively on the salesforce.com platform so customers can safely and confidently utilize cloud technology to significantly lower costs, generate greater revenue and outperform their competitors. For further information and to see how we can help you, please reach us at [email protected] or on our website http://cloudlendinginc.com.

Anna Vaverka, MSLGROUP, http://cloudlendinginc.com/, +1 415 817 2510, [email protected]

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