Title lending is different from other types of lending. There are things that title lenders need that other lenders just don't. At AutoPal, we understand this. That is why AutoPal provides the features title lenders need. Features like:
Cash Drawer
AutoPal lets you set up cash drawers for your employees. You can then have amounts enter and leave the cash drawer based the payments received and loans funded from that drawer. Cash drawers can be reconciled as frequently as you would like to make tracking the amounts in and out as easy as possible.
Preconfigured Loans
Title lenders often give loans with specific settings, amounts, interest rates, etc. AutoPal will let you set up each type of loan that you give as a preconfigured loan. Preconfigured loan setup allows you to choose every available loan setting including any CSO options you may need (depending on what state you are in). These loans can then be set up and calculated simply by clicking one button. Using this method will get rid of human error and significantly shorten the amount of time it takes to issue a title loan.
Interest Tiers
The interest rate on a title loan can be contingent on the loan amount. But before you know what collateral you are loaning against, you don't know what amount the loan will be for. AutoPal will let you set up interest tiers that make it so the interest rate will automatically be assigned based on the loan amount entered. This feature will work in conjunction with preconfigured loans as well, so you can give a loan with a preconfigured amount and have the interest tier assign the interest rate for you.
CSO Tracking
In some states, most title loans are given through a credit services organization. With AutoPal you can track the fees charged by these organizations easily. CSO fees can be set up and amortized of the life of the loan as part of the typical loan setup. You also have several options that let you specify how payments should apply to these fees and how much of the fee to assess at the time of payoff.
User Access
One of the most difficult things about any lending platform is making sure your employees only have access to what they need and that they aren't inundated with options they don't understand. AutoPal lets you completely configure the access level for each employee in your company. You can also hide and show items to make sure employees only have what they need. You can create your own access templates, or use one of the stock access templates that AutoPal provides.
And remember, AutoPal is always developing new features that will make your life easier. To use the software for yourself, sign up for a free demo or to speak to someone who can answer your questions, contact sales at 888.725.4495 xtn 303.
Learn more at AutoPalSoftware.com/title-loan-software
