One of the main loan providers that is often overlooked are Universities. Universities are some of the largest loan providers in the world with most modern day students taking the option of financing their studies through some loan provider, finance institution or university loans, grants and scholarships. Seeing that every year university applicant numbers are growing, it puts more pressure on universities to manage their credits, instalments and repayment schedules, let alone interest rates and repayment dates. As these numbers grow, universities are forced to expand their financial departments and spend more to adapt to these ever increasing numbers.
We offer a solution to universities looking to save resources and manage student loans in a more effective and time-saving manner. This means that instead of needing a finance department, a university is able to rely on our software to complete the work for them. This decreases the chances of man-made errors, lost documents and contracts, countless hours spent categorising students and sending updates and following up and chasing repayments.
CreditOnline University can automate the loan issuing process to, for example, be a portal on the university website that students can submit documents to, enter personal information and apply for loans. The loan applicants can be automatically cross-referenced against extensive databases for their suitability for the loan they are applying for and approved manually, semi-automatically or fully automatically if certain client pre-defined criteria is met.
A possibility for CreditOnline University is a dedicated page in the university application cycle. Similar to a Loan Origination Process, the applicant would fill in their details and verify their identity (their identity could already be verified through a previous step of the university application). Once the applicant is verified, they could fill in something as simple as an online form or use a slider to determine their financial situation for their data to be processed by our software and either a decision taken automatically as to whether they meet the criteria for the loan in minutes or sent to a directory for the approval of an administrator manually. If the loan is approved the student would be sent all relevant contractual documentation to their email address that they used to sign up.
The software also allows for client “zones” where the student is able to view the amount that they are indebted and or make payments towards that amount.
The above is a very rough and simple process that may be suitable for some universities. This by no means is an exhaustive list of the systems capabilities. With countless integrations with banks, payment modules, contractual modules and many more, the software is ready to integrate and adapt to any university’s needs.