FAQ's
Q: I’m new in the business and nervous about doing something against the law. Can LoanTec help me?
A: Yes. LoanTec was developed in a working loan office by people actually in the business. LoanTec is programmed to not let you do something illegal. LoanTec is a complete windows program that is easy to use, but fast and powerful. Generally, 1day training on the software is sufficient for those familiar with the loan business, but just new to LoanTec. For those new to the business, LoanTec offers training classes in the loan business varying from 1-6 days, depending on your learning pace.
Q: What does training on the software and/or in the loan business cost?
A: Currently, Software training is free if done in our offices. If done on your premises, the fee is $500 per day + expenses. Training for newcomers in the loan business is still currently free for LoanTec Users and held in our Kerrville, Texas training center. Contact LoanTec Support for more information.
Q: I’m currently on another software system. How hard is it to change to LoanTec?
A: Generally, not hard at all. You have two choices:
a. Manually: LoanTec Software is programmed to allow easy entry by hand of existing loans directly into the computer. Most lenders with 100 or less accounts choose this method since the time involved is not great.
b. Electronically: LoanTec Support is equipped to convert your existing account database directly into LoanTec. Most lenders with more than 100 accounts find this process works best because of the time involved to make all the entries. With cases in excess of 1000 accounts, we strongly recommend electronic transfer. However, there is a fee for electronic conversion. Contact LoanTec support for more information.
Q: I’ve heard about loan companies with multiple offices that actually have all their office’s data in one location, usually in the corporate office. How does this work?
A: Probably through a process known as “Terminal Services”. In this case, each office simply connects to the corporate computer each morning and sends keystrokes back and forth through the internet to do all the functions normally done on each office’s computer. Each office only needs a monitor, keyboard, mouse and a small processor. The advantages of the process result in better control and more production in each office, but does require additional technology to do it. Contact LoanTec Support for more information.
Q: Do I have to use “Approved” software or can I use any financial software?
A: Most, if not all states require an authorized lender to use software approved by them. This is as much for your protection as the consumer. Making usurious loans or not refunding interest is serious and dangerous business. It’s better to use state approved software.
Q: Isn’t all approved software pretty much the same?
A: No. Like buying a new car, there are significant differences in the financial software available. You should consider your overall needs and your long-term goals as well as the level of technical support you might need. You should review each program available and select the one that best fits your needs.
Q: Are there trade associations for the small loan business?
A: Yes, most states have trade associations comprised of lenders who meet periodically to discuss mutual issues. See “Links” on the LoanTec Home Page and select your state. We strongly recommend you become a member of your state association as soon as you begin your lending company.
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