QFund provides a complete solution for managing the Payday loan transactions for loans that are disbursed to borrowers in return for checks drawn on the lending company.
Following are the various transactions that are possible for managing Payday loans:
- Loan - Disbursement of a New Loan through various modes such as Cash, Checks, Debit cards, and ACH.
- Partial Payment - Payment in partial sums with the ability to calculate rebates and pro-rate the payments
- Paid-in-Full - Payment via - Cash, Cashiers Checks, Money Orders and Checks for total amount to close the Loan
- Deposit Check - Deposit of Borrowers Check in the Stores Bank
- Return Check Prepayments - Payments made by borrower after the Check Deposit Clear Check - Marking of Deposited checks as Cleared Checks
- Refund - Refund of excessive amount collected from the borrower via Cash / Check
- Return Check Payments - Payments made by borrower after the Check marked as NSF
- Post Court Filing Payments - Payments after the Court filing of borrowers
- Post Judgment Payments - Payments after
- Write-off - Write-off loans that cannot be recovered
- Write-Off Recovery - Payments against the written-off loans
- Rollback - Time bound Rollback/Void for all the transactions in the application and use of an encryption code for Rollbacks beyond the timeline
- Bank Deposit transactions enable depositing checks for redeposit and received as Garnishment Payment