Online variant catering to the Internet customers:
QFundTM Online is the internet variant catering to the Internet customers. The Online variant has a web interface for the borrowers enabling them to apply for a loan and perform other loan payment / follow-on transactions. The website interface is integrated with the Lending Management System that takes care of the complete loan management of the borrower.
QFund’s Online Application provides a comprehensive set of features and functionalities to manage the entire Loan Processing of a customer over the internet. All transactions from customer registration to collections are carried without physical involvement of the company employees. The Online application enables the customers to take multiple types of loans over the internet and handles the complete transaction cycle till the loan is closed. The Online application leverages its integrations with multiple third party risk assessment, ID verification companies to provide a secured solution to our clients.
Some of the key features of the online application include the following:
- Customized Website(s) – Websites which are tailored to match the brand identity of our clients
- Online Loan Applications – Interacted Loan applications built into the websites
- Products - Multi-product line of business with payday, installment, title & line of credit business
- Fax Processes - End-user configurable ‘Fax Loans & Fax-Less Loans’ related processes
- Integrations - Integration to multiple credit bureaus & credit scoring via Teletrack, Veritec, Lexis Nexis, CL Verify or Selling Source integration with a Customizable internal underwriting matrix
- Complete eSignature management & document management system
- Unique convergence model whereby customers flow directly into your brick and mortar store central database for convenient transaction handling
- Complete integration with existing processes including payroll, finance & accounting, HR, III party collections etc
- Comprehensive analytical & transactional reporting structure including dashboard functionality for management views and ad-hoc reporting for analysis
The Administrative module of the online application provides functionality to manage administrative operations associated with managing the online loan applications and processing. The various features of this module are:
- Document Management Configuration
- Lead Generation Management
- Employee Management
- Banking information management to manage ACH processes
- Privilege Management.
- Rule Set Management
Customer Interface Module
The customer interface module (or a website) of the QFundTM online application provides an interface for the borrowers to register with the application and to apply for a loan product or a refinance request on an existing loan product. It also enables the borrower to seek information on his loan eligibility and options provided for him. The various functionalities enabled in this module are
- Borrower Registration Management
- Document Presentment & Management
- eSignature Management
- Refinance / Renewal Request Management
- Password Management
- Account Management / Inbox
- Alternate product offerings
Internet Loan Processing Module
The internet loan processing Module is the interface available to loan processing & collections representatives to enable originating loans & servicing loans originated for various transactions. The other functionalities supported are:
- Customer Management
- Document Management
- Loan Processing
- ACH & Returns Management
- Collections Management
Point of Sale(POS)
Storefront variant catering to the needs of brick & mortar stores:
QFundTM is the Storefront (Brick and Mortar) Solution which includes a Point-of-Sale application for processing borrower transactions and A Lending Management solution with interfaces to the administrative and Store employees. The functionality of the solution covers the entire loan life cycle starting from issuing a loan to collections. ‘QFundTM Lite’ is a slightly different & down-sized variant of the solution focused to cater to the needs of small players in the industry. QFundTM lite USP is lesser TCO to our clients with shared infrastructure and storage (offered only in ASP Model)
The QFundTM Storefront application is the application variant that enables loan processing and management at the physical stores of an organization where a borrowers walks into the store to receive services from the CSRs of the store. The Storefront application has point of sale application integrated with a lending management system that caters to the complete loan life cycle. Admin users have access to the administrative module that manages the store related aspects and can manage all stores of the organization. Following is the Functional Model representation of the QFundTM Storefront application depicting the processes and functionalities covered under each process.
Modules - QFundTM has multiple modules that are built into it which provide the comprehensive functionality to all entities involves in a loan management cycle viz the borrowers, the Customer Support employees and the administrative employees. Following are the various modules that are available to clients of the QFundTM solution in the ASP methodology of engagement.
The Admin module provides a centralized platform for the administrative users of the QFundTM application to set-up governing boundaries of how the application should perform for specific transactions and further for performing various administrative activities detailed below. The various functionalities offered by the Admin interface are:
- Stores management
- Business rules management
- Fee management
- Store Promotions management
- Store Employee management
- Privileges management
- Administrative transactions
- Admin Reports
Store Front Module
The storefront module provides a platform for performing the loan transactions at point of sale. This module is only available for the store employees and covers the following functionalities
- Borrower / Customer management
- Store Cash management
- Loan Transaction processing
- Daily Reconciliation processing
- Store Employee management
- Collections management
- Administrative transactions
- Store Reports
QFundTM caters to the needs of clients with both Store front and Online lending business models with a Hybrid solution that includes the Point of Sale (PoS) application for Stores and a Loan Management System (LMS) for internet and with a converged database to manage customers on either of the platforms.
QFundTM has been successful in offering this model to some of the large clients in the short term financial services industry.
CSO - CREDIT SERVICE ORGANIZATIONS
Credit Service Organizations are licensed to issue loans to individual customers, generally, who are underserved by the banks and have poor credit rating. For a consideration these organizations provide loans to the customers to improve their credit history, record or rating, or to obtain an extension of credit.
QFundTM has the flexibility to incorporate the business processes required for its users to work as a CSO of a third party lender. QFundTM allows the users to maintain simultaneously both normal loan (both payday loan and Installment loan) and CSO loan (both payday loan and installment loan).
The CSO functionality is controlled through a set of business rules:
- Allow CSO: Control to specify whether CSO Loan can be issued for the specific state or not.
- Maximum ACH: Specifies the maximum number of times ACH can be performed on a loan.
- ACH Deposit Days: Number of grace days from the due date after which ACH can be performed.
- MaxACHCount:Maximum no. of times the CSR can do ACH.
- ACH NSF fee Amt: Specifies the return fee that the customer is charged with if ACH is bounced.
- Minimum Interest Amt: Specifies the minimum interest amount that the customer has to pay while making Early Payoff.
- Num of Inst Due for ACH: Specifies the number of installments to be due for processing ACH.
- Allow Rebate: Specifies whether the customer is given back any extra payment amount.
- Written off Days: Specifies the number of days after which the deal is written off due to inactivity after ACH is return posted.