How To Improve Lending Business [#8 Explained]

Today’s article is about lending and how to improve lending business. We all need our businesses growing and giving profits.

So before we dive in let’s get some facts right.

What is lending?

It is a  transaction that involves borrowing money or other assets to be paid back with an extra amount; an interest. 

It is financial help given to people, organizations to boost their business or pay for personal things.

Why start a lending business?

1. To earn- money lending just like any other business it pays. Get money through interests and fines on due loans.
2. To help- as you get money from your business you can contribute to community projects. You can also participate in funding other projects.
3. To grow businesses- help build businesses whether small or big by giving loans.
4. Provide flexibility- people go through long processes in banks when applying for loans. The lending business can help ease the process.
5. Increase cash flow- as you perform transactions the cash flow also increases and helps your business grow.

How to improve lending business

1. Spread the word

One of the simplest ways to expand your business is by word of mouth. Refer a friend and give them the best and they will tell others about your services.

2. Sell yourself

Create a stunning website and give all information needed and what your business is about. Have the terms and FAQs. 

Have convincing informative information available for free.

3. Coaching, mentoring, and consulting

To grow you need to expand your thoughts. Reading books, attending seminars, and listening and watching inspiring talks will help you grow.

4. Increase community involvement

Get involved in community projects like building schools. This is a good way to get noticed and gain clients’ confidence and assurance.

5. Embrace Technology

Use tools like Social Media to market your business, communicate and also link your website. Social Media will help you bring traffic to your site.

6. Improve security

Security is important clients value their privacy. It is good to keep your clients’ data safe. Have a system to keep safe all transactions and other records.

7. Be reliable

Make sure you provide services on time and be always ready to help. Whenever a client is struggling help them. 

8. Know more about your customer

 This will help you not make mistakes in lending to unknown clients. It also helps you keep track of those late payments.

Besides, you know their needs and when they need them. 

Now that you have an idea of how to improve lending business there is software that can help you ease this process.

So what is this software?

Here is Jisort:

Jisort is a web-based platform automating transactions in Microfinance Institutions, SACCOs, Banks, other Financial Institutions. 

It is also a  management software that helps you keep records and transactions. It also generates reports and invoices.

So how does Jisort work?

 Jisort has been running for over 6 years and has specialized in the development of core banking systems and applications applying the latest technology.

This means that it is able to automate transactions and also generate reports. Jisort has helped both local and international clients.

The above is the demo of the system. From the demo:

• It shows how many members you have, the number of completed loans, active loans, and pending loans.
• The system also displays a graphical representation of income and expenses for the last three months.
• You also get to see the list of clients and transactions done.

Jisort offers an alternative real-time integrated banking channel that allows Financial Institutions to offer banking services with minimum cost. 

The Jisort Core Banking System can easily be integrated with banks and other payment gateways, the  System has successfully integrated with:

• Banks
• Mpesa
• PesaLink
• Credit Reference Bureaus (CRBs)
• Vodacom
• Tigo
• Among others.

Why use Jisort?

1. It is affordable- as low as $20 you have a system that will manage all your clients’ data, as well as generate reports.
2. It is reliable- whenever you run into a problem the support team is readily available.
3. User-friendly- clients need no special skills to own and operate the system.
4. Simple- it is an all in one platform that keeps all details close in that you need not struggle to find them.
5. Reports Generator- get information on all transactions done and general information on activities fast.
6. Payment modules- since it is integrated with Banks and others payment is fast and easy.
7. Provides Bulk SMS-this helps you get in touch with clients fast and cheaply.
8. Open API to readily extend system functionality or customize to fit your custom need.

Get Jisort now and improve your business as well as secure client’s data. Make this choice and watch your business grow.

Well, those in a small business can also benefit from Jisort.