MIAMI, Feb. 15, 2024 /PRNewswire/ — Paydit, the leading collections automation platform, and LoanPro, the API-first modern lending and credit platform, are excited to announce a new strategic partnership aimed at improving collections and recovery rates for lenders. This integration provides a seamless solution for lenders to manage past-due accounts, automate collections, and help consumers get back on track with their loans which ultimately decreases default rates and increases margins for lenders.
Rising default rates and decreasing margins continue to be growing concerns for all types of lenders. In 2023, default rates for personal lenders rose by approximately 20% and margins for financial institutions plummeted by approximately 30%.
This strategic partnership addresses these concerns by allowing lenders to seamlessly send past-due accounts between LoanPro’s modern credit platform and Paydit’s powerful collections platform, which utilizes advanced automation technology to streamline the collections process. This integration enables customers of LoanPro and Paydit to receive the best of both worlds in a streamlined approach to loan servicing and collections by minimizing manual work and increasing operational efficiency.
“We are thrilled to partner with LoanPro and offer lenders an integrated solution that can save our mutual customers time and resources while improving collections performance,” said Richard Formoe, Co-Founder and CEO of Paydit. “Our platform’s unique approach to collections management, combined with LoanPro’s robust loan management and servicing capabilities, provides a comprehensive solution for lenders looking to optimize their loan recovery process.”
“LoanPro is committed to providing customer delight and our partnership with Paydit enables us to offer even greater value to our mutual customers by reducing risk and increasing operational efficiency,” said Rhett Roberts, Co-Founder and CEO of LoanPro. “We are confident that this strategic partnership will empower lenders to improve their recovery rates and help consumers get back on track with their financial commitments.”
About Paydit
Paydit is the #1 collections automation platform for lenders that instantly streamlines their collections process and improves recovery rates. By utilizing artificial intelligence and advanced automation technology, Paydit’s platform enables personalized communication cadences & strategies with a user-friendly interface that enhances the collections experience for both lenders and consumers. For more information, visit https://www.paydit.com
About LoanPro
LoanPro is the market-leading modern lending and credit platform enabling lenders to innovate quicker, driving account growth while optimizing operational efficiency. Today, 600+ financial organizations use LoanPro to transform their borrower, agent, and back-office experiences. LoanPro’s mission of providing the platform to innovate the future of finance currently is enabled through its composable architecture, allowing lenders to enhance their origination, servicing, payments, collections, all built on the foundation of a modern lending core. For more information, visit https://www.loanpro.io/.
