Cloud-based solutions for P2P lending software are the ideal way for investors and lenders to connect with borrowers, receive payments, and share information among their company principals. Cloud-based P2P lending software features so many benefits, you can make a small operation look like an enterprise solution, and still have room to scale as your company grows and adds new borrowers or funds.

Here are eight ways you can use a cloud-based solution for your new peer-to-peer lending solution.

1. 1. The software allows complete loan origination, including the loan request form, auto credit score check, loan review, borrower background checks, communication and loan approval. It also has a built-in repayment calculator to check loan rates before the borrower applies for a loan.
   2. A cloud-based solution also features complete loan management. A complete loan module is readily available for business personnel to manage all the applications, including loans in progress and completed loans. Your business personnel can receive applications, confirm them, and manage investments from investors.
   3. Cloud-based software uses APIs to connect with banks, which lets borrowers pay money directly from their bank account to yours, or see their account status and balance. You can also transfer loans to their accounts, or transfer money between your own accounts. Using APIs will not affect the pricing of the lending; if anything it will make the entire process less expensive. These APIs let borrowers use any bank, credit card, or institution they choose, which makes your payment processing much faster and easier.
   4. APIs are pre-installed to have a basic set up for business transactions. You can get one credit scores and one payment gateway set to do business with, rather than working with two or three different pieces of software. A cloud-based solution provider will work with your team to add APIs needed to connect to different financial institutions. Third-party APIs, like credit scores, income verification, digital signatures, and document management are also available for both borrowers and managers.
   5. You have the ability to change and configure service fees. This means you can change the percentage fee based on what you are earning from each investment.
   6. The cloud provider’s in-house team is always available to help you establish your base in whichever country you operate from. All regulations and statues will be met, and you’ll have 24/7 support. Depending on the setup of alerts and communication, your business can benefit from multiple open connections with a software team, both in-house and away.
   7. Calculations, projections and investments are displayed in real time. You will always be able to know what your financials are doing as all reports are accessible on one dashboard. Plus, all documents and reports are customizable. The data that you have in the cloud is meant for all parties involved, so you can share with whomever you need to.
   8. Once the verification processes are done and all parties involved are on the same page, investors will get to track the returns they are due to receive.

If you would like to learn more about using our cloud-based P2P lending software, please visit our website and request a free demonstration of how the system works.