Changes in Payday Lending

Most people in the industry are familiar with many proposed changes in payday lending. Many of these changes have been discussed for years, but since Barack Obama has come onto the national scene the possibility of such changes has become even more real. Some in the industry see this as disastrous, and it is certainly understandable why some would feel that way. But others in the industry see such uncertainty as an opportunity, possibly to take their core skills and infrastructure and enter different lending markets, such as more traditional forms of consumer finance. For those who want to capitalize on this opportunity, it is crucial that they be poised to respond whenever change happens. One way to do this is to ensure that your lending organization runs as efficiently as possible.

Compass Technologies developed the Kwik-Loan suite of software tools specifically for the consumer finance industry. Our seven modules were designed to allow consumer lending institutions to:

• Quickly build and market a web-site
• Accept online applications
• Manage these applications
• Make automated credit decisions
• Allow your customer online access to their account(s)

With these tools our clients are able to manage their entire operations more efficiently, and thus are prepared to better take advantage of any potential opportunities in the market. Please contact us if you would like to speak to a representative about ways your organization can take advantage of changes in payday lending.