Best Debt Collection Practices

There are several reasons that borrowers become delinquent in their accounts. Ultimately, in the months to come, maintaining a positive customer experience must be a priority, especially in the face of this unique period of credit troubles. Here are a few steps and practices to consider when collecting debts: Be Proactive Rather Than Reactive LoanCirrus integrates …

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Evaluating and Creating Debt Collection Policies

Given the current economic situation caused by the COVID-19 pandemic, logically one can anticipate that there will be a spike in volume— both in terms of new clients interested in borrowing due to financial constraints as well as existing clients who will fall behind in loan repayments. Some individuals and businesses who ordinarily would not …

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Top 7 Must-Have Loan Collection Tools & Features

The right Loan Collections tools are essential for reducing risk and managing deliquencies, especially during the COVID-19 pandemic. Economic struggles are stifling businesses and employees alike, and worldwide, many lenders are experiencing issues with borrowers defaulting and difficulties collecting. As a lender, especially during this time, one must exercise proper risk management to ensure minimal …

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Stop Taking Money From Strangers…

As we grow our customer base here at LoanCirrus, we find it necessary to gain deeper insights into whom we are serving. It’s tempting to use the most natural generalization of our customers: ‘we serve lenders’. Many of you who are lenders may say ‘we serve borrowers’. If you are in the restaurant business it …

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How To Collect (more of) Your Money

How do you collect more of the money you lend? Everybody who borrows from you intends to pay you back. Some simply don’t.  The idea is not to eliminate delinquent borrowers. It’s impossible so any attempt is futile. The idea is to manage it and keep it well controlled. Profit in spite of delinquencies. Banks …

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