How do I update my rates and disclosures? How often can I update them?
You will have access to the Loan Saver Admin System 24/7. There, you’ll be able to control all your rates, disclosures, examples, alert email addresses, and so on whenever you like. You can update as often as you like, and it only takes a few seconds to do!
What if we use risk-based lending? Some members won’t qualify for our best rates, and we don’t want to mislead anyone.
Loan Saver can optionally included up to 6 credit tiers. On the first tab, the user is given the ability to select their credit level from up to 6-tiers that your lending team will define (e.g. excellent, good, poor). Once selected, all the rates, examples, and calculations throughout Loan Saver are instantly adjusted according to the credit-tier selected. This will give an estimated savings that is as accurate as possible.
Having said that, we do recommend the ‘As Low As” approach. Probably most of your marketing materials are promoting your best rates and that is what we recommend with Loan Saver as well. Remember this is a savings estimate, not a loan application. Once you get the member in a conversation with your lending officer you can discuss credit ratings, get to know the member’s financial situation, and offer the most appropriate financial solutions. Most of our credit unions are taking this approach and it is working very well.
Will there be any security problems, warnings, or errors?
No, Loan Saver is fully secure and will not cause any error messages or warnings even inside a secure website. It is built on some of the most successful and widely used web and mobile platforms and we have not had any compatibility or security problems at all.
Is Loan Saver mobile-responsive?
Yes, the latest version of Loan Saver is fully mobile responsive and will automatically adjust and optimize its content based on the screen side and device the viewer is using whether it is a small smartphone, a tablet, a laptop, or a full sized desktop computer experience. It uses mobile-compatible tabs and accordions to make it easy to navigate our information-rich calculators for multiple loans lines and cards. The contents and calculators also change the way they are “stacked” so the look feel and function is attractive and effective even on small screens.
Will my I.T. Team have to install any software on my servers?
No, all the technical stuff resides on our secure systems. Integration into your site is literally a one-line cut and paste. I.T. probably won’t be involved at all.
I’m concerned that my lending team doesn’t have the resources or time to follow up on all those leads. How much volume should I expect?
While this would be a very good problem to have, it has not been a problem for our clients to date. Loan Saver will generate a steady stream of loan leads for a long time to come, but volume depends on how much marketing support you supply. If you are getting too many leads to handle, simply reduce your marketing exposure for Loan Saver for a while. The other thing to consider is that it doesn’t take very many leads to generate a lot of revenue for the credit union, so this can generate high ROI and great lending revenue without being overwhelming.
I still have questions…
Have a question that hasn’t been answered here? Contact us today! We’ll answer any questions you have, schedule a webinar for your lending and marketing teams, and add your questions to this FAQ.