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Need recommendations for loan servicing software to replace Excel

loan servicing software reviewsWe do loans to stockholders to purchase shares.  They payback these loans with distributions from the company.  We have about 70 loans today and that number may grow.  We need a software package the will minimize the errors and effort we have tracking this in excel.  Basic requirements:

  1. Track loan balance.
  2. Process interest rate changes (variable rates).
  3. Accrue interest.
  4. Prepare quarterly statements tied to company distributions.

Because of the nature of the loans, we do not need anything to collect or monitor credit.

Thanks in advance for your help!


Chris Shumate
Title: Accounting Manager
Company: Dominion Development Group, LLC
LinkedIn Profile
(Accounting Manager, Dominion Development Group, LLC) |

Anon - A software I know of that you could check out is from Piracle. It may be what you are looking for. Here is a link:

I am in the process of using Piracle for another product and saw this option. I cannot recommend it since I have not used it, but the sales lady I spoke to has been very helpful with the needs of the company I work for.

Nevertheless, this software may be a good solution for your company.

(Finance Trainer) |

The company I work for uses AutoPal Software. It is simple enough to use yet seems to do everything we need. Here is the link: www/

John P. Hart
Title: Vice Pres - CFO
Company: Nova Pressroom Products, LLC
(Vice Pres - CFO, Nova Pressroom Products, LLC) |

Ok, appreciated the lead. But not impressed with their website. Not much info, and I hate when a vendor doesn't even give a price range, scale, system requirements, etc. is this SaaS?

Chris Shumate
Title: Accounting Manager
Company: Dominion Development Group, LLC
LinkedIn Profile
(Accounting Manager, Dominion Development Group, LLC) |

John - I think it is a Saas, but I have not used it, nor did I find SaaS mentioned in the literature. On an information sheet I received it stated:

"Access the information and reports anytime and anywhere through the web or your mobile phone."

I have been covered up with other special products and just opened the PDM information to review it. I can forward you what I received from them if you would like. It isn't anything specific for my company, so nothing is proprietary. Reply to me privately if you are interested in seeing it.

(Agent, JKS Solutions, Inc.) |

I'm betting since you are reconciling your loans in Excel, you are not large enough yet to worry about a SAAS product.

So here is what CPAs have been using for eons for their clients, and you can get the software also and use it for your own purposes. This is the software that all industry accountants beg for but their employers don't buy it because they would rather pay more in salaries to do the work in Excel rather than give their employees what they need to be efficient. Sarcasm intended.

This website has a full view as to what the product produces. The nice thing is that you can set up scenarios, so if you are doing a what if and you need to know the total cost of financing and leave room for different amounts of principle payments at weird times, this software can do all that for you as well.


CPA firms have been using this for a long time, since the 1980's to update their clients loan payments and help them to make financing decisions and lease buy decisions.

It won't do the thinking for you, but it will help you do the math more easily than Excel. And you can provide the schedules to your auditors so they can match it to GL at the end of the year and help them be more efficient also.

(Director) |

Thanks Valerie. We have TValue but the accountant did not like the product. I will work with her and see what it is that is not working as she would like.

Sachin Goyal
Title: NBFC Software Development
Company: NBFC Software
(NBFC Software Development, NBFC Software) |

Should your business need automated software for loan servicing activities, so try web based nbfc loan servicing software, it will be the best option to distributing multi account holders loan @one time.


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