Handling Borrowers’ Concerns during Covid-19
Due to the economic downturn caused by the COVID-19 pandemic, many of your customers could also be experiencing financial difficulties. you’ll be conflicted about being empathetic and supportive while at an equivalent nonce practical and realistic about your business realities.
Presta has features which will assist in managing customer delinquencies while preserving your relationship with them.
- GET ONLINE NOW
Our REACH service reduces friction together with your borrowers online, this might be a chance to reassess and refine your approach. Consider signing up for REACH because it will get your business online quickly and permit you to simply accept online applications immediately.
- Open Communications
It is important to determine an efficient and transparent channel with customers to proactively allow them to know that you simply understand that it isn’t business as was common which you’re prepared to figure with them once they have difficulties. it’s crucial that you simply remind them that you care and they’re not just a way to an end.
Presta allows you to set-up email and SMS messages and to possess those messages leave to customers supported several triggers. Take the time to review your customer messaging to form sure that the tone is acceptable.
- Penalty and Fee Pauses
You may prefer to reduce, pause, or remove any penalty that’s currently linked to any of your company’s products. Presta makes this easy to try to do without having to completely retool. Note: you’ll pause a penalty for any duration.
The reality is that a lot of your borrowers will need additional financial help and should wish to access more funds from you. Incentivize this by waiving fees or deferring them. If you normally charge fees upfront, you’ll temporarily roll them into the capital balance of the loans to make it easier for your borrowers to access funding quickly to offset financial hits.
- Loan Rescheduling
For maximum flexibility and impact, Presta gives you a simple way to reschedule or extend any part of a loan. this might either be the principal balance, interest balance (unaccrued), penalty balances or fee balance. Additionally, you’ll change the term of the loan or maybe reschedule borrowers into a product of your own design. Developing COVID-19 related products and services in Presta with tailored conditions can help your customers in some ways.
- Payment Allocation
This is where Presta’s lending automation will become your friend. Through our advanced digital lending platform, you’ll change the way you allocate your customer payments across balances on any loan product.
Now is the time to review and evaluate your systems to make sure they’re facilitating a simplified and smooth borrowing process not just for your customers but for your business also. Remember lending automation is merely nearly as good because the systems you employ in your business.
Presta empowers your admins to assign user roles and system permissions that might enable you to effect this and any of the suggestions above.
- Strong Business Continuity Plan
Access to secure, reliable and versatile systems and applications are increasingly becoming essential for the longer term. As COVID-19 continues to affect our economy, alternative lenders should ensure their services are available to customers.
Business continuity planning centre on the strategy for making frameworks of prevention and recuperation to influence expected dangers to an organization. additionally, to prevention, your goal is to make sure ongoing operations before and through the execution of disaster recovery — which is, during this case, the COVID-19 pandemic.
Presta has always operated virtually as our people, systems and processes are designed for resilience and geographic portability. Our core infrastructure partners also are designed around resiliency and global redundancies.
Reach us for a private demo of how Presta can meet your lending needs.