Select Mobile™ Lending allows mobile users to quickly and easily apply for loans via their smartphones and tablets – Download PDF –
MINNEAPOLIS, Minn. – September 24, 2013 – Cachet Financial Solutions, a leading provider of remote deposit capture solutions (RDC) has announced today that they are expanding their product portfolio with the release of Select Mobile™ Lending, an innovative new mobile application for payday loan processing. The new product will be offered as a white label solution for payday lenders, check cashers, and other financial service organizations.
“At Cachet we are constantly striving to better serve our clients via new, innovative technology solutions,” said Jeffrey Mack, President and CEO at Cachet Financial Solutions. “We were the first to offer a native Mac solution for desktop RDC and the first to develop mobile check to prepaid card solutions for check cashers and prepaid card providers. Select Mobile Lending continues in that tradition, enabling payday lenders to provide more convenience to their customers and to capitalize on the growing demand for these types of loans.”
According to Pew Researchers, approximately 12 million US adults annually use payday loans or “cash advance” services, and the numbers continue to grow. Research also indicated that one quarter of borrowers are already using online channels to apply for their loans. Select Mobile™ Lending takes this process to the next level with a unique mobile application, allowing users to apply for loans from their smartphones and tablets.
Select Mobile Lending offers Cachet’s financial service organization clients the ability to expand their market reach without investing in additional brick and mortar locations. The application features expansive document imaging and data extraction technology to collect loan application materials from consumers. Loan processors can require images and collect data from a range of documents, including driver’s licenses, government IDs, paystubs, bank statements, and more.
In addition to the front-end mobile interface, Cachet has developed a streamlined loan review program for loan operators with filters for sorting loan applicants and the ability to manually inspect submitted documents. The technology can also be integrated with a prepaid card processor to enable loading of funds to users’ prepaid cards and access to balance and transaction history information within the app.