Software for Tracking Loans Against Paychecks And More
Payday Loans are integrated in Pawn Shop Software. It is unique in its class, combining reliability, functionality and ease of use with all basic loan functions plus tracking loans against payroll checks and paydays.
The most outstanding feature of this program is affordability. The purchase price is hundreds $1,000s of dollars under competitors.
Best Payday Loan Software is not 'web based' so there is no endless monthly payment for 'software as a service'. It installs on your computer and you own it for lifetime use (however, it cannot be resold or given to anyone for any reason). Starting in year 2 there is a nominal and mandatory software maintenance of $150 per year.
Copies of the software are available for multiple computers in the same store - also for a one-time payment at a fraction of the cost of the original copy.
The advanced simple design allows easy, precise data editing and reporting. Over 300 reports are available with a 'filtering system' that focuses report output on specific pawns, loans, checks, inventory, customers, sales and disbursements.
What is a Payday Loan?
A 'pay-day loan' is a short-term cash advance using future pay (a pay check from employment) as promise of payment. The amount of interest that can be charged is determined by governing authorities and because of the risk to the lender, the interest rate can be 'extreme'. Typically the agreement is that the borrower will paritally or fully repay the loan (or extend it) on or before the due date.
Credit ratings are ignored but employment and a bank account are verified. The lender might also require a post-dated for the total of loan plus interest to avoid having to pursue payment.
The disadvantage to the borrower is cost which for illustrative purposes might be $150 on a $1,000 loan which equates to 15%. That may be a reasonable rate on an annual basis but if the loan period is just 2 weeks, the annualized percentage rate (APR) would be 300%!
Why is Our Pay-Day Software Best?
Simple economics! This software is complete yet it is priced well below other programs. It is purposely engineered to eliminate the expense of unused functions.
Most importantly, there is no ongoing payment for support. If support is never needed, money will not have been wasted on forced prepayments. There is a small annual software maintenance of $175 beginning with the first anniversary of purchase to help defray the ongoing expense of maintaining the program.