Additional Information on Loans Software

"Financing options offered are far greater now and more functionality is required from a computerised system"

Hire Purchase is one of the major methods of consumer finance in New Zealand. Increased competition in the finance sector has lead to more flexible financing options being offered to consumers, and greater demands being required from software systems. finPOWER has been developed to meet these demands. It is designed to give businesses the POWER to Perform and incorporates changing trends in the market.

finPOWER is comprised of a base system and a number of key functional areas that offers the Finance Company the ability to record and track a wide range of types of Loans while maintaining tight credit control of their ledger. These are enhanced by a number of optional add-ons that need only be purchased if required. This allows for changing requirements and system growth that can match that of the finance company.

Return to main Loan Finance Software page

Client Details

Full details are held for each client, "Joint" client, Trust or Company. This includes contact details, past addresses, notes and Loans involved with (both current and archived), either as the main Borrower, a Joint name or Guarantor.

Loan Types

finPOWER can calculate the following Loan Types:

• Hire Purchase
• Deferred First Payment
• Interest Free Period
• Interest Only Loans
• Flat Interest Rate
• Residual / Balloon Paymnts
• Three Tier Interest Rate breaks
• Uneven Cashflows via the Instalment Schedule.

Loan Details

Full information is kept on every Loan giving you easy access on all enquiries. Information includes Client and Guarantors, as well as financial details, current status, payment schedule, securities, letters, transactions and notes. All information is easily accessed and clearly presented.

Payment Schedule

Each Loan has its own Payment Schedule allowing adjustments to be made to the payment stream where a client's financial situation changes. This enables you to record payment arrangements, and from then onwards all overdue balances are based on these adjustments.

Bank Transaction Import

You may import Bank Statement information into finPOWER. This means that when customers pay by automatic payment you can simply import the payments and avoid the task of keying these transactions, giving you greater accuracy and control.

Batch Entry and Quick Payment Entry

True Batch Entry facilities allow transaction batches to be entered, saved, added to, edited, printed and reported on. A single screen allows for the quick entry of one-off payments.

Early Settlements

The system will compute rebates for early settlements, based either on Rule of 78, Rule of 78 less 10%, Proportional, Sum of Instalments or Actuarial formula. At the time of settlement entry, the receipt and rebate postings are automated.

Credit Control

The system produces Overdue Letters for early detection and actioning of arrears. Letters ranging from mild reminders through to pre-possession and repossession authorities can be generated. Agreement Forms, New Loan and Thank You letters can also be created. The system uses the power of Microsoft Word to automate letter printing.

Penalty Interest

When a Loan falls overdue you can easily calculate the penalty interest that is liable, including any "processing" fees. Once the Penalty Interest has been generated it can be edited, added to, or deleted as required, and then finally committed to the loan.

Notes / Action Diary

Notes can be made against Loans detailing Credit Control contacts. You can include action dates to provide a daily follow-up list for credit control staff.

Reports

There is a wide range of standard reports in the system. These include:

• Trial Balance
• Aged or Detailed Overdue report
• Unearned Interest
• Interest Earned
• Principal / Interest Breakdown
• Weighted Interest Rate Report
• Cashflow projection
• Full Transaction Audit Trails

Optional Add-Ons

There are offered a number of different add-ons that can be purchased to enhance the finPOWER system. These include:

• Branches.

  This Add-on allows Loans and Clients to be allocated to specific Branches.

• Dealers.

  If you are on-selling finance via dealers, loans may be allocated to Dealers to enable overdue schedules and commission payouts to be produced.

• Discounters.

  If you are purchasing your funds from a Bulk Discounter, Loans may be allocated to them. Schedules may be produced to enable the advancing of funds and for payment of instalments to Discounters.

• Loan Managers.

  This Add-on allows Loans and Clients to be allocated to specific Loan Managers.

• Securities Register, including MSVR.

  This add-on allows you to track any securities you have over the Loan. This includes Motor Vehicle Securities Register details. This will be updated for PPSR.

• Insurance Brokers.

  If you are providing Premium financing the Insurance Brokers add-on customises the Finance module to the particular requirements of your industry.

• Direct Debits.

  Direct Debiting of instalments is becoming ever popular and ensures payments are received on time, thus improving cashflows and easing Credit Control.

• Loan Import.

  finPOWER integrates to a number of complimentary software systems making data entry even easier, saving you even more time.

• Remote Data Refresh.

  Where Branches wish to enquire on Head Office data the Remote Data Refresh Add On allows for the easy export and import of changes to the main Database.

The finPOWER Series Features

Features common to the entire finPOWER system are:

Easy to Use Windows Interface

The finPOWER Series maximises the use of the Windows' Graphical User Interface (GUI) to create a friendly environment that is easy to navigate and learn. Powerful Lookup and Search facilities are also included.

Customisation

Many of the User Interface features are fully customisable. For example Menus and Toolbars are completely customisable. Data entry "grid layouts" may be customised and saved for each user, allowing fine-tuning of the system.

Complies with NZ Acts

The finPOWER Series has been carefully designed to comply with NZ Acts covering Hire Purchase Agreements, including the Hire Purchase Act 1971, Credit Contracts Act 1982 and the Credit Repossession Act 1997. You may, however, override "loan" characteristics to provide more flexible loan types.

Microsoft Office Integration

finPOWER is closely integrated to MS Office, giving access to the functionality of Word, Excel and Access. Formatting features of Word can be fully incorporated, along with high-level VBA tools to enhance your documentation.

Reports

Reports may be previewed on the screen or printed to a printer. Reports can be exported in a number of different formats, including Portable Document Format (PDF), and text CSV formats suitable to load into Microsoft Excel 97 etc or e-mailed direct from the application.

Open Integration

finPOWER stores information using Microsoft's Jet Database. This is the same database "engine" behind MS Access 97. This means any other product that can open an Access database can retrieve information from a finPOWER database.

Systems Requirements

The finPOWER Series is specifically designed to operate in a Windows "95 / 98 / Me / NT" or 2000 or operating environment. Minimum configuration for the finPOWER Series is a Pentium class CPU with 32Mb RAM. Recommended configuration is a Pentium III class processor, and 64Mb of RAM. finPOWER requires 20Mb of free Hard Disk space. Dot Matrix printers are not recommended for use. To print letters from within the system you require Microsoft Word 97 or above.

To purchase these products:

email Amtrax

or telephone 64 9 263 4500

Click here to visit the Intersoft hire purchase page

Return to main Loan Finance Software page