Almost every small lender starts on a spreadsheet, and for a handful of loans it is the right tool. The trouble is that a spreadsheet does not tell you when it has stopped being enough. These are the signs.
Seven signs it is time to switch
- You keep one sheet per loan, or one tab per month, and the totals no longer agree.
- You work out each borrower's balance by hand when they ask.
- Two people edit the file and you are not sure whose change is the latest.
- You cannot say who changed a number, or when.
- Documents and ID photos live in chat threads and phone galleries.
- Collectors keep their own lists, so you do not know who has been visited.
- Late payments are found when you remember to look, not because something told you.
What to look for in the replacement
- It builds the repayment schedule for you from the amount, rate, method and term.
- Every payment is recorded against a specific instalment and produces a receipt.
- Documents and ID details are attached to the borrower or loan, with access controlled by role.
- A collector sees only the borrowers assigned to them.
- There is a record of who changed what.
- Borrowers can see their own balance and statements without calling you.
- You can get your data out again if you ever want to leave.
Moving over
You do not have to move everything at once. Start with new loans in the new system, and bring the old ones across as they come up for their next payment. Keep the old spreadsheet read-only until the last of those loans has closed, so you always have something to check against.
Whichever tool you pick, try it with a few real loans before you commit. A trial that lets you add your own customers will tell you more than any list of features.
Keep your loan book in order
Lend Chief builds the schedule, records every payment and keeps documents with the loan. 14 days free, no card.
Start your 14-day free trial