Traditional loan processes are slow and inefficient.
Manual verification is a complex task which can take days, while the chance of user error skyrockets as the number of loan applications increase.
Manual loan management is a costly and hard to scale task as well, and stringent financial and banking regulations have only made the process more complex.
To keep up with all these issues, it has become necessary to automate Loan Origination Systems (LOS).
One of the most prominent LOS platforms in India is Finbox, which is a cutting-edge LOS platform designed to streamline the process of loan origination via automation.
Finbox offers end-to-end support in the loan origination process, and supports companies as they expand their digital credit offerings.
Why consider alternatives to Finbox?
While Finbox is a great LOS platform, it does have certain strengths and weaknesses.
When selecting an LOS platform, there are several factors that need to be taken into consideration, and Finbox may not be suitable for all use cases.
These factors include:
- Flexibility – Since LOS platforms need to deal with a wide variety of sectors and credit products, they need to be flexible enough to adapt. From customizable workflows to integrations, loan origination systems need to adapt to the client requirements without acting as a bottleneck.
- Pricing – Pricing structures can vary pretty significantly between platforms, but it is important to select a cost-effective one without sacrificing important features. This balance of pricing vs features becomes all the more important as the business scales.
- Ease of use – A good user experience is a vital factor for any product, but when it comes to loan origination, it needs to work well on the client side as much as the user side. Any issues with the UX reduce efficiency.
- AI capabilities – Artificial Intelligence/Machine Learning (AI/ML) can greatly improve the effectiveness of any LOS system, but features differ from product to product. Some alternatives may offer features better suited for a particular sector.
- Geographical availability – Depending on the system, some features may be fine-tuned for a specific geographic location, while others may have broader uses.
- Data security – Digital lending and loan origination systems are common targets for fraud and data theft, and consequently are strictly regulated. As such, LOS systems need to be able to comply with the KYC laws and regulations, especially with regards to ID verification regarding data security in the area where they are deployed.
As a result, it is a necessity to look into Finbox competitors to make sure you’re getting what you need.
How we evaluate the top alternatives
These top Finbox alternatives are extensively evaluated. However, one of the most important forms of proof is social proof, also known as reviews.
As such, we have taken into account reviews from G2 and CapTerra, while also taking into consideration reviews from less reputable sources like Reddit.
Some Finbox alternatives have also been taken from lists made by competitors, to make sure that all the information is relevant.
But first, let’s take a look at the overview of the top Finbox alternatives.
Overview of the top 10 Finbox alternatives
| Top Alternatives | Free Trial Availability | Standout Features |
 | Yes | AI-powered ID Verification |
 | No | AI-powered Credit Assessment |
 | Yes | Comprehensive Loan Management |
 | Yes | Strong data analytics |
 | Yes | Risk management solutions |
 | Yes | Strong automation tools |
 | No | Strong reporting tools |
 | No | Strong analytics |
 | No | Strong automation processes |
 | No | Broad range of financial services |
A detailed list of the 10 best Finbox alternatives for automated loan journeys
HyperVerge
HyperVerge is a cloud-based LOS platform, specializing in ID verification, regulatory compliance, and automation. It has several key features, including:
- Loan Lifecycle Automation – The software automates the entire process of loan management, from application management to disbursement and more
- Fraud Detection – The platform uses an AI/ML-powered algorithm that provides ID verification and detects fake documents and other fraudulent information.
- 100+ Integrations – The platform comes with an open API structure that provides seamless connection and a wide variety of integrations
- Customizable No-Code Workflow Builder – Designed to make it easy to build workflows and customer journeys in any sector.
Best for
HyperVerge is best suited for:
- Financial Institutions
- Digital Lenders
- Crypto Companies
- Gaming Companies
HyperVerge pricing
HyperVerge has three pricing tiers. The first and most basic one, labeled Start, is meant for startups. It provides a one-month free trial in a sandbox environment.
Designed for easy integration, this plan allows companies to view and manage verifications. However, most companies require more features, which is where the next plan comes in.
The mid-tier plan, Grow, is meant for mid-sized companies, and contains everything from the first tier and which provides several more features, including an end-to-end ID verification suite, central database checks, access to AML checks, and custom workflows for businesses.
However, as you grow, you will need more features, which the third tier provides. This tier, named Enterprise, is meant for enterprise-level organizations and other large operations
It offers a custom price structure to match scaling requirements and dedicated support.
Due to the modular nature of HyperVerge’s architecture, the exact prices are unavailable.
What do HyperVerge users say?
Tanmay,Manager- Operation ★★★★★ (5/5)
Sewa,AVP ★★★★★ (4/5)
Lentra
Lentra is an LOS platform that provides financial institutions with a software to manage loans. It has several key features including:
- AI-powered Credit Scoring – Lentra’s Credit Decisioning Engine helps analyze credit risk in under a minute
- Automated document processing – The LOS automates the process of document management and verification
- Compliance management – The platform ensures that the loan process complies with regulatory requirements, making sure fraudulent loans can be stopped.
Best for
Lentra is best suited for:
- Banks and credit unions
- NBFCs
- Fintech companies
Lentra pricing
Lentra’s pricing structure and pricing tiers are not public. However, as a SaaS company, they use subscription-based pricing which varies based on the integrations used and the customization needed.
LoanPro
LoanPro is a loan processing and management software with a special focus on automation.
It is a tool designed primarily for mid-sized companies, allowing them to manage documents, adjust workflows, and scale easily. It has several key features including:
- API-first architecture – LoanPro’s modern lending core is a system that improves the credit lifecycle with strong configurability and automation systems.
- Autopay and payment processing – The payment processing suite is a system that makes it much easier to set up autopay systems and reduce time spent in loan collection
- Reporting and analytics – Integrated into the platform is a powerful credit reporting system, capable of generating a variety of reports to help track requirements.
Best for
LoanPro is a software that is a good fit for:
- Mid-sized enterprise lenders
- Banks
- Fintech companies
LoanPro pricing
LoanPro provides a free trial to start with, which allows users to configure and test credit products and workflows.
However, the actual pricing packages are determined by account volume and the level of support needed.
They offer multiple packages across a wide range of company sizes, ranging from startups to enterprise solutions.
InteGREAT
Perfios INTEGreat is a powerful end-to-end LOS platform designed to streamline loan management for banks and financial institutions.
One of their major features is a support system for Direct Sales Agents (DSAs), as it enables them to act as intermediaries for applicants and help them select the right loans for their requirements.
Its other key features include:
- Financial Insights – Designed to support credit underwriting, INTEGreat has an engine that provides in-depth financial analysis
- Modular design – INTEGreat uses a plug and play modular design to make sure that the platform integrates easily into legacy systems
- Easy loan product creation – The platform simplifies and streamlines the process of creating loan products, enabling companies to pivot according to market requirements.
Best for
Perfios INTEGreat is a software that is best suited for:
- Direct Sales Agents
- Banks
- NBFCs
- Fintech companies
InteGREAT pricing
Perfios INTEGreat offers three tiers – a free tier, a Gold tier, and a Platinum tier. The free tier offers a month-long trial period of the premium features, but is otherwise limited.
The Gold tier is priced at approximately $6 per year, and offers a wide variety of features including report generation, data exports, password backups, and more.
The next step up is the Platinum tier, which is priced at approximately $18 per year. It offers everything from the previous tiers, as well as automation support.
Jocata
Jocata is a digital transformation platform, which provides support to financial institutions in modernizing their legacy banking systems.
It specializes in digital lending using credit automation, and works to enable embedded finance for financial institutions.
The platform is best known for its risk assessment and underwriting support, and its other key features include:
- Data aggregation – Jocata Grid pulls data from multiple sources to streamline the process of making accurate credit assessments.
- Compliance management – The platform comes equipped with compliance features to meet regulatory requirements.
- Smart underwriting – The AI-enabled underwriting system increases loan approval efficiency and risk assessment
Best for
Jocata is a software that is a good fit for for:
- Large financial institutions
- NBFCs
- Fintech companies
- Insurance companies
Jocata pricing
Jocata has not made their pricing structure public, but some sources place the starting price at approximately $1189 per year. However, the price may vary based on the adjustments or integrations required.
Turnkey Lender
Turnkey Lender is a powerful intelligent loan automation platform.
With a strong focus on using AI and big data for credit decisioning, this platform provides extensive support to clients across a wide range of sectors.
It comes with built-in functionality for automating loan origination, underwriting, collateral management, risk management and more. Its key features include:
- Underwriting automation – The platform uses AI-enabled systems to streamline and enhance the underwriting process, and assists with credit scoring and decision-making.
- Risk management – The extensive analysis capabilities of the platform help manage credit risk effectively.
- Multi-channel support – The flexible system offers loan management support across many different platforms.
Best for
Turnkey Lender is a software that is a good fit for:
- Banks
- Credit unions
- Alternative lenders
- Fintech startups
- Retailers
Turnkey pricing
Turnkey Lender has not made their pricing structure public. According to reviews, they have a free trial and a premium version. However, the price of the premium version depends on the type of lending operation, size of the business and other factors.
LendingWise
LendingWise is a cloud-based LOS, designed to help in managing a variety of loan types, including residential loans, commercial real estate loans, business loans, and more.
It has a number of key features, including:
- Smart document collection – The platform automates the process of document collection by requesting documents based on the preset loan parameters
- Powerful analytics – The comprehensive reporting toolset allows for detailed analysis of loan performance and operational efficiency
- Loan-specific workflows – The platform supports the creation of workflows designed for specific loan products, thereby enhancing efficiency and task management.
Best for
LendingWise is a platform that is a good fit for:
- Brokers
- Alternative Lenders
- Financial institutions
LendingWise pricing
Designed for brokers as well as lenders, LendingWise offers four different plans.
The first plan, Starter, is for brokers and is priced at $149 per month.
The second plan, named Pro, is for brokers as well as lenders, and is priced at $749 per month.
Their third plan, Elite, is priced at $1995 per month, and is meant for direct lenders.
The fourth plan, Enterprise, is, as the name suggests, meant for enterprise level clients. The exact pricing is unavailable, as it depends on the client requirements.
Finflux
Finflux is an LOS platform designed for banks and NBFCs. It gives these institutions the capability to design smooth digital journeys for their customers. Its key features include:
- Pricing Engine – By taking risk assessments into consideration, the pricing engine helps customize loan offers and pricing
- No-code systems – The integration of no-code systems into this platform makes it easier to use without large amounts of technical training
Best for
Finflux is considered best for:
- Banks
- NBFCs
- Microfinance organizations
Finflux pricing
Finflux has only one pricing plan, which is pay as you go. Depending on whether the deployment is SaaS or on-premise, the exact pricing differs.
Bryt Software
Bryt Software is a cloud-based LOS designed for financial institutions, with a special focus on improving operational efficiency. Its key features include:
- Loan servicing – The software automates the process of loan servicing, assisting with everything from payments to late fee processing.
- Easy customization – The software can be easily customized based on requirements.
Best for
Bryt Software is considered best for:
- Banks
- NBFCs
- Fintech companies
- Consumer finance companies
Bryt pricing
Bryt Software’s LOS platform is easily customizable, and the exact pricing depends on the extra modules. However, the base version is priced at $59 per month or $590 per year.
Decimal
Basic info
Decimal is a cloud-based no-code platform. Their LOS platform, DigiLend, is designed for maximum ease of use and customization.
Best for
Decimal is considered best for:
- Banks
- NBFCs
- Microfinance institutions
Decimal pricing
Decimal has not made their pricing structure public.
How to choose the best Finbox alternative for your business
With all these options, it can be confusing to choose the best LOS for your business.
That said, there are seven factors that you need to take into account when making a choice.
Let’s take a look at how to analyze an LOS to ensure it meets your requirements.
Functionality and Features
The first and most important factor is the functionality of the LOS.
Once you have defined the core features your business needs, you need to evaluate the core capabilities of the software, such as loan origination, servicing, accounting, reporting, etc.
With this, you can make sure that the solution can handle the specific loan types and business needs of your organization.
Look for an end-to-end solution
A common problem with badly-built systems is chains of software. Every single task that needs to be done needs a separate software, and getting them all to work together is both expensive and time-consuming. As such, any platform you pick needs to be able to offer an end-to-end solution, allowing you to support your customers through the entire journey.
Ease of Use and Onboarding
If the goal of getting an LOS platform is to increase efficiency, selecting a platform that is hard to use is counterproductive.
Make sure that the software has an intuitive user interface that requires minimal training. Ideally, make sure that it comes with a customizable workflow, so that it can be adjusted as necessary.
Also, make sure that the people using the software have support resources available, and make sure that the onboarding process is as smooth as possible.
Scalability and Flexibility
Resist the urge to buy a solution that is only useful in your current circumstances.
LOS platforms are an investment, and as such, they should be able to scale alongside you and support your growing loan portfolio and business needs.
When selecting a platform, look for configurable and customizable features to adapt the software to your unique workflows.
Integration and Compatibility
Even if a particular platform has all the features you need, it is worse than useless if it cannot integrate with your existing systems.
There would be no point to a platform that cannot connect to your CRM, accounting platforms, and credit bureaus.
As such, the right platform for you should be able to seamlessly exchange data between the loan management solution and other critical business tools.
Security and Compliance
Verify the software’s security certifications and data privacy measures
Security and Compliance are probably one of the most important factors of selecting a good LOS. Any misstep in this field opens you up to immense risk.
To avoid any issues, prioritize solutions that offer robust data protection, access controls, and compliance with industry regulations.
You should also verify the software’s safety certifications and data privacy measures.
Customer Support and Reputation
A reliable way to find a good LOS software vendor is to look for social proof.
By researching the vendor’s track record and customer reviews, you can get a decent idea of the quality of the product.
Another important factor here is the quality of technical support.
Any good LOS platform will need to be customized to fit your requirements, but if you run into any issues, technical support should be immediately responsive.
The best way to ensure this is to make sure that the provider has a strong reputation in the lending technology space.
Boost your approval ratings with automated end-to-end LOS
The digital lending sector is growing by leaps and bounds, and has become extremely competitive. To stand out in such a sector, you need an advantage.
HyperVerge One stands out as a powerful LOS, designed to ensure efficiency and accuracy at every stage of the journey.
The no-code workflow builder allows you to create a workflow that fits your needs perfectly, enabling you to create onboarding processes without a great deal of technical expertise.
The customizable user interface improves efficiency, while features like downtime protection add a layer of security during any outages. On the customer side, features like application review portals greatly improve transparency, resulting in a smoother overall experience.
Are you ready to upgrade your loan origination process? Book a demo today and find out how HyperVerge One can transform your processes.
FAQs
1. What is a loan origination software?
A Loan Origination Software (LOS) is a platform used by a variety of financial institutions to manage the loan process.
It handles or supports all parts of the process, starting from application submission all the way to disbursement.
By using automation and AI/ML-enabled tools, these platforms work to improve efficiency, accuracy, and compliance.
2. What does Finbox do?
Finbox is an LOS platform designed to provide next-gen credit infrastructure and risk intelligence to companies working on digital lending.
Their system is designed to help launch and scale a wide variety of modern credit products.
3. What are the best alternatives to Finbox?
The best alternatives to Finbox are HyperVerge One, Lentra, LoanPro, INTEGreat, Jocata, Turnkey Lender, LendingWise, Finflux, Bryt Software, and Decimal.
4. How to pick a good LOS for my business?
There are seven factors that you should consider when picking a good LOS for your business. They are:
- Functionality and features
- End-to-end support
- Ease of use and onboarding support
- Scalability and flexibility
- Integration and compatibility
- Security and compliance
- Customer support and reputation
