Loany – Discover Agents, Get Loan

Overview –

The FinTech sector has been receiving a lot of attention in the recent past and has seen the rise of a number of high potential and well performing startups functioning in segments like payment services, lending services, trading, personal finance, remittance services, cryptocurrency etc. The next big disruptive unicorn start up could well emerge from this sector itself.

Loany is trying to simplify the process of obtaining a loan using technology. It connects the people looking to get loans with agents in their locality thereby also reducing the overall time taken for processing a loan. Loany has a number of features and functionalities that help match you with the right customer or an agent by building a financial profile for both. Getting a loan was never this simple.

What does Loany mobile application do?

The mobile application ‘Loany’ is a chat based platform that connects loan agents in an area and customers seeking loans. Clients actively seeking loans for their needs can log into the app and discover the loan agents in their locality, they can approach the agents they like on the app itself, share their requirements and also start negotiating with the agents. People seeking to get loans first need to build the minimum information required for processing a loan through multipurpose cards like personal card, property card, Financial card, PAN card and any other as needed. After building their profiles the customers have the option of sharing the needed data cards with their agents using the chat feature available on the app with a few simple clicks.

Similar to customer building their profiles, agents also register on the Loany app or website and then the first thing they need to do is build a marketing profile to pitch their services to the customer. These loan agents only then can view the information and profile cards of clients who have shown an interest in them and also they can check and assess the  list of potential clients. Post this the agents then process the loans and deliver it to their clients through the app itself.

Any information provided by the customer these agents in encrypted to ensure it’s safety. Also the mobile number of the customer is not shared with the agents to respect privacy and prevent any unwanted sales calls.

Features and functionalities –

• Profile Cards –

Both agents and customers build their profiles using cards. For example, a customer can make a card for his personal details, property details etc and can share it with any agent as and when the users want. In a similar manner agent can create their profiles using cards which can be viewed by the customer. This looks like an easy and efficient way to build and showcase your profile and make a good first impression.

• Search by locality –

This feature has been added to make sure that you get connected with the nearest agent to reduce hassles and travelling. Customers have the freedom of searching for agents by their locality. Currently Loany is available only in the cities of Chennai and Bangalore.

• Multipurpose cards –

Cads is the way of sharing information on Loany.  While agents can share the specific loan information with potential customers using loan cards, the customer can share their personal and other relevant information with agents of their choice using similar cards. Also the cards can be updated anytime and the concerned agents are notified of the same helping everyone remain updated and on the same page.

• Card sharing –

In the process of getting a loan, the most mundane activity is that of sharing relevant information between agents, banks and clients at different stages. To ease and simplify this process any documents and information that needs to be shared between the two parties is done by sharing cards. Encryption of data makes sure that all your documents and other sensitive information remain protected.

• Live chat support

To improve the customer experience and take care of any problem the user might be facing, Loany has a live chat support. This ensures that you are not left in the cold when you face any problem using the mobile application.

• Privacy

To keep your identity protected, any negotiations between the agents and customers are kept private. Also the phone number of customers are not shared with the agents to make sure that you do not receive any unwanted calls and your identity is protected against any misuse.

Benefits of Loany –

• For the loan seeker:

Usually most people when trying to find the best deal on a loan, you will try and reach out to agents through references and friends. No transparent and easy way exists to find out the best deal available or to even compare the deals that different agents might be offering. Also you will feel lost trying to finds information or reviews of the loan agent you are dealing with to get your loan. With the mobile application Loany this equation changes dramatically. Now all you need to do is log into the app and discover the loan agents in their locality, they can approach the agents they like on the app itself, share their requirements and also start negotiating with the agents.

You can get into the app, find all the loan agents around you, choose the agents you like and start negotiating with them through Loany chat platform. This app gives you the power to find the best offer available in the market by making available all the loan agents in your locality, on your phone, power at your fingertips!

While developing Loany we have tried to provide you with an easy to use interface where you will not have to waste your precious time on repeating mundane activities like replicating and duplicating the same piece of information again and again and sharing it with multiple agents.

The current process for approaching and negotiating with the loan agents is a painful and tedious process as frequently you will find yourself guiding the agent to finds and reach your place, waiting for him to arrive, spend hours on repeated calls with him during your busiest business timings and the list is long. Loany will help you avoid each of these hassles as all you need to do is build your profile once and create the four basic cards for your property, address, finance and PAN. Then you just need to share these cards with the agents that you choose while negotiating the loan terms with him/her with a few clicks on your phone. Using this information, the agents is well placed to assess your application and convey the eligibility on the Loany mobile application itself.

• For the loan agents or DSA :

If you are a loan agent you would know how much of an effort marketing and sales can be. Finding the next client could sometimes prove to a tremendous task. Loany changes that, getting the customer come to you inverting the entire traditional process and also making the supply chain shorter and leaner. Also as it is the loan seeking customer who comes to you, the conversion ratio also shows an upward trend. Due to this you will be able to converse with customers with an increased sense of dignity and you will be able to give more attention converting and processing the loans rather than spending your time hunting customers on the road.

Without Loany you would find yourself on the field trying to collect the information from your potential customers. It is common to spend hours on telephone, travelling to the clients place to collect documents, long email conversations etc.

Sometimes you even lose out on customers as you end up annoying them by disturbing them during very important and critical work timings, asking for documents and information! Even trying to update the customer on their loan application status can become a cause for bad customer experience. You would not have to face any of these issues if you start using the Loany mobile application. Collecting documents, gathering information, loan processing and status updates will be a few clicks away without making a single phone call. All of this is taken care of by the available features on the Loany app and if you need to talk, you can use the convenient Loany chat option.

The Loany Team –

Loany has been developed by GyanMatrix Technologies. This startup was founded in 2015 and is currently based out the Bengaluru City.

The Bottomline –

Financial services have been expanding but still need to evolve and grow at a rapid pace in India to achieve it’s target of financial inclusion for all. Till not this sector has not seen much action in the startup ecosystem in India but it is products like Loany that are fast changing that. It yet remains to be seen how fast people accept and start trusting such mobile and online tools for their financial needs. Recently Loany made its transaction with a loan of Rs 2,98,000. We hope they continue the good work and grow rapidly. All the best to the entire Loany team for the future!