MoneyThumb has been providing the best PDF financial file converters on the market to accountants, small business owners, and individuals for home use for many years. One of our more recent sectors of the financial realm to take advantage of our conversion tools are private lenders. In this blog post, we will explain why our conversion tools are especially attractive to private lenders.
MoneyThumb has some big-name lenders who use our PDF financial file converters. Lenders like Kabbage, a leader in online loans, use MoneyThumb PDF financial file converters to seamlessly convert the financial files of prospective borrowers, giving Kabbage the ability to make very quick yes or no decisions about loans.
MoneyThumb's enterprise-level PDF financial file converters allow private lenders to automatically convert bank, credit card, and brokerage statements into the needed formats to quickly determine an applicant's loan worthiness. Our conversion tool most used by private lenders is PDF Insights. This PDF financial file converter is specifically designed for lenders, and outputs captured data into a standard format for automated consumption into the lenders' bank system. PDF Insights utilizes IDR (intelligent document recognition) to identify bank/statement formats.
Unlike competitors, our solution doesn’t need to be told upfront which bank or format is being used, yet correctly processes over 99% U.S. statements. The output is delivered in a standardized format, even for statements from different banks. Our automated statement reconciliation feature compares transaction totals to summary information on the statement. If all information on the statement is consistent, PDF Insights will identify the statement as reconciled, meaning you don’t have to spend time manually reviewing statements to identify inconsistencies.
PDF Insights can be installed as a web service capable of converting up to 6 months of bank statements at one time. This serves as a powerful batch processing engine to cut way down on the workflow of lenders. Learn how the power of PDF Insights from MoneyThumb can help your organization speed financial file conversion processes and improve underwriting workflows by watching the following video demo:
If you are a private lender and are not yet using the great PDF financial file converters specifically designed for lenders, why not take a free test drive today? Once you test out the extreme capabilities of these conversions tools, MoneyThumb is confident that you will want to incorporate PDF Insights into your necessary loan-making decisions.
If are know of a private lender who would benefit from this blog post and the MoneyThumb tools designed for lenders, please take a minute to share this post on your social media page, or email it to them.
If becoming a private lender is something you foresee in your future we would like to suggest you read this Rules of Thumb blog post, Secrets to Having a Successful Private Lending Practice. Since we are in the middle of a pandemic caused by Covid-19, you should also read this former post, Covid-19 Response Resources for Private Lenders. That blog post will lead you to helpful resources to assist you as a private lender during this trying time.