How Loaney Improved Processes and Increased Loans 4x with Unnax

June 19, 2024

Loaney is a financial institution specializing in microlending. It provides microloans that range from €30 to €600, designed for a single installment repayment within a maximum of 30 days. Loaney’s microloans offer a quick and flexible financial solution for specific cash flow needs. Additionally, Loaney has become a crucial tool for enabling financial inclusion by providing credit to clients historically excluded from the traditional banking sector. 

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Loaney’s need for optimized onboarding in the loan process

As Loaney grew in size and reached more clients, it was clear its onboarding, approval, disbursement, and loan collection processes needed optimization. 

“The main challenges were in onboarding and customer identification, as well as real-time access to users’ financial data to assess their financial health and make better decisions regarding their loan application, providing a response in a matter of seconds. In this same line, continuous access to customers’ financial data was essential to detect possible changes in their financial health.” — Carmen Sobrecueva, CEO of Loaney Finance

Along with these challenges, Loaney needed to provide clients with instant transfers, regardless of the bank they worked with. The company also required the ability to collect lending payments in real-time by offering different payment alternatives, such as card or bank transfers. 

Why Loaney chose Unnax to optimize their lending process

After learning of Unnax’s Open Finance and Embedded Banking services through word-of-mouth, Loaney looked into Unnax’s solutions. 

What stood out was that Unnax offers a variety of solutions that could help Loaney optimize its loan process through automated onboarding and payment processes. Unnax’s expertise on financial services, combined with its status as a licensed Electronic Money Institution (EMI), ensured Loaney’s business needs were thoroughly understood and met whilst ensuring compliance.  

“[Unnax] was a partner that covered all the needs I mentioned earlier, such as onboarding, bank aggregation, and payments, and we thought it was the best option for a fruitful long-term relationship.” — Carmen Sobrecueva, CEO of Loaney Finance

From Unnax’s portfolio of services, Loaney implemented account aggregation, recurrent reading, instant payouts, and instant pay-ins. With the bank data returned to Loaney through account aggregation, they can now easily verify customer identities, which is a pivotal advantage when optimizing the onboarding process. 

Loaney increases onboarding 5x and lending 4x with Unnax

Thanks to Unnax’s solutions, Loaney experienced a year of great success in 2023. 

“[Unnax] has been a collaboration worthy of the company and its solutions. The integration team first made it possible for the integrations to be carried out swiftly and simply, and the customer service team that accompanies us on a daily basis is very professional.” — Carmen Sobrecueva, CEO of Loaney Finance

Over the course of one year, Loaney increased its total number of loans by four, thus increasing the total number of transfers issued to clients during the year. The company also multiplied its total number of onboardings by five and, consequently, the number of bank aggregations as well. Additionally, Loaney has received four times the number of payments from clients (either via card or transfer) and its default rate (or delinquency percentage) has decreased by between eight to ten percentage points overall. 

Through its partnership with Unnax, Loaney has reached new heights. Plus, Unnax’s ongoing technological support ensures Loaney can continue to expand while meeting client expectations and ensuring its payment processing and lending collections systems are highly efficient. 

👉 Take a look at our customer’s testimonial and get their first-hand opinions

lending process optimized with unnax

“I would recommend Unnax solutions [to people in my network]. I would tell them to trust a technological provider like Unnax to access cutting-edge financial data and payment technologies that help grow their business. — Carmen Sobrecueva, CEO of Loaney Finance

Ready to discover the possibilities of Unnax’s Open Finance and Embedded Banking solutions? Talk to sales today to learn more about our services and how Unnax can support your business growth.

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