June 8, 2007 The engenuity of man knows no bounds – with secure processes and some multimedia, new machines can reduce a costly and inefficient manual process to zeroes and ones and a few minutes. A shining example of this is Mister Money's AFS self-service kiosk for automated payday loan processing. Mister Money operates in the pawn and subprime lending industries, so it is no stranger to assessing and mitigating risk via a verification, scoring and approval methodology. It has now automated that approval methodology and has been granted a patent on this process, incorporating the lot into in an unmanned kiosk application. The kiosks and loan processing software are available for purchase and licensing.
“Like the time-saving kiosks favored by today’s air travelers, our user-friendly, self-service loan kiosks are popular with cash advance customers,” said Doug Will, president and CFO for Mister Money. “Our automated kiosks give customers quick, convenient and accurate transactions.”
In addition to improved customer service, Will maintains that AFS kiosks save lending companies money by reducing the need for additional employees.
“A loan originated through a traditional cash advance operation can cost between $15 and $25,” Will explained. “Depending on volume, a loan originated through an AFS kiosk would cost between $5 and $15, including all processing costs, fees, licenses and kiosk costs.”
Mister Money stands ready to help other payday lenders implement a kiosk and automated cash advance loan transaction program. Will said AFS kiosks and loan processing software are available for purchase and licensing.
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