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.”
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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.