In today's digital era, effective communication is paramount for the success of online lending businesses. Traditional methods like phone calls and emails often fail to meet the immediacy that borrowers expect. Text messaging has emerged as a powerful tool, offering numerous benefits that can transform the lending process.

Statistics reveal that text messages boast a 98% open rate, with 95% of texts read within three minutes of receipt. This immediacy ensures that borrowers receive and read important information promptly. Moreover, 85% of consumers prefer receiving text messages over a phone call or email, highlighting the growing demand for SMS communication.

Integrating text messaging into your lending operations can significantly enhance various aspects of the business. For instance, 95% of lenders believe that texting speeds up the loan process, leading to more loans, happier borrowers, and increased revenue. Additionally, businesses experience 98% open rates and 36% click-through rates for special offers sent via text, indicating high engagement levels.

In today’s digital world, security is paramount. Tier3 LMS safeguards sensitive information while facilitating real-time credit checks, instant bank verifications, and electronic signatures. Compliance is the top priority, whether for state-licensed, tribal, or other lending models.

Introducing TotalText, your comprehensive customer communication and marketing suite designed to work seamlessly with any backend text provider. TotalText streamlines communication, improves borrower engagement, and accelerates the loan process—all while ensuring compliance with industry regulations.

With TotalText, lenders can increase application completion rates by sending automated reminders that reduce drop-offs. The platform enhances the customer experience by providing instant answers to borrower questions via SMS, leading to higher satisfaction. Faster loan approvals are also achievable, as TotalText allows for real-time text updates to collect documents and verifications efficiently.

Moreover, TotalText helps lenders increase on-time payments through consistent, event-driven messaging. The platform is designed with security and compliance in mind, offering opt-in/out management, single-day text limits, time and date message restrictions, scheduled tasks, text templates, and role-based CSR user access. These features ensure that every message sent meets industry regulations while maintaining operational efficiency.

Beyond compliance, TotalText offers a two-way communication system that allows instant contact and replies, fostering a seamless borrower experience. Multi-language support enables lenders to communicate with customers in their preferred language, improving engagement and accessibility. Furthermore, a comprehensive reporting suite provides detailed message histories, campaign tracking, and performance insights, empowering lenders with valuable data.

Despite its robust capabilities, TotalText remains a cost-effective solution. It costs only pennies per text, and with high volumes, lenders pay just fractions of a cent per message. This affordability, combined with its powerful features, makes TotalText an essential tool for any online lender looking to optimize communication and drive business growth.

Its ready-to-use application flow template can be quickly customized with the Product Builder, and it connects seamlessly to standard loan management systems, identity verification bureaus, and credit bureaus.

The visual Decision Engine allows risk managers to set up, test, and deploy custom rules and variables for identity verification, bank account analysis, and credit checks—all within one interface. It also coordinates rule outcomes with customer communications and application workflow orchestration, aiming to maximize approval rates.

On the compliance front, LendAPI maintains essential documentation (e.g., consents, promissory notes) and offers state-by-state customization of rules, pricing, and documentation. All key records are stored for back-office reference and are accessible to customers via their portal, ensuring transparency and regulatory adherence.

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