Lenders with recourse, like Omnia or Premium Credit Solutions, provide financing for education providers but come with key limitations that StepEx overcomes, making it the superior choice.
1. No Chasing Delinquent Borrowers – StepEx Does It All
One of the main drawbacks of using lenders with recourse is that as soon as a borrower doesn’t repay the lender requires you to refund them the financed fees and take the burden of chasing down delinquent borrowers yourself. Few to no course providers are geared up to do this. With specialist communication nudges, integrations with the major credit bureaus and automated workflows to contact trace absent. StepEx, has all these tools, and takes care of all the collections, allowing institutions to focus on their core mission without the headache of chasing overdue payments. StepEx’s strong track record and comprehensive tools ensure that delinquent repayments are handled efficiently, reducing the administrative burden for providers.
2. A Range of Customizable, Flexible Finance Products
While lenders with recourse offer limited financing options, StepEx provides a broad spectrum of customisable financial products. This means education providers can tailor repayment plans to suit a variety of student needs, increasing acceptance rates and ensuring that more students are able to access the financial support they need. StepEx’s flexibility allows providers to create the best possible experience for their students, ultimately improving inclusivity for students and financial outcomes for institutions.
3. Higher Acceptance Rates and Seamless Integration
StepEx also stands out for its higher acceptance rates. Thanks to its broad range of financial products and use of data-driven insights that go beyond credit scores, StepEx can approve a wider pool of applicants that are likely to repay compared to traditional lenders with recourse. Additionally, StepEx integrates seamlessly with your team, providing live updates, real-time data, and efficient processes that minimize delays and maximize conversions—no cumbersome manual steps are required, unlike some lenders with recourse.
Conclusion
Lenders with recourse, like Omnia and Premium Credit Solutions, may serve a purpose but often come with significant downsides, including the need for education providers to manage collections themselves and limited product flexibility. StepEx is a more effective solution, offering comprehensive collections management, a wide range of customizable finance products, and a seamless integration process that enhances your team’s efficiency. For education providers looking to reduce administrative strain and increase student enrolment, StepEx is the superior choice.
