Margill Loan Manager is a Windows-based loan servicing and credit management software that supports various loan types including personal, corporate, intercompany, student, auto, litigation, mortgages and lines of credit.
Key features include amortization, regular and irregular payments, interest-only loans, escrow management, post payments, automatic fees, electronic payments, alerts and multicurrency support. The software allows users to import their existing data using Excel sheets.
Margill Loan Manager allows users to create their own rules for fee payment such as charging set amounts or percentages of balances, configure charges on interest and more. Users can set alerts or reminders for late payment fees and request records from clients. The reporting features allow users to create various type of reports including amortization tables, record lists, and accounting reports, which can be displayed in dashboards. Reports can also be printed and exported to Excel or PDF.
George from Integro Funding
Employees number: 2-10 employees
None - I have so far lost money
Please be aware that the reviews are a stark contrast to reality. It is cheap for a reason - the software would be fine 15 years ago, but not today. It is very archaic despite its claims, is the opposite of user-friendly. Even at its relatively low cost, it represents poor value for money.
Having done my research, the reviews looked great - so I downloaded the 30 day trial and had a call with the rep to run me through how it worked. It took him 20 minutes to explain what should be an extremely simple piece of functionality but transpired that it was overly convoluted something I later learned represented the entire system. I was told I could not have any more training until I purchased the software and was assured by him, this was 'the most user-friendly loan software in the market'. So trusting the reviews and the rep, I went ahead and transferred Jurismedia the money.
Me and my Head of Finance (who has used many loans systems in her time) and are very computer literate then had a one and a half hour training session with the rep - it was at this point it became apparent that to conduct even the most basic of loan management functions this system was so antiquated that it felt like being back in the 90's and the time investment was instantly not worth it.
When I asked if there was a function for `interest accrued to date I was told that this `was not important and if we wanted that function, we'd have to pay extra.
The interface looks like it is from windows 2000 and cannot be used on high-resolution screens (all laptops / PCs you buy nowadays are HD) When I asked whether this was something they would consider redesigning they told me that I did not need an HD screen! And that I should buy a separate monitor.
The real casing point here is that they told us that the instruction manual is 980 pages long `because it does so much it dawned on me that he is using a system that was designed for computers in the early 2000's.
To put this into perspective, when you purchase an iPhone, which does infinitely more than this software you receive a 5-page manual (because it is user-friendly).
Ultimately, I emailed him and made him aware of my concerns and naturally asked for a refund which was immediately refused outright and I was told 'you are the problem, not the software this is where alarm bells started ringing - have I been scammed?
I attempted to come to a reasonable compromise with the rep, who started behaving in a rather strange manner. He offered me a fraction of the cost as a refund. Ultimately I asked if we could settle for a refund of 75% of the purchase cost (leaving them in profit) which has been refused. I, therefore, mentioned I would write up my genuine user experience online and commence legal action to obtain my refund - I will keep you all updated on!
Darla from Sabes Family Foundation
Employees number: 2-10 employees
The flexibility to handle multiple types of loans from promissory notes to leases.
When I purchase software, the most important thing is customer service. On any given date, I can email, and I always get a response within 30 minutes, How wonderful is that!!!
Improvements need to be made in the custom report writer. I wish there were more standard reports available, as I don't have time to custom design.
Response: Jurismedia, Jurismedia, Inc.
Date: September 2017
Thanks for this Darla.
You're putting pressure on us with the 30 minute support! Ouch ;-) We always try our best!
As for reports, we do have standard templates for the most common needs, but reporting requirements from one company to the next range dramatically. That's why Margill includes over 1000 fields from which to create custom reports.
James from Hutchison Oss-Cech Marlatt
We are a small business with a few hundred ongoing loans. Although some upfront learning is required Margill is ultimately easy to use and powerful. The technical service provided by Margill is some of the best we have found among software companies.
Gerardo from Seguros America
The application is excellent at managing different loan schedules and can also be used for other types of investments. It has room for improvement in workflow management and permissions management.
For the cost, it represents great value.
Kaye from Adwell Financial Services Inc.
Once you have set up everything accordingly. Margill loan manager is really easy to follow. It helps us creates a loan in few minutes. It is very useful in reviewing our clients information and their payments history. Updates were recorded efficiently for future references.
Donald from Moose International, Inc.
We have been using Loan Manager for nearly two years. We are very satisfied. We find posting payments, creating new accounts, preparing end of month reports and sending monthly statements to be easy and always accurate.
Rainbow from MBC
The customer support is great. You can always reach to someone who can help you.
You can customize and design the report you need.
Pauline from Prescott-Russell Community Development Corporation
The Prescott-Russell Community Development Corporation (PRCDC) has been using Margill Loan Manager software since 2013.
With Margill, we can create reports for all our needs and the needs of our clients, whether for a general or specific report, with the huge field base, equation management, standard or tailored reports. The calculation tables (depreciation) are clear and very precise.
Even tasks such as correspondence, databases, global calculations, individual calculations, and billing are done with ease. It is a user-friendly, professional software, and a charm.
We would also like to note that the support of the Margill team was and is still phenomenal and on behalf of the SDCPR, we thank you.
Brenda from Affiliated Finance, Inc.
Employees number: 1,001-5,000 employees
We are loving the new software just getting used to it and exploring new reports as we need them!!!!
Easy to work with, user friendly!
It is amazing software.
Sheryl from Short Term Solutions
Perhaps the best feature has been the customer service...any question or problem I have encountered has been addressed quickly, thoroughly, and pleasantly!
Paul from Short Term Solutions
very user friendly, great customer service, makes managing loans a breeze
Larry from Easy Legal Finance Inc.
MLM is very intuitive and easy to use. It's helped us increase the number of clients and decrease time consuming process of loan servicing.
Laura from Villa Grove Enterprises
What I like most about this software is that you don't have to be a rocket scientist to navigate and use. I would rate the customer service at 10. I have always experienced prompt and satisfying help when needed. I would highly recommend this product .
michael from Green Dollar Loans Ltd
We are just a small Lending company trying to look for a software that we could use that is user friendly. We had downloaded MLM as a trial at first as we are trying to figure it out. It is a very good software. The representatives from MLM are the best! They helped us out with everything!
Peter from Cornerstone Credit
We have been using MLM for about a year and we are extremely satisfied with the product. It does everything we need it to do, and more. The team at Margill has also been very helpful in helping us customize certain features of the product that we needed for our special requirements.
With a portfolio of nearly a thousand loans it would have been impossible for us to manage our businesses without Margill. The service is excellent and we receive very timely responses to our requests and questions. No hesitation in recommending this product and this company.
Jeremy from Rocky Mountain Chocolate Factory, Inc
This was exactly the software solution we needed. Our business occasionally extends loans to customers and had a need to move from spreadsheets to software. Our primary business activity is not lending, so high cost solutions designed for banks and other loan originators were cost prohibitive.
This software was exactly what we needed and we have been happy with the functionality since we placed it in service in 2009. It is updated frequently and service is great. It has brought considerable ease to our loan management.
Vickie from Fonds d'Emprunt des Laurentides
The loan manager Margill is really easy to use and I save time to always respect my deadlines, Margill staff is very kind and understanding.
George from Pacific Mortgage Corppration
I have been using Margill for about 5 years now and I can't imagine life without it! Before I chose to go with Margill I looked at several other programs. Most were from the US and not easily adapted to Canadian use and they were much more expensive.
I chose Margill Loan Manager after very careful consideration and I am glad I did. The customer support is unbeatable and very personal and the program itself is very easy to use and has saved me thousands.
Jocelyne from Société communautaire lavaloise d'emprunt (SOCLE)
Easy to use and if we need information we get a prompt answer from Margill.
Rejean from CLD de la MRC de Montmagny
This software is perfect to manage loans precisely and in real time. It leaves traces of all the history of past transactions, acting like a guardian of your portfolio.
-Pros : -Easy management of all the payments;
-Accurate balance of all your loans in real time;
-Recalculates automatically after any transaction or modification.
-Cons: Basic banking knowledge is mandatory for any user, or at least a good initial training.