Table of Contents
Text messages to borrowers are fast, easy, and probably more likely to be read than an email. And through LoanPro's texting tool, you'll be able to send messages out to borrowers from within the LMS UI. When borrowers reply, LMS will get a notification and flag the account.
In the future, we have plans for two-way texting and other enhancements. With this initial launch, however, only one-way texting is possible. After borrowers respond, you'll need to use phone calls or emails to send a personalized response.
This article will give a high-level overview of the feature, and then Using LoanPro SMS will explore how to sign up and configure your template messages.
The Telephone Consumer Protection Act (TCPA) grants consumers some protections against unwanted calls and text messages. Before you send borrowers any texts, they need to opt-in to the program. And as with all compliance questions, we recommend working with your legal team as you make decisions.
Here's a basic rundown of how our LoanPro SMS tool works:
- Sign up is straightforward. Just supply your LoanPro contact with the info we mention in Using LoanPro SMS, and we'll help you get set up.
- Texts can be sent off by event-based or trigger-based notifications, giving you both granular control over when texts send and the power of our automation tools.
- Our rules engine will check that borrowers have opted-in to the program before sending them any messages.
- Future updates will include two-way texting and other enhancements.
Where Does SMS Fit?
To send out SMS messages, you'll use either trigger-based or event-based notifications. Event-based notifications are tied to specific preset events, like a payment be made or a status changing. Trigger-based notifications use your own custom business logic (encoded with Clojure rules) to determine when messages should send (e.g., the message will send if the loan is 5 days past due and in an ‘Open’ status).
This Feature is Not
Let's clear up some possible misconceptions about LoanPro's SMS tool:
- LoanPro SMS is not our previous integration with SBT. Unfortunately, the integration with SBT is being deprecated in early 2024. The phase-out will come in two stages: On January 1st, they'll no longer offer support or allow users to change their template messages, but users will still be able to send messages using their existing templates. Then on April 1st, the integration will stop working entirely, and users will no longer be able to send messages. If you want to continue using SMS after April, you'll need to use our in-house text solution.
- LoanPro SMS isn't finished. It's still a work in progress, so some features aren't available yet. Most notably, two-way texting will be available in Phase 2, and other updates will follow shortly afterward. For more details, check out the LoanPro SMS Roadmap.
Your next step should be Using LoanPro SMS, which explores the details of signing up for the service and managing your texts.