Lender Frequently Asked Questions
Why should a lender use Magilla?
Simply put, Magilla makes a bank’s lending division more profitable. By partnering with us, your institution will receive loan requests in real time, without months of borrower reconnaissance and senseless pursuit of false leads. In addition, we deliver specifically-tailored loan inquiries based upon the EXACT criteria your bank sets on our platform. Thus, Magilla streamlines your workforce, reduces brick and mortar expenses, and saves your company millions of marketing and business development dollars.
How does Magilla work?
How do I become a lending partner with Magilla?
- Select Log in — Lender in the upper right corner.
- Click sign up under the login section.
- Fill out form and hit submit – If you are a non-FDIC lender, you will need to contact us HERE so we can add you into our system before you finish your sign up.
- Check your email inbox/SPAM folder for the link to verify your email.
- Click to activate your account.
- Set your default criteria.
- Log in.
What is a MagScore?
A MagScore is Magilla’s proprietary algorithm that assesses the strength of a borrower and their business.
How does Magilla help with strategic planning?
Magilla gathers vast amounts of data on loan applications, originations, and denials. By seeing this data instantly, we are able to share industry trends faster than anyone. Therefore, we can assist lenders to quickly alter their metrics to vastly improve their loan closing rates.
What does the phrase ‘Expiration Date’ mean when I am viewing loans?
It is the final day you may make a proposal on a loan before it becomes unavailable. Currently, each loan request has only ten days to receive proposals. In our experience, it is the lenders who act fastest who receive borrower matches.
When signing up I can not find my branch, why not?
With over 100,000 different branches across the country, it is impossible for us to have them all. Lots of lenders are not in specific branches but in office buildings. We would not have any of those because they’re more private. Contact us to add your location.
In the mean time, select a branch that is in the system so that you can complete your sign up.
Am I able to partner with Magilla of I am a non-traditional, P2P, or balance sheet lender?
Yes. There are many loan requests that do not fit the criteria of a traditional lender. If a borrower chooses, those requests will be routed to our non-traditional lender partners for their evaluation.