Best loan management software for free download and open source options. To automate your lending business we have compiled a list of free and open source loan management software systems.
1. Bravelender
- Based in Lusaka, this software is designed specifically for microfinance, lending, and loan servicing businesses.
- It offers a customizable, affordable, and user-friendly platform, including accounting and loan operations automation.
2. Mycomax
- Although headquartered in South Africa, Mycomax extends its cloud-based SaaS solution to Zambia.
- MAXMONEY supports key microfinance workflows like onboarding, collections, credit checks, mobile origination, and regulatory compliance modules such as AML checks.
3. Loandisk
- A cloud-based loan management system operating out of Kabwe.
- It allows you to manage borrowers, loans, repayments, payroll, SMS communications, and generate detailed reports and collection sheets.
4. VOX Loan Management System
- Positioned as “Zambia’s Biggest Loan Aggregator,” this tool claims to streamline loan origination, servicing, repayment tracking, multilingual support, branch management, and reporting.
- Check and download
5. SARU Loan Management Solution
- A flexible, offline-capable system that works on a single PC or online.
- It handles borrower records, various loan types, servicing, reporting, and supports syncing when connectivity is restored.
- Download SURU technology
6. Loan perfomer
- Widely used by MFIs globally, this system includes biometric authentication, SMS banking, offline branch connectivity via WAN, thorough reporting, and mobile app options for field officers.
- Get is from loanperformer.com
7. Azania Systems
- Designed to support MFIs, SACCOs, and credit unions with robust loan, savings, mobile banking, and multi-branch/multi-currency support.
- Download free Azania Systems
8. Mifos X
- An open-source financial services platform with strong support from a global nonprofit community.
- It's customizable and aimed at improving service delivery for underserved and unbanked populations.
9. Zoho Creator
- Limited apps & records
- Needs custom app design for loans
10. Bitrix24
- CRM + tasks + basic financial tracking
- No advanced loan-specific features unless customized
11.Wave Accounting
- Free accounting software
- Manual loan tracking; lacks automated repayment schedules
Free loan software options
Here are free software for loan management system that you can download and install for use:
Mifos X
- Open-source,
- Loan origination, servicing, repayments, reporting, mobile access, multi-currency
- Backed by a global nonprofit; can be self-hosted for free or hosted via partners for a fee
Cyclos 4 Community
- Open-source,
- Loan tracking, community banking, accounts, online payments,
- Free for small organizations; paid upgrades for scaling
Apache Fineract
- Open-source
- Core banking engine, loan processing, mobile integrations
- Requires tech expertise to set up; used by Mifos and other platforms
GNUCash
- Open-source accounting
- Basic loan amortization, interest tracking, reports
- Not a dedicated loan platform, but can handle simple lending
ERPNext
- Open-source
- ERP Loan management module, accounting, customer records
- Self-hosted for free; cloud hosting is paid
Odoo Community Edition
- Open-source
- ERP Loan module available via community apps, accounting,
- CRM Flexible but requires setup and configuration
How the software programs work.
Here are five major functions most loan management software systems provide:Loan Origination & Onboarding
- Captures borrower details, verifies identity, runs credit checks, and approves/rejects applications.
- Streamlines the workflow from application to loan disbursement.
Loan Servicing & Repayment Tracking
- Manages repayment schedules, calculates interest, tracks outstanding balances, and handles prepayments or penalties.
- Often includes automated reminders via SMS or email.
Accounting & Financial Management
- Integrates loan transactions with general ledger, tracks income from interest, and manages disbursements.
- Generates financial statements for internal and regulatory use.
Reporting & Analytics
- Produces performance reports, portfolio health metrics, delinquency reports, and compliance reports.
- Helps identify risks and opportunities in lending operations.
Compliance & Security
- Ensures data protection, enforces role-based access, and supports local regulatory requirements (e.g., KYC, AML).
- Maintains secure audit trails for all transactions.
Using the systems
- Technical Skills: Most free solutions require at least some IT setup and server hosting knowledge.
- Local Compliance: Ensure the software can adapt to Zambian regulations if you need to report to regulators like the Bank of Zambia.
- Scalability: Some free tiers work well for small SACCOs, MFIs, or personal lending, but may struggle with large portfolio
- Connectivity: If internet is an issue, look for offline-capable systems like ERPNext or a local-hosted Mifos setup.
To make your lending business effectively operate you need automation using the above loan management software. There are better paid premium versions to further enhance your loan management needs.
Related: How does the banking system operate?
