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You can see and edit the specific risk segments of the ыудусеув built-in scorecard, choose which criteria lead to approve, reject or refer decision, as well as edit the built-in texts for your staff to understand your internal terms better.
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To make the previous feature even more useful, v.7.7 has an option to allow borrowers to apply for financing without specifying the loan terms (sum, term, etc). The underwriter then makes a decision on the financing and terms they can provide based on the borrower’s financials analysis.
This applies most to the MCAs applies most to the Merchant Cash Advance businesses or to cases where the sum of the loan depends on the client’s ability to pay or other circumstances which influence the decision for the lender.
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Merchant Cash Advance credit product available out-of-the-box
In v.7.7 we’re making the Merchant Cash Advance calculations model available out of the box7 we’re making the Merchant Cash Advance (MCA) calculations model available out of the box.
MCA is the calculations edition that can be enabled for our clients and allows working with a new type of credit product - advances. MCA edition includes new credit product type, new application details (company info, revenue, etc), adjusted application flow, new fee types, and open-ended MCA schedule.
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When the loan is disbursed, the borrower can see only the current and the upcoming installment. Which applies to MCAs and credit lines.
Initial
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Initial schedule vs Actual schedule
Schedule changes are a common occurrence in the lending business' operations, especially in today’s uncertain times. In TurnKey Lender v.7.7, we’ve implemented a feature that allows you to compare the schedule we’ve planned beforehand and the actual schedule that the borrower repays the loan on. As a business owner, this helps you make informed decisions about loan collections and future work with every given customer.
Initial schedule Actual schedule
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Before disbursement, we work with Initial Schedule. It’s fixated and stored in the system so we can check it afterward and compare it with the Actual Schedule. For active loans, you can see the History and Initial schedule and export this data to Excel as needed for analysis and notifying clients of the schedule we’ll use for a loan.
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