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While the exact loan management process is highly adaptable, some main process stages can be automated or semi-automated by TurnKey Lender.
The following articles will describe the exact setting and a step-by-step guide for tailoring and adjusting each step in the Turn Key Lender, while this is just an overview and a convenient reference list
Potential Borrower comes to the Lender
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First of all, the potential Borrower needs to apply for the Loan. This may happen in one of the following ways:
Borrower requests funds from a Lender: A Potential Borrower approaches the Lender’s office, calls, or leaves an application on the Lender’s website.
Borrower requests services or goods from a Vendor: A Potential Borrower wants to purchase some goods or services from the Vendor and asks the Lender to provide the funds to pay for it as a Loan.
TurnKey Lender Provides:
Preorigination Workplace
Application form that can be submitted by Potential Borrowers online
Let’s take a look at a usual business flow aimed at providing the Customer with a Loan and then collecting the Loan and corresponding interest and fees in compliance with the agreement.
General Process | Automation with TurnKey Lender | Links to related functionalities |
First, the Customer needs to somehow inform a Lender that they want to get a Loan for a specific amount. | The borrower creates an account and fills in the initial application. This can be done:
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Then the Lender runs all the initial checks to see if they want to deal with the Borrower. |
