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Customer requests funds from a Lender: A Potential Customer approaches the Lender’s office, calls, or leaves an application on the Lender’s website.
Customer requests services or goods from a Vendor: A Potential Customer 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.
Initial Customer details are collected
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When the application form is filled it, it contains not only information about the Customer’s requirements but also information about them and (for SME) about the business that they represent.
Turnkey Lender allows you to:
Define what information must or can be collected to register the Customer
Define what information must or can be provided to register a Loan request
Define what Loan details must or can be requested at the origination stage
Define if any additional checks must or can be run at the original stage
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Collateral details are collected
If necessary, you can also input information about the collateral for the loan to TurnKey Lender, assess the collateral value, and check if the amount is enough for the loan application.
Lender checks available information
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of the Customer
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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.
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General Process
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Automation with TurnKey Lender
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Links to related functionalities
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First, the Customer needs to somehow inform a Lender that they want to get a Loan for a specific amount.
Usually, at this step, Customers also introduce themselves, provide some general information about their needs and capabilities, and answer the Lender’s questions.
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The Customer creates an account and fills in the initial application. This can be done:
From the Lender’s Website (TurnKey Lender Front Office, Custom Front Office, or Mobile App)
During a call or meeting with the Lender’s representative (Back Office or Import (excel))
Then the Lender runs all the initial checks to see if they want to deal with the Customer.
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Fortunately, with TurnKey Lender, you don’t have to pass the collected information between rooms and offices or arrange piles of documents in the director’s cabinet.
TurnKey will automatically process all the information collected during the application stage, match it to decision rules defined for your company, and aggregate it in a convenient risk assessment report.
The lender is making a decision
At this point, the Lender may go directly to the decision or extend the flow, for example:
Request additional checks
Request additional information (send for reprocessing)
Change the loan conditions (e.g. following a conversation with the customer).
Suggest the Customer a different offer (usually, if the Loan under required conditions cannot be provided to this customer) or Approve the existing application.
Agreement is reached
The Customer selects the best offer (if applicable) and signs the agreement.
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To ensure consistency, you can incorporate the agreement into the Loan Application processing flow.
It can be added to the system externally, but it can also be automatically generated by TurnKey Lender using your template and details of a particular Customer and Loan. Moreover, if your account is integrated with a document signing service, such an agreement will be automatically sent to the customer for signing.
Funds a disbursed and Loan is serviced
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When the loan has been approved, it is time to start servicing the loan.
If the Credit Product foresees any down payments, the funds cannot be disbursed until those have been made. The disbursement itself can be made beyond TurnKey Lender and registered in the system. However, if your account is integrated with a payment service provider, the funds can be disbursed to the Customer’s or Vendor’s account automatically.
The same is true for payments.
TurnKey Lender supports every necessary tool for the management of a happy flow (when all the funds are collected in time), as well as for the management of bad debt, automatic application of late fees, etc.
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