TurnKey Lender in the Loan Management Process

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

The Lender gets ready to work (sets up the system)

Whether it is a big bank, a peer-to-peer credit unit, or a loan application point at the vendor’s store, there is a lot of work to be done before the first client can come. With TurnKey Lender you can set up your digital office and define:

The country where you work and your main domain area - see Select Your Edition. Understand the edition- and configuration-level settings, and system changes.
Your brand style and basic company settings - see Adjust the Branding and Basic Company Settings
Your users and actions available to them, your company branch office details - see Populate the System with Users and Branch Offices
Define your working calendar - see Set Up Custom Calendars
What credit products (loan conditions) you can offer to the customer - see Define Available Credit Products

Potential Customer comes to the Lender

First of all, the potential Customer needs to apply for the Loan. This may happen in one of the following ways:

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.

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

The Lender checks available information and collects additional information about the Customer

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.
Usually, at this step, Customers also introduce themselves, provide some general information about their needs and capabilities, and answer the Lender’s questions.

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.