Loans on goods of all kinds are a popular and demanded branch of the banking activity which can be perfectly addressed with TurnKey Lender platform.
Each client can define a list of vendors (retailers) and shops (stores) that can use their banking products and create specific vendor/shop users that can create loan applications in a manner similar to back-office users.
Once all the settings have been performed:
Customers can apply for a loan for goods bought from a specific vendor / in a specific store
Employees of the vendor / of a specific vendor’s store added in the user list can create, manage (within the given permissions), and monitor loan applications for their customers
Customer, Vendor or Store user creates an application for a specific loan product
Vendor or Store users can send the application for approval
Subject to the disbursement type of the credit product, an approved loan can be disbursed to the customer or to the vendor. In case of a virtual disbursement the funds are not actually disbursed, the customer is provided with the goods and pays them off to the Lender. Lender provides the funds to the vendor beyond TurnKey Lender application.
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In order to use the functionality, it is necessary to:
Create at least one credit product that matches the vendor, in particular, define the necessary disbursement settings.
Add the Vendor entity to the system and define its settings
see How to populate the system with vendors
Add at least one Store entity for each Vendor and define its settings
see How to manage stores of a vendor
Define basic settings of Vendor/Store functionality in the application
see How to define system-wide vendor settings
At this point, it is possible to select a specific vendor and store where the loan shall be used.
The selection can be done by a customer when applying for a loan
see https://turnkey-lender.atlassian.net/wiki/spaces/TKL/pages/3231219827/How+Customers+Can+Create+a+Vendor-Related+Loan+Application
The selection can be done by Lender’s Back-office user when creating or editing the loan application
see How Back-office users can select/manage a vendor and store for a loan application
Export functionality allows generating and uploading reports on the loans requested and issued for different vendors and stores. How to export information about vendor loans
For Vendor representatives to be able to create and monitor applications, at least one vendor/store user must be created. (see the set of documents on Vendor Users and Store Users )