How to create new Credit Products in TurnKey Lender

In this article you will find instructions on how to create a credit product.

Credit Product is an essential part of the initial system configuration. That is where you tell the system what loan types you are willing to provide, what is the permitted term of the loan, what are the permitted loan amounts and interest rates, and much more. 

To create a Credit Product, you need to be logged in to the system using an account that has an Admin's role.

Step-by-step guide

  1. On the Main Menu, go to the System workplace.
  2. Select Credit Products from the menu on the left.

3. Click ADD NEW RECORD on the Toolbar. The Add Credit Product window will appear.

4. Enter the name of your credit product.

5. Specify the settings of your Credit Product.

Some fields are required, such as Name, Loan Type, Type of Calculation, Periodicity, etc.

6. Click OK to save the Credit Product.

You can see our Video Tutorial below and check out the Example of Credit Product configuration to get a better grasp of this important subject.

You can have as many different credit products, as you need! For instance, you can have both secured and unsecured loans in your instance of the system. Steps 3 to 6 above can be repeated to add another Credit Product.

Default Turnkey Lender's functionality provides for a very wide selection of possible credit products to meet just about any Company's need. Furhtermore, we can always tailor to your specific needs, should you have any custom requirements beyond the 'box' features.

 Click here to see the 'box' Credit Product configuration...

The 'box' Credit Product configuration possibilities include but are not limited to:

  • both Payday Loans and Installment Loans;
  • both secured and unsecured loans;
  • peer-to-peer lending;
  • flexible fees configuration;
  • loans with origination and administration fees;
  • different kinds of amortization schedule, such as Annuity, Flat Interest, or Classic;
  • different kinds of repayment periodicity;
  • loans with / without the option of early repayments;
  • loans with / without the possibility of rolling over (prolongation);
  • much more.

There is no content with the specified labels