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

• Integrate the system with additional service providers. Integrations play an important part in TurnKey Lender. For example, in order to send emails you’d need an integration with a mailing server, SMS notifications won’t reach the customer if there is no integration with the SMS service provider, and the use of in-application payments requires integration with a payment service provider, and neither soft nor hard pull is possible without and integration with a credit bureau service provider. See what integrations are available and select the ones that match your company’s needs.

• Adjust the scoring cards and decision rules and TurnKey Lender will automatically reject or accept loans, or send them for further manual review subject to your requirements.

• Set up your calendar to make sure the business and non-business days in the system suit your schedule and create corresponding rules not to schedule payments on days off.

• Adjust the application form to gain the information you need from the customer.

• Create document templates (in particular, loan agreement templates) and email templates using an extensive set of merge fields.

• Adjust the notifications and reminders for customers, back-office users, vendors, and investors.

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.